The Katikkiro of Buganda, Owek. Charles Peter Mayiga, has advised young people to prioritize income-generating investments over building expensive homes early in their careers.
Speaking about financial planning among the youth, Mayiga questioned the wisdom of using money that could grow a business to construct large residential properties.
"How do you put money meant for business into building a mansion?" he asked.
The Katikkiro explained that some young people later use the same properties as collateral to secure bank loans for their businesses, creating an additional financial burden through interest payments.
"So you find yourself requesting for money from banks on your own investment," he said.
According to Mayiga, such an approach can make it harder for young people to build sustainable wealth, particularly when they are still at an early stage of their working lives.
He urged the youth to avoid putting unnecessary pressure on themselves to achieve expensive lifestyle milestones too quickly, arguing that wealth should be built gradually through productive investments.
Mayiga encouraged young people to first focus on businesses and other income-generating ventures before committing significant resources to large residential properties.