Buganda Katikkiro Owek. Charles Peter Mayiga has challenged young people to rethink their approach to wealth creation, urging them to prioritize businesses and income-generating investments instead of rushing to construct expensive homes before achieving financial stability.Mayiga said many young people make the mistake of committing large amounts of money to impressive residential properties at a stage when their financial resources could instead be used to establish or expand businesses capable of generating income for years to come.
“How do you put money meant for business into building a mansion?” Mayiga asked, questioning the logic of spending heavily on a home while leaving productive investment opportunities underfunded.He noted that the financial pressure can become even greater when people later turn to banks for loans to support their businesses, using the very properties they built as security for borrowing.“So you find yourself requesting for money from banks on your own investment,” he said, highlighting what he described as a cycle that can undermine efforts to achieve long-term financial independence.
According to Mayiga, young people should not allow social expectations or the desire to display wealth to push them into expensive investments before they are financially ready, especially during the early stages of their careers.Instead, he encouraged the youth to channel their earnings into businesses and other productive ventures that can generate consistent income, expand their financial capacity and create opportunities for future investment.
Mayiga’s message was ultimately a call for patience and strategic financial planning, urging young Ugandans to build a strong economic foundation first and pursue major lifestyle investments such as mansions when their finances can comfortably sustain them.
