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The power of financial education
Mastermind
#581 Posted : Friday, September 05, 2014 6:00:48 PM
Rank: Veteran


Joined: 1/25/2012
Posts: 1,620
Location: Langley
https://www.facebook.com...62496?ref=ts&fref=ts
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
Kenyan Oracle
#582 Posted : Friday, February 13, 2015 7:38:39 PM
Rank: Member


Joined: 5/31/2011
Posts: 187
Mwalimu Marty, what happened to you? Or you retired from teaching?
We still need the lessons coz we have not graduated yet.

You lose money chasing women, but you never lose women chasing money - NAS
Boris Boyka
#583 Posted : Friday, February 13, 2015 8:02:48 PM
Rank: Veteran


Joined: 11/15/2013
Posts: 1,976
Location: Here
Kenyan Oracle wrote:
Mwalimu Marty, what happened to you? Or you retired from teaching?
We still need the lessons coz we have not graduated yet.


You have learnt for a lot of years!!! graduate..since 2011 ni 4yrs. graduate in 8-4-4 Sad ama wewe ni mature entry smile
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
Lolest!
#584 Posted : Friday, February 13, 2015 8:11:45 PM
Rank: Elder


Joined: 3/18/2011
Posts: 12,014
Location: Kianjokoma
Strive Masiyiwa's fb page could be of help for Marty 'orphans'
https://www.facebook.com.../496453373762496?fref=ts
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
Lolest!
#585 Posted : Saturday, February 14, 2015 9:15:53 AM
Rank: Elder


Joined: 3/18/2011
Posts: 12,014
Location: Kianjokoma
Quote:
I will share with you my life story.

I was born into a reasonably well-off family. My parents worked for the EAC, so we had lived in Kenya and Tanzania. We had drivers and many privileges that I took for granted. We owned property, farms, buses, and cars.

When I was 13 my dad was brutally murdered by the Idi Amin regime. My Dad died at the age of 44, just as I began to really know him and admire him as my true hero. I really loved him so much. I was so devastated and shocked..…words cannot describe. It was the most heart wrenching experience.

Not only were we robbed of a father and bread winner. Everything material we had was taken overnight. All the material things we had were all gone in a flash. Taken.

Riches to rags doesn’t begin to describe what we went through. It was moments like these that I felt God had indeed forsaken us. Father Grimes of Namasagali college took me in with my siblings school fees or not for the next few years

The turning point in my life was about a year later, on the day when the family sat down on a mat, not a dining table, to have tea without Sugar for the first time. My mother insisted we just get used to it and drink the tea. Then my youngest brother started crying for Daddy. Then my mother who had 6 children by the age of 30 started crying too. Hysterically. And asking God to come and take us all. Then I felt a big lump in my throat.

That night I was on the Akamba Bus to Nairobi to look for some sugar. I returned the next day with a suitcase full of sugar – 15 kgs. I got the extra from concerned relatives that realised a 14-year old had come all the way to Kenya just for sugar. Traveling that far in those days was unheard of. It was like going to Syria today. Communication was hardly there. Crossing the border was scary but no one suspected a young kid to be smuggling sugar in a school suitcase. When I got back home there was so much delight and happiness. My mum hugged me. I automatically realized that I was no longer a boy. I had become a man. That one act had re-defined me. The neighbors heard on the grapevine that I had brought sugar and almost begged to buy some. So we sold them half, and got 4 times what it had cost. And I was on the bus back to Kenya for another suitcase of sugar…and so my career began.

Do you know what it is to live without a Door lock on the front of your house, or not to have a bathroom door that actually closed? That is the loss of Dignity. I had to restore our dignity, and family Self Esteem.

Do you really know the Importance of jobs to society?

After 6 years in senior school, and 3 years at Uni, if you then spend the next 3 years looking for a job, knocking at so many doors and walking till the soles of your shoes are gone. With your now tattered CV in your hand. Your self esteem will no doubt diminish.

I encourage many of you to go out there and start up a business that creates jobs.
We need young people who will find a creative idea or a solution to a problem, grab the opportunity, take the risk, and set aside or postpone the comforts of today by setting up a businesses that will provide jobs and profit for tomorrow.

Jobs are what allow people to feel useful and build their self-esteem.

Jobs make people productive members of the community.

Jobs make people feel they are worthy citizens.

It is you the youth of today that go into business with knowledge and skills that have the power to harness the creativity and talents of others to achieve a common good. To put labor, capital and other factors of production to work.

This should make Uganda more competitive and a useful member of the greater East African region.

Let me make it clear to you all: Job creation is a priority for any nation to move forward.

I say to you, get a job if that’s the best option open to you, for not everyone can start a business. Take the job and work as hard as you can. Learn everything these companies can teach you-and build a network of contacts and friends, then leave whilst you still have the energy!

If you dream of creating something great, do not let a 9-to-5 job – even a high-paying one – dull you into a complacent, comfortable life. Let that high-paying job propel you towards building a business for yourself instead.

Looking back, I have succeeded where many have failed mainly because of hard work, persistence, focus on my set of goals, discipline, honesty, taking responsibility for my life and believing that I could change my future.

It was a time of dog eats dog. No, even man eats dog. And I had to find a way to support myself and my family. You are beginning as Uganda’s oil is about to flow.

I started by selling sugar, then shirts then ladies dresses, then shoes, then a Night club, foreign exchange, then mobile phones and airtime.

Ever since, I have tried to provide a service or product that is needed by a customer for a fair return.

And I realised that I got a lot of satisfaction in providing the service or that product period. Making a profit was simply the bonus that followed most of the time.

I set up Simba Tours and Travel, Simba Forex Bureau, Simba Telecom Ug, Simba Telecom in Tz with Vodacom, Simba Telecom in Kenya with Safaricom, invested in property, Hotels, Energy generation, Farming, Micro Finance banking, Media, Insurance and transport.

Today I stand here before you with humility, as the Chairman UIA, Chairman of a listed company -Umeme, with thousands of Ugandan shareholders, an advisor to H.E. the President, Honorary counsel for Australia to Uganda.

But most importantly I employ over 1500 staff today.

It was only when I had gained more experience and built my reputation, that I could borrow money from the banks and get into serious property and bigger business.

That’s the Simba story. From selling 5 kilos of sugar to the neighbors to becoming the biggest mobile money and airtime dealer in Africa

When I had shown success in the smaller businesses, I was able to raise money in the capital markets-through IPOs like we did for New Vision, National Insurance Company and recently for Umeme. And I have managed to develop some complex, capital-intensive businesses like ElectroMaxx the power generating company.

It’s not been easy; it’s been slow, but sure. One day at a time, one brick at a time. You, however, have time on your side. Use it well. And don’t be afraid to make a few mistakes along the way.

From kindergarten through to university, you learn very few skills or attitudes that would ever help you start a business. Skills like sales, networking, creativity and being comfortable with failure or rejection.

In fact you are taught not to make any mistakes. Mistakes are the best teachers if you learn the lesson and don’t repeat them.

No business in the world happens without someone buying something. But most students learn very little about sales in school or university

Moreover, very few businesses get off the ground without a wide, vibrant network of advisers and mentors, potential customers and clients, quality vendors and valuable talent to employ.

You don’t learn how to network crouched over a desk studying for multiple-choice exams. You learn it outside the classroom, talking to fellow human beings face-to-face. I commend MUBS for their different approach to this crucial training, it’s begun to pay dividends..

https://www.facebook.com...&type=1&fref=nf
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
T-Bag
#586 Posted : Friday, October 09, 2015 6:24:32 PM
Rank: Member


Joined: 9/25/2008
Posts: 495
Elon Musk, this guy is kinda different.....
here https://en.wikipedia.org/wiki/Elon_Musk
and here https://www.youtube.com/watch?v=NU7W7qe2R0A
I AM trust in GOD, I AM belief in THYSELF
T-Bag
#587 Posted : Friday, October 09, 2015 6:37:40 PM
Rank: Member


Joined: 9/25/2008
Posts: 495
https://www.youtube.com/watch?v=Qi4U-Q2Ca_A
I AM trust in GOD, I AM belief in THYSELF
Marty
#588 Posted : Wednesday, February 24, 2016 3:39:56 PM
Rank: Veteran


Joined: 3/31/2008
Posts: 761
Location: Nairobi
Bumping this thread in anticipation of a possible return to teaching, re-energized by a passion to pass knowledge. It seems Mwalimu did not have a good succession plan. After all, none of his students elevated himself/herself to a teacher in his absence. With grey hair gathering in his head and a receding hair line and with a walking stick, Mwalimu can only manage to get to class once a week. So he has been chasing wealth but came across a very interesting verse by the famous teacher in the bible. "Surely everyone goes around like a mere phantom; in vain they rush about, heaping up wealth without knowing whose it will finally be" Stay tuned.
When I admire the wonder of a sunset or the beauty
of the moon, my soul expands in worship of the Creator.
mawinder
#589 Posted : Wednesday, February 24, 2016 4:56:38 PM
Rank: Elder


Joined: 4/30/2008
Posts: 6,023
Welcome back mwalimu. We were getting lost on the way. Please continue with your classes.
Jitahidi
#590 Posted : Monday, July 18, 2016 12:51:04 PM
Rank: Member


Joined: 5/8/2008
Posts: 288
Marty wrote:
What is a FAKE TITLE DEED?

A deed is a signed agreement especially about the ownership of property or legal rights. A Title deed is a legal document providing somebody’s right to property and subsequently ownership.

Then what is a deed plan? This is a signed plan by the Director of Surveys showing the precise particulars of a surveyed piece of land. It shows the details as in the shape of the plot, the distances and bearings all round the plot, scale of plotting, Deed plan number, land reference no., size of the plot in hectares, signature of the Director of Surveys, the date of authentication by the Director of Surveys and above all it shows if the plot is a New Grant or an extension of lease. This is practice is under the provisions of Registration of Titles Act. This deed plan once it is duly prepared, it is attached to a certificate defining the current owner and any endorsements by the relevant Registrar in the event the property has changed hands or there are encumbrances therein whatsoever relating to the plot.

What about a mutation? Under the Registered Land Act (commonly referred to as Cap 300) the mutation form shows how a bigger land (mother) mutated into smaller pieces and the details of the proprietor (Names, ID, box number and signature). It further shows the date the surveying was done. It also details the subdivision details (existing roads, LR numbers of the resultant plots, the exact measurements of the plots and their areas in hectares). Other signatures therein include the one of a licensed / district surveyor and the land registrar who prepared the resultant titles. This document is ordinarily forwarded to survey of Kenya for purposes of amending the RIM (Registry Index map) which basically keeps track of all subdivisions in a specific area.

Then what is the meaning of the word “fake”? To make something false appear genuine.

From the foregoing therefore a fake title deed is a false replica of a genuine Title deed where it could have all the attachments but does not relate to any physical piece of land. Equally it purports to confer a right that doesn’t exist.

In early 1990s there was the infamous 13th floor of Ardhi House where false documentation was done to support surveys and issuance of Title deeds by the unsuspecting authorities. This floor was in reference of a room in River Road Nairobi. After all Ardhi house goes up to 12th floor. The fraudsters could therefore generate documents including allotment letters, Part Development Plans (PDP) and all that appertains to excision of land from the Government land (GL). They could even go ahead and file these documents in the files of the Ministry of lands using inner house staff of the Ministry at a small fee. That is the point where corruption sets in the process. It even becomes difficult for the Ministry to trace the entry point of the fake documents in the Ministry’s genuine files. Where allocation of a genuine plot is substituted with the “fake” one it becomes even more complex to unearth the conversion stage from a genuine Title deed to a fake one.

Would a naked eye be able to identify a fake title? From the aforementioned info, it gets very tricky coz most fake titles are replicas of the original, meaning the details therein are the same. How then can you tell it is fake? It is pretty hard, but the easier approach is to tell a fake owner coz obviously the ‘owner’ should have other document especially the ID card. We also have document experts who can verify the title. Most security companies / experts can verify IDs. Banks when financing land deals use experts to detect forgeries of titles and IDs. If you carry out proper due diligence you should get to know if the owner is the real one and if the documentation is proper.

By the way, other than fake titles, whenever then you transact with plots, take time to carry out proper due diligence to establish the history and more importantly the conception process of the plot. Only then you will tell the plot was grabbed or was acquired the right way. Else you could invest on a road reserve where caterpillars of the Ministry of roads will be your obvious guests. In this case no compensation by the state will come your way as the rights of the society surpasses individual interest.

Finally, do u know that an official search at the land registry office is not sufficient due diligence?? I’ll expound more in the next post as we look at how to carry out a comprehensive due diligence you can carry out to protect yourself from getting conned when purchasing land.

Other upcoming topics will include land tenancy, understanding /interpreting an agreement, understanding a search (cautions, restrictions, and encumbrances), caveat emptor etc.

Very educative post by @ Marty four years down the line.
winmak
#591 Posted : Monday, July 18, 2016 7:34:10 PM
Rank: Member


Joined: 12/1/2007
Posts: 501
Location: Nakuru
Just caught up on this entire thread. I literally copy-pasted it for future reference. Thanks Mwalimu Marty
For investors as a whole, returns decrease as motion increases ~ WB
kivairu
#592 Posted : Tuesday, July 19, 2016 10:33:47 AM
Rank: Member


Joined: 3/5/2008
Posts: 532
Location: Nairobi
With respect i dont mean to digress for the main topic but i found this article in the Nation, on “the economics of higher education' by Dr. Bitange Ndemo. And i thought this should initiate public debate on our education system and returns.

http://www.nation.co.ke/...30/-/df9ueg/-/index.html

Strive not to be a success, but rather to be of value. –Albert Einstein.
Impunity
#593 Posted : Tuesday, July 19, 2016 7:59:05 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,263
Location: Masada
kivairu wrote:
With respect i dont mean to digress for the main topic but i found this article in the Nation, on “the economics of higher education' by Dr. Bitange Ndemo. And i thought this should initiate public debate on our education system and returns.

http://www.nation.co.ke/...0/-/df9ueg/-/index.html



Its everywhere in the world, not only in Kenya.
The school drop outs are the owners/founders of Apple,Virgin Group,Sonko Rescue,Oracle etc...those who went to school are the ones singing "tumesoma na tumesota".
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

Spikes
#594 Posted : Wednesday, July 20, 2016 5:51:28 AM
Rank: Elder


Joined: 9/20/2015
Posts: 2,807
Location: Mombasa
Impunity wrote:
kivairu wrote:
With respect i dont mean to digress for the main topic but i found this article in the Nation, on “the economics of higher education' by Dr. Bitange Ndemo. And i thought this should initiate public debate on our education system and returns.

http://www.nation.co.ke/...0/-/df9ueg/-/index.html



Its everywhere in the world, not only in Kenya.
The school drop outs are the owners/founders of Apple,Virgin Group,Sonko Rescue,Oracle etc...those who went to school are the ones singing "tumesoma na tumesota".




Prof. Abletor Sedofia from University of Ghana has this to say to us:
*"Academic excellence is overrated! I said it. Being top of your class does not necessarily guarantee that you will be at the top of life. You could graduate as the best student in Finance but*
*it doesn't mean you will make more money than everybody else. The best graduating Law student does not necessarily become the best lawyer. The fact is life requires more than the ability to understand a concept,* *memorise it and reproduce it in an exam. School rewards people for their memory. Life rewards people for their imagination.*
*School rewards caution, life rewards daring. School hails those who live by the rules. Life exalts those who break the rules and set new ones. So do I mean people shouldn't study hard in school? Oh, no, you should.* *But don't sacrifice every other thing on the altar of First Class.*
*Don't limit yourself to the classroom. Do something practical. Take a leadership position. Start a business and fail.* *That's a better Entrepreneurship 101.Join or start a club. Contest an election and lose. It will teach you something Political Science 101 will not teach you.* *Attend a seminar. Read books outside the scope of your course.* *Go on*
*missions and win a soul for eternal rewards... Do something you believe in! Think less of* *becoming an excellent student but think more of becoming an excellent person. Make the world your classroom."*
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
enyands
#595 Posted : Wednesday, July 20, 2016 6:40:45 AM
Rank: Elder


Joined: 12/25/2014
Posts: 2,297
Location: kenya
Spikes wrote:
Impunity wrote:
kivairu wrote:
With respect i dont mean to digress for the main topic but i found this article in the Nation, on “the economics of higher education' by Dr. Bitange Ndemo. And i thought this should initiate public debate on our education system and returns.

http://www.nation.co.ke/...0/-/df9ueg/-/index.html



Its everywhere in the world, not only in Kenya.
The school drop outs are the owners/founders of Apple,Virgin Group,Sonko Rescue,Oracle etc...those who went to school are the ones singing "tumesoma na tumesota".




Prof. Abletor Sedofia from University of Ghana has this to say to us:
*"Academic excellence is overrated! I said it. Being top of your class does not necessarily guarantee that you will be at the top of life. You could graduate as the best student in Finance but*
*it doesn't mean you will make more money than everybody else. The best graduating Law student does not necessarily become the best lawyer. The fact is life requires more than the ability to understand a concept,* *memorise it and reproduce it in an exam. School rewards people for their memory. Life rewards people for their imagination.*
*School rewards caution, life rewards daring. School hails those who live by the rules. Life exalts those who break the rules and set new ones. So do I mean people shouldn't study hard in school? Oh, no, you should.* *But don't sacrifice every other thing on the altar of First Class.*
*Don't limit yourself to the classroom. Do something practical. Take a leadership position. Start a business and fail.* *That's a better Entrepreneurship 101.Join or start a club. Contest an election and lose. It will teach you something Political Science 101 will not teach you.* *Attend a seminar. Read books outside the scope of your course.* *Go on*
*missions and win a soul for eternal rewards... Do something you believe in! Think less of* *becoming an excellent student but think more of becoming an excellent person. Make the world your classroom."*


Applause Spikes for once brother
Jon_Gray
#596 Posted : Wednesday, August 16, 2017 2:11:42 AM
Rank: New-farer


Joined: 8/16/2017
Posts: 20
Did you get stuck selling the signature manenos?
This is an old thread but I signed up to say thanks for sharing your experiences here. It's a good realty check!


Marty wrote:
Bumping this thread in anticipation of a possible return to teaching, re-energized by a passion to pass knowledge. It seems Mwalimu did not have a good succession plan. After all, none of his students elevated himself/herself to a teacher in his absence. With grey hair gathering in his head and a receding hair line and with a walking stick, Mwalimu can only manage to get to class once a week. So he has been chasing wealth but came across a very interesting verse by the famous teacher in the bible. "Surely everyone goes around like a mere phantom; in vain they rush about, heaping up wealth without knowing whose it will finally be" Stay tuned.

Monk
#597 Posted : Friday, November 30, 2018 2:00:15 PM
Rank: Member


Joined: 7/1/2009
Posts: 171
ngapat
#598 Posted : Monday, May 25, 2020 1:33:50 PM
Rank: Member


Joined: 12/11/2006
Posts: 853
Very worthy thread
“Invest in yourself. Your career is the engine of your wealth.”
obiero
#599 Posted : Monday, May 25, 2020 3:09:15 PM
Rank: Elder


Joined: 6/23/2009
Posts: 12,771
Location: nairobi
ngapat wrote:
Very worthy thread

Extremely
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