I will share with you a real life example, some thing you can relate to. I have a friend, we shall call him Paul for the sake of this story and to protect his actual identity. So Paul was the first born in a family of three. He had a sister and a brother.
Unfortunately, Paul lost both his parents and he automatically took over the role of his parents as the head of the family. Paul’s parents had a piece of land around Naguru. Very nice piece of land which they agreed to sell as a family.
They managed to sell the land and it fetched them 1.5 billion shillings. When the money came Paul got crazily excited and quit his job as his first course of action. He had money and now could go do his personal stuff he thought to himself. Why be employed anyway? He wondered.
With money comes all kinds emotions including greed. His siblings thought they’d share that money equally with each getting 500m but that was never to be the case. Being the first born Paul claimed all that money rightfully belonged to him and he had no obligation to share it with his other two siblings. He instead said, he’d support them how he chose to and gave them 20M each.
He then right away went a head a bought a car, spent about 150M on it. He married his long time girlfriend in a very lavish wedding and went a head to bank 700M on her account. The lady had a plot of land around Ntinda so they started constructing apartments. He tried his hand at all kinds of businesses but they failed one after another. After two years of marriage, they could nolonger tolerate each other so he broke up with the wife. It’s at this time that it hit him he had deposited 700M on his now ex wife’s account, money he wanted back. The lady said it was her money and she was rightly entitled ot it.
Paul mounted a legal battle that ended up with nothing. The courts said he wouldn’t prove it was his money and the bank deposit slips he provided as evidence of ownership didn’t mean ownership. The fact you deposited money on some one’s account doesn’t necessarily mean it’s your money. Some one can entrust you with banking their money on their behalf the court reasoned. The evidence of ownership of the money was sufficient enough. The court advised them to go sort it out mutually.
That way you’ll be able to manage your windfall in a way that makes life better long term than worse. Remember the key in all this is managing your money emotions.
Jaluum Herberts Luwizza is a Speaker,Writer, Columnist with the C.E.O Magazine and Contributor with the Nile Post.He is also a Business Consultant with YOUNG TREP East Africa’s No.1 Business Management and Consultancy firm that helps people start and grow profitable businesses.twitter:jaluwizza
0700155232 | 0787555919 | whatsapp 0716223986.