Last Thursday, I bumped into an Indian gentleman called Sanjiv.
After I explained my work, he wondered why 'we' never invite the Indian Association to speak to young people about business/entrepreneurship.
He then gave me a 5 minutes' life lesson that I'll never forget.
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After I explained my work, he wondered why 'we' never invite the Indian Association to speak to young people about business/entrepreneurship.
He then gave me a 5 minutes' life lesson that I'll never forget.
*Thread
Sanjiv told me that he shares the same bank account with his wife, his dad and mum and two children.
Yap! 6 people, one bank account.
I was shook!!!
After he explained why, it made so much sense and made me realize why Indians are such successful business people.
Yap! 6 people, one bank account.
I was shook!!!
After he explained why, it made so much sense and made me realize why Indians are such successful business people.
First, he explained that sharing a bank account with 5 others meant that there was no chance anyone would make wasteful expenses.
You have to explain your expenses to 5 others. They must be necessary.
As someone who spends most of my money on the unnecessary, this hit home 😫
You have to explain your expenses to 5 others. They must be necessary.
As someone who spends most of my money on the unnecessary, this hit home 😫
But the second blew me away even further.
He estimated that we accrue about 70K per month, in bank and withdraw charges.
So they had 6 bank accounts, his family would spend 420K per month.
Instead, they spend 70K (one account) and save 350K!
He estimated that we accrue about 70K per month, in bank and withdraw charges.
So they had 6 bank accounts, his family would spend 420K per month.
Instead, they spend 70K (one account) and save 350K!
That 350K that they save – and 'we' spend – amounts to 4.2M a year, which pays for his kids to go to a good school.
As someone who struggles to pay school fees, I was on the verge of basic financial literacy tears at this point.
As someone who struggles to pay school fees, I was on the verge of basic financial literacy tears at this point.
He then asked, "Are you married?" Me: No
"Are you a Christian?"
Me: Yes
"When you go to church, you swear to love your wife forever and say that you are one, right?"
Me: Yes
"So why do you have different bank accounts with someone you share your life with?"
Me: Well, you see....
"Are you a Christian?"
Me: Yes
"When you go to church, you swear to love your wife forever and say that you are one, right?"
Me: Yes
"So why do you have different bank accounts with someone you share your life with?"
Me: Well, you see....
He added, "I always hear Ugandans saying 'Indians don't trust us' and I wonder. How do you expect me to trust you with my money yet you don't even trust your wife with yours. Yet I trust 5 people others with mine?"
I had no answer. I am unmarried and don't have money so 😫😫😫
I had no answer. I am unmarried and don't have money so 😫😫😫
He concluded by saying, "Business starts from how much you are saving, not spending."
All this happened in the parking lot, in under 5 minutes.
I had been schooled.
We exchanged cards and went on to our next appointments.
I was dazed.
All this happened in the parking lot, in under 5 minutes.
I had been schooled.
We exchanged cards and went on to our next appointments.
I was dazed.
As I left, I knew in that moment that on top of everything else, we'd also need a cultural shift – personal and family – for many of us, and our children, to break the cycle of poverty that has us engulfed in a rat race.
It's not impossible. We just have to be willing.
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It's not impossible. We just have to be willing.
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