TAKEAWAYS

• Mayiga questioned why young people spend business capital on building mansions.
• He warned against using expensive homes as collateral to borrow money for business.
• He urged the youth to stop rushing and focus on smart, sustainable investments.

The Katikkiro of Buganda, Owek. Charles Peter Mayiga, has advised young people against rushing to build big houses at the expense of investing in businesses that could secure their financial future.

Owek. Mayiga questioned the wisdom behind spending large amounts of money on constructing mansions while still young, arguing that such investments can sometimes leave young people financially strained.

“How do you put money meant for business into building a mansion?” he questioned.

He noted that some young people eventually use the same houses they have built as collateral to secure loans from banks to finance their businesses.

“So you find yourself requesting for money from banks on your own investment,” he said, pointing out that the situation becomes even more costly because the borrowed money comes with interest.

According to the Katikkiro, this approach does not amount to working smart, especially for young people who still have time to build wealth gradually.

He urged the youth not to put unnecessary pressure on themselves by trying to achieve certain milestones at a pace that may not be financially sustainable.

Owek. Charles Mayiga encouraged young people to focus on investments that can generate income and grow their wealth before committing substantial resources to expensive lifestyles and large residential properties.

He emphasized that there is no need for the youth to rush through life, urging them to work at a pace that allows them to make sound financial decisions and build a stronger foundation for the future.