Wealth creation refers to the process of investing your savings to grow your wealth by choosing investments that align with your financial goals. The modern approach to wealth creation of budgeting and saving builds wealth through a variety of methods using financial products. Certainly, when you invest financial products for a long period, you get back higher returns.
Legendary investor Warren Buffet asserted – “If you don’t find a way to make money while you sleep, you will have to work till you die”. The statement means that one of the key objects of wealth creation is the ability to generate wealth passively by investing money that has been earned earlier. This way savings grow over time and add to wealth.
According to Marx’s theory of value, the working class produces all of the wealth that exists in capitalist society and accumulates it differently. Meaning as an investor, you might have access to a variety of investment options to consider. But just as each tool in a toolbox is suitable for a specific task, the same is also true for investments.
For example, if you are saving for a financial goal that you need to achieve within six months, you have to prioritize the safety of the amount invested over the potential returns you might get from the investment. That’s why low-volatility options like Liquid Funds and Fixed Deposits are the best investments for short-term goals. But even though the safety of your investments is important, you have to prioritize growth of your investment to achieve long-term financial goals.
In the Ugandan context, the President His Excellency Yoweri Kaguta Museveni guided at a special public rally held at Kisozi Primary School in Gomba District that it is possible to eradicate poverty from the population if only leaders could lead by example.
He said: “In Uganda you need to have three and a half square miles to keep 1000 cows. You may not have that type of land, so we said no, you do dairy farming. In 1989, we started doing dairy farming and by 1995 it worked in Nyabushozi and in the cattle corridor, it spread like wildfire.”
He reiterated the zeal of NRM strategy to get all the people of Uganda out of poverty by encouraging them to deeply get involved practically in modern commercial agriculture with calculation. Ugandans must therefore respond to the development of wealth as a divine gift in accordance with the teachings of the Bible (Deuteronomy 8:18).
The writer is the Administrator of Office of the National Chairman NRM (ONC) Kyambogo
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