TheMoneySpot

One of my friends posted a very interesting status update on Facebook:

"Why is it that some people in Malawi feel like it’s a crime to have a good life or have good things? If one wants to spend their money buying expensive shoes, so be it [it’s their money], [if they want to own a] Range Rover although they stay in a rented house [it’s their business], and if one wants to build a mansion so be it, if it makes you happy! Don’t plan other people’s lives for them! I just saw a certain post and it made me sad! Priorities differ good people!" [Text in square brackets has been translated to English (from Chichewa) for accessibility]

Although I agree with the general sentiment that people should spend in any way they want to, I personally think some spending decisions are foolish and very myopic.

Less than 60 seconds later, I happened upon this post:

Lack of Saving Culture – Biggest Challenge Facing Malawian Entrepreneurs: (says Hitesh Anadkat of First Merchant Bank, Malawi)

“In my view the biggest challenge Entrepreneurship faces in Malawi is our savings culture. Actually it is the ‘lack of savings’ culture. I would argue that if we look at the whole world, in 95% of the cases, the capital to start entrepreneurial businesses came from individual or family savings. If you have zero money, it is unlikely a bank will lend you 100% of your requirements. In almost every case you need to show seed capital.

Read more: http://www.katsonga.com/wea...


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