Building Wealth: Derrick’s one brick at a time story


Amidst this current hue and cry due to high commodity prices and the high cost of living, it would be insane for a low income earning man to dream of achieving any major financial milestone other than to probably diligently pay his bills in time. Well, that’s why one muganda philosopher called this city a ‘Kibuga’ (a city). Another muganda philosopher has continued to build on this earlier work and he has been reportedly heard to spread a Luganda proverb that ‘Kibuga sikya ba fala’ (Kampala city is not for the uncanny). With all due respect, this young philosopher has been aiming to communicate the fact that Kampala city is a ruthless one and only by beating the odds that come along with ‘Kibuga’ can you then claim your share of success. This simple truth had dawned on Derrick Ssekitoleko way back during his graduate studies in accounting at Makerere University Business School. He knew that going back to Mityana, his home town, to live rent free after his university education was not an option simply because it’s only in the city that he could easily eke out a living. He therefore dreamt of owning a house and hence significantly cutting his cost of living in the city. The logic here is if he kept the landlord at bay, chances are that he would only worry of how to commute to the city and obviously his belly. 

Power of a dream
Whenever you read a financial literacy book, I’ll bet many authors will commence by emphasizing the power of a dream or simply a desire. The question is how many of us uphold burning desires until they materialize? Derrick’s burning desire to own a house was hatched right during his university education. Right then his desire may have seemed insane but nothing daunted he braced himself for an austere lifestyle all through his university education. He therefore sought to live off campus where he could pay relatively cheaper rent and could easily have the luxury to prepare his own delicacies. He then made use of a virtue he had learnt while working at his father’s farm, one where he was not supposed to despise any job. With the virtue as an asset, he went on to become what many may probably brand as a ‘junk boy’. Envisage a university student who spends his spare time assisting other students with their course work for a fee and other times as a painter. It’s hilarious. While still at school he managed to pool a total of Ugsh.500, 000 as savings. It’s during this time that he got a tip off about some land located at Namanve (a Kampala suburb) on sale. But Ugsh.500, 000 cannot buy land in Kampala, right? Guess what, you are wrong on this one!

Making use of installments       
Sometimes this city dictates that you need cash down to acquire whatever you need. To get a landowner who would be willing to accept a hire purchase agreement is quite a rarity unless the land was located quite far away from town not to forget your negotiation skills too. Derrick has always made use of the buying through hire purchase model (where he gets to lift the asset off the owner’s premises on fully paying through making small frequent payments). His first television set and many more household items at campus were through hire purchase agreements. By then (the year 2006) Namanve’s scenic beauty was not as it is today. On touring the place, he saw of a place where he would have to co – exist with monkeys. But he thought to himself that no place would be bad so long as he owned it. He approached the owners of the land and, to his amazement, they were taken aback by the fact that a 22 year – old young man was looking to purchase land. That fact alone may have portrayed his commitment to acquiring the land and so the owners agreed to give him a chance. He therefore went ahead and deposited his Ugsh.500, 000 savings and agreed to have paid the Ugsh.3.5m worth of the land (76ft by 100 ft) by the lapse of a three year time period. At this juncture in his life, there could never have been a better motivator to young Derrick on his quest to build wealth.
Amazingly, he was able to pay up the lump sum for the land in a period of two years. Well, how did he do it? How did he build the house on a meager salary? Watch this space for part II!

25 comments:

  1. Nice read, paul your such an excellent finance story teller, can't wait for Part II.

    ReplyDelete
  2. i love this.i cant wait 4 part 2

    ReplyDelete
  3. i love this.i cant wait 4 part 2

    ReplyDelete
  4. Anonymous8:46:00 AM

    Im speechless. Este é um blog excelente e muito atraentes também. Grande trabalho! Isso não é de facto muito vindo de um editor amador como eu, no entanto todos os seus posso dizer depois de mergulhar em suas mensagens. Gramática e vocabulário bom. Já não como outros blogs. Você realmente reconhecer o que você está falando aproximadamente também. Tanto que você me fez querer explorar mais. Seu blog tem crescer para ser um trampolim para mim, meu amigo.
    xyxytodwhy.2011
    vimax

    ReplyDelete
  5. Anonymous11:43:00 PM

    I simply could not depart your website prior
    to suggesting that I extremely enjoyed the usual info an individual provide on your guests?
    Is gonna be back continuously in order to check out
    new posts Check out my website to get more info about forex, if you like.
    Feel free to surf my web blog ... iforex

    ReplyDelete
  6. Anonymous3:56:00 PM

    I want to to thank you for this great read!! I definitely loved every little bit of
    it. I have you book marked to check out new things you post…
    Here is my web blog ... http://www.saboungiconstruction.com/

    ReplyDelete
  7. Anonymous5:48:00 AM

    hi!,I love your writing so much! percentage we be in contact extra about your article
    on AOL? I need a specialist on this house to unravel my problem.

    Maybe that is you! Taking a look ahead to peer you.
    Also visit my blog - http://www.cheaplouboutinshoesshopping.com/

    ReplyDelete
  8. Anonymous3:19:00 PM

    Hi it's me, I am also visiting this website daily, this web page is in fact pleasant and the people are genuinely sharing nice thoughts.
    Take a look at my page : High Heels Outlet

    ReplyDelete
  9. Anonymous9:54:00 AM

    Hi, I do believe this is an excellent blog. I stumbledupon
    it ;) I will revisit yet again since i have book marked it.
    Money and freedom is the best way to change, may you be rich and continue to help other people.
    Also visit my website ; http://www.cheaplouboutinshoesshopping.com/

    ReplyDelete
  10. Anonymous3:45:00 PM

    Excellent blog post. I definitely love this website.
    Stick with it!
    My blog Cheap christian louboutin

    ReplyDelete
  11. Anonymous5:56:00 AM

    Link exchange is nothing else but it is only placing the other person's web site link on your page at proper place and other person will also do same for you.
    My site ... Christian Louboutin

    ReplyDelete
  12. Anonymous3:45:00 AM

    Write more, thats all I have to say. Literally, it seems as though you relied
    on the video to make your point. You definitely know what youre talking about, why throw away your
    intelligence on just posting videos to your blog when you
    could be giving us something informative to read?
    Also visit my website - christian louboutin sale

    ReplyDelete
  13. Anonymous8:28:00 AM

    I like looking through a post that will make people think.
    Also, thank you for permitting me to comment!
    Feel free to visit my webpage ... Cheap Red Bottom Shoes Sale

    ReplyDelete
  14. Anonymous1:49:00 PM

    Good response in return of this issue with solid
    arguments and describing the whole thing concerning that.
    Also visit my webpage - ares gratis

    ReplyDelete
  15. Anonymous10:51:00 AM

    It's amazing for me to have a website, which is helpful designed for my knowledge. thanks admin

    Feel free to visit my page アバクロンビー

    ReplyDelete
  16. Anonymous3:05:00 PM

    Ηеy veгу іnterеѕtіng blоg!



    Alѕο visіt my blog: diamondlinks review

    ReplyDelete
  17. Anonymous10:41:00 PM

    you are really a good webmaster. The website loading velocity is incredible.
    It seems that you are doing any unique trick. In addition, The contents are masterpiece.
    you have performed a fantastic activity in this topic!



    Also visit my web blog ... トリーバーチ 靴

    ReplyDelete
  18. Anonymous5:50:00 PM

    I have to thank you for the efforts you have put in writing this site.
    I really hope to view the same high-grade blog posts by you in
    the future as well. In truth, your creative writing abilities
    has inspired me to get my very own website now ;)

    My page; グッチ 新作

    ReplyDelete
  19. Anonymous8:33:00 PM

    You're so awesome! I don't think I've truly read through something like that before. So good to find another person with a few unique thoughts on this subject matter. Seriously.. thank you for starting this up. This site is something that is needed on the internet, someone with a little originality!

    Here is my site ... cruise vacation

    ReplyDelete
  20. Anonymous4:19:00 AM

    Hello there, I think your website may be having internet browser
    compatibility problems. When I look at your blog in Safari, it looks fine however, when opening in I.

    E., it has some overlapping issues. I merely wanted to give you a
    quick heads up! Apart from that, great site!

    my page :: kors fall 2013 collection

    ReplyDelete
  21. Anonymous9:21:00 AM

    Wow, amazing weblog structure! How long have you been running
    a blog for? you made blogging look easy. The overall
    look of your website is great, as well as the content material!


    Feel free to visit my site ... ルイヴィトン

    ReplyDelete
  22. Anonymous10:17:00 PM

    Hi there, You have done an excellent job.
    I'll certainly digg it and personally recommend to my friends. I am sure they will be benefited from this site.

    Here is my site ... anticipatednikeairmax.co.uk

    ReplyDelete
  23. Anonymous8:29:00 PM

    Fabulous, what a web site it is! This weblog provides
    helpful data to us, keep it up.

    Feel free to visit my page :: マイケルコース

    ReplyDelete
  24. Anonymous9:59:00 AM

    Oh my goodness! Incredible article dude! Many thanks, However I am having troubles with your
    RSS. I don't know why I am unable to subscribe to it. Is there anybody else getting the same RSS issues? Anybody who knows the solution can you kindly respond? Thanx!!

    Take a look at my web page: coupons iherb

    ReplyDelete
  25. Anonymous5:49:00 AM

    Papercraft Bone Folder As an origami hobbyist, I recently
    picked up a bone folder to sharpen my creases. Best packers and movers should have the all India network for deliver your household
    goods. Fresh, seasonal foods are imported directly from
    Japan.

    Feel free to surf to my web page pan card status uti
    ()

    ReplyDelete