This One Big Investment & Trading “Took Me Back to the Village”
I Paid the Price But Here’s How I am Recovering “Back to Town”
It’s not what you think! I mentioned investment and trading, if you have heard me before, I know your mind is thinking what “took me back to the village” could be Financial Markets trading.
It is not!
This is going to be my worst life experience story-based, with the mistakes I made on a certain real-life business investment example that is common and easy to establish, the extent ‘it pushed me to the wall’; and how I am recovering so that you may relate and never loose hope or even think of committing suicide as a solution.
Many of you wouldn’t have the guts to share because what I have realized here-online, creators want to show; they’re shining in their endeavours. A few come out to show the process of their struggles and how a “Chapati comes from Fire” before consumption.
My Late 2020 Business Investment
In July 2020, I was working in a Pepsi-Cola Distributorship beverages company when I started or opened a retail shop.
This was 4 months before marriage and my girlfriend (currently my wife) was running it.
I put all my savings in this retail shop hoping it will be a second stream of income. I started with around $600 and it was a General merchandise shop.
October 2021, I was in marriage and at the same time had left my job. But at this time, I had replaced my job with teaching at the University and this is the same year (in October 2021) I started learning Financial Markets trading beginning with crypto and forex.
I was excited about the quick returns from crypto trading and the forex market where I thought I will be a billionaire in the next 6 months! 😂😂
I kept my small salary earnings equivalent from my previous beverages company job, and all would be invested in my general merchandise shop.
The Turn of Events in my Business
While my shop was our daily source of income despite the fact that I would invest all my salary earnings, it kept on going ‘dry’ instead of booming.
I didn’t diagonise the real cause to its roots as I was more focused on my job and trading lessons.
Assumed Causes to my business Fall
Yes, I had consistent suffering from various diseases to an extent my family would find themselves sick at ago and admitted at the hospital. That means I would be responsible for the hospital bills.
By this time, my shop’s worth was falling from around $1600 to nearly empty shelves.
Secondly, my expenses could have been higher than my earnings.
Expenses like bills such as rent, electricity, water, then food, social contributions like weddings, church contributions etc added up!
I was convinced that may be-the capital was too small to sustain my business since it would fall in 5 months maximum.
What worsened my Business situation
When I realized my little shop is going to collapse which I never wanted, I opted for extra side, short term loans with high interest.
This could be from different sources like individuals lending me $300 with an interest of 10% monthly. As I added in these funds, it would be hard to recover-which means they would ‘die in there’.
But the increasing quest for more funds (loans) was due to the demand for some merchandise/stock I didn’t have. I could then borrow from other various sources like online lending apps in the country such as Numida app at 20% (though they say otherwise, in their lending interest rate), Mokash for MTN Uganda at 9% monthly interest.
When I realized I have multiple small loans at higher interest rate, I chose to go for a bigger loan in a SACCO (Savings And Credit Cooperative Organization) that will pay them off. This time the lending interest rate was as low as 1.8% monthly though there are loan application fees, administration fees and a minimum number of shares you need; depending on the loan amount you are applying for.
The first loan I applied for in this SACCO was ugx 5,000,000 (Approx. $1430) for 2 years. Here I would pay around $85 per month-principal and interest. A loan of $1430, take home was around $1350 but of course pay for the full amount. I even invested this loan amount into the same retail business.
In 5 months, the shop was dry again. The thought was the expenses (in form of family maintenance) vs the loan payment could drain the funds alone.
I was startled since I had one and a half years to pay off the remaining balance of the loan amount.
The Sell of my Piece of Land
I had 2 pieces of land: a banana plantation and another one I was tilling. I thought of selling the one I was tilling, worth ugx 19 million ($5430) to pay off the loan since I had no other sources.
To account for the $5430, I paid off the remaining balance of my loan, bought a motorcycle, a laptop, a smart phone and invested the balance (around $2000) in my shop again. I was not willing to let go of my retail business. This time I had promised myself not to go for loans anymore.
Unfortunately after 6 months, the shop was dry again. This was late 2022, and my first daughter had started schooling. I was paying school fees. The predicament was attributed to witchcraft🤦♂️😢 which I don’t believe in.
There was a serious problem that was also eating me up. Every time customers would demand what I don’t have, I would be pushed to borrow more funds to buy the needed stock not reflecting on and asking myself why my shop goes dry like that.
It wasn’t a year later that I went for another loan to boost my shop’s stock. This time I went for Ugx 7,000,000 ($2000) loan in the same SACCO.
After 5 months the circle was rotating and my shop went dry again.
With no sources again to pay back this very loan, I asked for a top-up to enable me renew the loan and get additional funds to keep the shop running. And so, the loan went up to Ugx 12,000,000 ($3430).
Get Power Of Mindset Yields (Wilberforce Nsabiyumva_’s stories in your inbox
Join Medium for free to get updates from this writer.
I was able to take home around Ugx 6,000,000 ($1720), re-invested in the shop.
Crazy right! Guess what happened!
If I failed to pay a loan of $1430, and $2000, could I manage $3430?
Obviously not, I was just challenged by asking for top-up. I was just buying time as I wait for what God will do. I thought I had no other option as opposed to my wife’s advice of selling my security which was my remaining banana plantation.
Like the norm, the shop was dry after 5 months. Every one was convinced I was bewitched which up-to-date I can’t believe in. My wife advised me to shift to another location but funny enough I wasn’t willing to do so since there were expenses involved.
How I managed to push through Life-Paying a loan of $3430
The question was, How Am I going to pay this big loan?
When I sold my first piece of land and bought a motorcycle, I cracked a joke that when I become broke, I will do Boda Boda riding. A business usually taken for illiterates in my country. Every one laughed and I guess, you too can!
Imagine a ‘Lecturer’ riding Boda Boda for a living! A ‘Forex trader’ where they say, they make millions of money!!!
Sounds ridiculous, right!
Time was ripe to face my ironical joke. Things were serious. Family bills could not wait. My salary of $145 from my job was all diverted to paying the loan. It wasn’t even enough for the monthly instalment of $160.
Moreover, at the University, I only teach and get paid only January intake (January to May) and August intake (August to December. That means some months in a year, I am not paid.
Forex needed capital which I didn’t have. It is also highly risky and can’t be rushed to; when your emotions are in high gear in need of money. Trading psychology was also at stake especially greed for money based on the challenges I had on table.
Therefore, all doors seemed shut. I thought of a side hustle that can bring in some little pennies accumulatively and earn a living for my family while still teaching (my University Job) and creating content: writing and running my YouTube channel)
How I Ended Up On Boda Boda Riding For a Living
Of all the options, the lot fell on Boda Boda riding. It needed Ugx 1,000,000 (approx. $260) to buy what we call a ‘stage’ because it is an association. I didn’t have the money. I tried reaching out to relatives for help to raise the funds to no avail.
I remembered the book I had read some years ago by Praise George; that advised to,
“Start with what you have From where You’re” to get what you want.
And this isn’t in a sense of ladies thinking of prostitution😅. That is and would be a shallow mindset. I looked around and realized, I had Empties for soda which could be liquidated.
Still they weren’t enough, only half of what was needed was raised around $150. This allowed me to pay the balance in instalments until I cleared it all.
How I am Getting Back to my Feet
Yes, now I do Boda Boda riding as a side hustle
With teaching being my main job. This generates a minimum of approx. $120 on Boda Boda. There is no fixed amount to this you can get out of it. It depends on the amount of time and effort you are willing to put in.
Just to remind you, doing Boda Boda riding was to bail me out of the temporary situation and put food on table since I am the only bread winner of my family.
My salary as earlier stated was all fully committed to paying the loan.
My Online businesses could not also generate consistent income. Yet on the flip side, I never wanted to sell my time to private companies exploiting me for a meagre pay. I was and I am still committed to building my own online empire.
I don’t know how long it will take me but one thing I know for sure, it will come to pay off. And there are good signals so far!
Just to let you know, these are not my words,
My YouTube channel is 3 years old-@Power of Mindset Yields!
My writing page on medium though with only 184 followers is doing a great job in terms of earnings (Not Medium partner program) and that of LinkedIn with 890 followers.
Currently, I still have my main job running alongside two side hustles. My online business remains the apple of my eye, and in the next post, I’ll share how much I’m earning and how life is slowly but steadily shifting from the shackles of poverty to grace!
My mind told me, if you had the capacity, you would have hired a life coach notably from Fiverr but I didn’t!
The rich sometimes are steps ahead of us because they invest in themselves even how to maneuver through life hurdles while those who don’t know this gate way, their success is delayed or end up giving up!
However the greatest mindset that has kept me moving is “Not giving Up!” because success takes longer than when you expected it and keeping that in mind, I am willing to trend on!
That’s all I had for you today,
I will create a series of stories like these in future tracking my progress. If you find this piece relatable, hit that follow button, comment what you think and hopefully a clap would show your concern!
I remain Wilberforce, the ‘CEO’ of Power of Mindset Yields’. A Financial market trader and content creator!
Until next time, keep winning and keep me in prayers!
