Investing as a couple

Investment is possible, whether as a company, individual or a couple. After all, we all want to get better in life and achieve more.

There is no better way to do that than to invest. James Abola, the Team Leader at Akamai Global, says investing as an act of putting money into an asset with the hope of getting a future return.

There are several reasons as to why a couple invests such as earning an extra income or preparing for retirement.

Omongole Stephen, a father of two started a washing bay on a 40*50 plot of land with an estimated capital of 1.5m.

The bash bay was a shared business with his wife and on the first and second of the business, all they washed was their car.

“On the third day, our neighbour brought his car. To increase our clientele, we introduced free dashboard spraying and body waxing,” which he says, helped to increase the number of cars as word spread out.

However, in the process there was less parking and they had to seek solutions including hiring more people to quickly clear out the cars so that none waits to be washed thus consuming the parking space.

Although there has been numerous challenges, Omongole is thankful for the business and he does not regret making the decision with his wife.

Investment is the best way forward for you and as a family as it puts pressure off the limited resources as well as shaping the future for the family.

However, before investing, according to Danstan Kisuule, the chief executive officer and founding chairman of Y-Save, you should do ample research regarding what you want to invest in.

Besides that, he says, if you are investing as a couple, you must be agreeable to what you are investing in and must seek extensive research.

Even if you invest as a couple, Abola says, you must view the investment as a business partnership that requires honesty and equity.

Investing together, he notes, does not mean that one becomes a predator, which might be a business spoiler.

Rightly so, money is one of the determining factors for investment, therefore Kisuule advises couples to first achieve transparency.

Nothing can be done if transparency is lacking.

Not every couple can do what others have done, according to Kisuule, noting that the kind of investment the couple can engage in depends on their ‘risk appetite.’ Having co-authored a book; Money and Marriage with his wife, Abola believes there is a lot that couples can invest in.

“In my experience, I have met couples who have invested in wholesale business, real estate, farming, and hospitality. Others have invested in paper assets such as Treasury Bills and shares,” he notes.

Jaluum Herberts Luuwizza, a writer, speaker and business consultant with Young Trep, agrees with Abola, however, he emphasises two major factors; time and Knowledge.

Time: Do they have enough time to see these ventures succeed and if not, can they create time?

Knowledge: Do they have enough knowledge about the venture and if not, can they get themselves knowledgeable about them.

Businesses couple can invest in
Retail business: Retail business is reselling goods to the final consumer. This gives you profits but at a small margin. It could be in form of a shop or a mini supermarket.

Agribusiness: It could be rearing livestock, poultry or growing crops. But it might also be value addition such as roasting coffee, or packaged chips.

Real estate: While it is capital intensive, real estate is a great business. A couple can build small units or rentals. The beauty about real estate is, it is long term and actually, most people look at it as an insurance plan.

Car wash and parking: While it requires little investment, the returns are high. If there is one thing that we can all agree on, it is that the number of Ugandans buying vehicles increases every day.