The Akamai Global Money Page

BOOK REVIEW By Phillip Karugaba The Richest Man in Babylon : by George S. Clason (Signet, 144 pages) (Aristoc Ug. Shs. 18,800/=) As Uganda , struggles to break the shackles of a peasant economy and take its place among capitalist nations, we as individuals necessarily get swept up into the world of personal finance. Gone as the days when food came from the ‘ lusuku ’ at the back of the house! Today you sell your sweat hopefully to the highest bidder, and spend that income on meeting you needs. Special loan offers seem to multiply in competition with the mobile phone and car latest offerings. It is this severe contest on spending decisions that dominates the subject of personal finance. In his classic, The Richest Man in Babylon, George S. Clason gives basic home truths on personal finance. Clason offers those ambitious for financial success insights to acquire money, keep money and make their surpluses earn more money. Clason takes us to the days of the ancient wealthy city

Someone once said, ‘If you don’t know where you are going, how will you know when you get lost?’ It has been said many times over that many businesses especially in Africa today rarely survive to their 5 th birthday. The reasons for this failure include; having the wrong reason for starting the business, poor management; insufficient capital, and lack of planning. I have noticed the great reluctance by many to go through the planning process. We tend to imagine we have it all set in our mind and normally feel like a business planner is ripping us off for doing something we assume is easy to do. Contrary to common belief, developing a business plan is an opportunity to achieve your business goals as it helps you focus business activities giving you more control over your finances, marketing, daily operations and helps you raise the capital you need. A business plan is essentially a map to your targeted destination. It gives you a clear idea of the obstacles that lie ahead and

Many parents received conflicting advice or no advice at all on how to teach their children to handle money. One old time approach is to ensure that children never get into contact with money in order to avoid “getting spoilt.” A woman who is now a parent narrated how she got some money and bought an exercise book when she was still in lower primary. When she dashed home to show the purchase to her parents, they were instead concerned that she could get spoilt by money and gave her a good spanking. Some parents and guardians still brave the queue to pay university and college fees for their dependents. The reason usually is not because the money might be stolen from the children but rather because the parents do not trust the children with money. The question is how will these children be trusted with their own salaries, when they get jobs after college? Here are a few ‘alternative’ tips for parents who want to pass on wholesome money skills to their children. Like the old book