During the Lockdown of 2020 & 2021, most of us could hardly sustain our families and lives. Some were caught off-guard, no savings, no balance in the bank, nothing. This got me thinking for a while. We are now in 2022 and we have a new problem, “Inflation”, we all don’t know the causes. The price of most of the essential goods has skyrocketed.
We have all realised that the government won’t save us from all these, we are all on our own. We should discern the future by our own intuition lest we perish. Now those that want to invest in a few things such as land, car rental business, events etc, all need capital to kickstart.
However, as you are all aware, we are all on our own. You won’t get a good loan from the bank since interest rate is at least 16%. This makes it hard for the most youths whose earnings are meagre. Then we have salary loans. Ohhh!!, interest rate is above 20%.
This leaves us with no option but to team up together and survive. Savings and Investment clubs might be the Plan B most of the youths are left with. If you have friends, groups, associations etc, it’s time to take advantage of the financial freedom amongst yourselves.
Let’s all try and save up something for tomorrow. There is power in unity.
The Author is CPA Gilbert Flart, the Chairman -Omujuma Investment Club
& Member – BYDA Investment Club