Earning a shs100m monthly salary but without a side hustle cant make you rich- Minister Kasolo warns

The State Minister in charge of Microfinance, Haruna Kyeyune Kasolo has asked monthly salary earners to start side businesses that bring in income on a daily basis.

Speaking to beneficiaries in Kasese as he continues to monitor the performance of Emyooga program in Rwenzori region, Kasolo said it is high time Ugandans embraced the saving culture but noted salary earners ought to think outside the box.

“Try as much as you can to start a daily income generating activity. Salary is useless. That is why it is withdrawn the moment it hits the account. Use your salary to start a daily income generating activity. Even if you get shs100 million a month, you will mortgage it. You will use it to service loans you borrowed before you received your salary. And you will be in that cycle forever,”Kasolo said.

“But there are those workers who even don't mind about salary. They have other activities. Use part of your salary to start a business. Don't go for loans. Some of you go for a short term loan, then put it in a long term investment. Get a loan and start business that will bring you money the following day.”

Minister Kasolo explained that by starting side daily income businesses, salary earners can ably benefit from Emyooga program when they join saccos that are in with their businesses.

He said this not only helps them to save, but also to get cheap credit from their own saccos to inject in their businesses.

Saving

The minister however emphasized the idea of saving, challenging the people to always save first before spending money earned.

He said money saved benefits more people than one spent on leisure and pleasure.

According to Kasolo, saving can enable them get cheap credit from Emyooga saccos and avoid the banks and moneylenders that he described as loan sharks who are ready to “eat” them up .

“You will get capital from savings and credit from Emyooga. You don't require a lot of money to start a business. I am Minister for Microfinance but if you find me home, you cannot believe I am Minister. I am a farmer, I have people to fry chapati, I am in bodaboda business, I am in taxi business, I am in poultry business, but for you, you have that pride; you say I cannot fry chapati.”

“After your business has grown, think about another business. I heard private teachers crying during COVID-19. Who said teachers cannot have chapati businesses? Why do you have only one job and say I am contented. That is why an MP loses an election and gets out of Parliament after one term, you can't believe what you see when you meet them. They think being an MP is a job. You need to diversify.”