Tuesday February 16 2016

Money and wealth: To make money legally or not?

By James Abola

Once in a while, readers ask me to write about different ways of making money in Uganda. By making money I mean having money that exceeds the amount required to meet your personal or family needs and being able to afford a lifestyle that is considered to be of a wealthy person. There are three ways of making money that I know of which are explained below.
Having professional skills, such as being a lawyer or a doctor or a sportsman is necessary but not sufficient for one to become wealthy.

The wealthy professionals I know possess a strong business or investment acumen that enables them to transform the capital earned through their skills into thriving businesses or investment assets. The moral here is, mix your professional skill with business or investment acumen.
Money can also be inherited. Often, it is inherited from a blood relative such as a parent or sibling or married into. Very close to inheriting is winning a lottery or a huge prize at a sports betting outlet. Given my knowledge of probability theory, I do know that the number of lottery prize winners are so few as to make them irrelevant.

Stealing is the third way of making money. There are different ways of stealing: people steal from public coffers like the fellows who stole money intended to pay government pensioners and other government accounts. There is also the thief who steals from individuals like the woman who was convicted for stealing from an infatuated old British man.

There are thieves who attempt to launder their money by pretending to be either businesspeople or investors. This is a crime. Other thieves pretend to have inherited their stolen money from their parents. Then there are people who know no other way of making money other than stealing so they continue stealing until they are caught or taken out of action.
How you make money depends on your values: do you want to make it legally or not; do you want to make it legitimately or not and how much do you want to make? The choice is yours.

James Abola is the Team Leader of Akamai Global, a business and finance consulting firm. Email: james.abola@akamaiglobal.co.uk