Early planning secured Abel Basaijja’s financial future

Abel Ateenyi Baaijja is surrounded by his grandchildren.

What you need to know:

After practicing as a teacher for more than 30 years, Abel Ateenyi Basaijja, 85, realised it was time for him to retire and concentrate on farming, writes Shabibah Nakirigya.

Abel Ateenyi Basaijja is a retiree living in Kibiito Village, Bunyangabu District. He lives frugally, and he and his wife share a bungalow on a spacious land in the village.
There’s just one key factor that separates him from the rest of the retired population of Uganda. Basaijja started planning for his financial future at 28.
Basaijja, who graduated at Makerere University in early 60s and went on to work as secondary school teacher, says his investing interest was sparked long before graduation.

The dream
“When I was 12, my parents encouraged me to read a lot. I started reading books about investment and the economy. This ignited my interest in money management,” says Basaijja.
“It made me want to start my own business. I also got really interested in farming and would sit at public libraries reading through everything I could get my hands on.” Though he always had a passion for farming, when Basaijja was at school, he did not seem like the type that would go on to work in the garden.

The plan
Somewhat unsurprisingly, Basaijja’s first job out of university was teaching at a local school in the village. He was posted to Kibiito Secondary School where he taught English and Social Studies. Two years into teaching, Basaijja was elevated and appointed head teacher aged 28.
While at Kibiito Secondary School he started saving for his financial future from his salary. “I would save half of my salary every month. When I hit my target I decided to invest in buying land back home,” says Basaijja.

Farming
After buying land, Basaijja had plans to start his own business. He decided to invest in agriculture.
“Even if you are working for someone else, you could also be a business owner. Many part-time home-based businesses require little effort on your part, once they are up and running and can generate excellent passive income. For me I decided to invest in farming. I grow tomatoes and plant bananas,” says Basaijja.

Joins Sacco
The idea of not having to work at an early age is very attractive to many employees, who dream about the day they can afford to say, “I retire”. Unfortunately, for many people, financial freedom is a dream that will never be realised. To achieve this dream, Basaijja says one has to save more money to attain financial freedom.
“When you get a job, before you earn your first pay, find out how you can join the company’s Sacco and start saving immediately. You can also join a community Sacco. I joined a church Sacco and saved money. This money and what I get from my farm is what is helping me pay my bills,” says Basaijja who earns around Shs15m in dividends from the Sacco per annum.
Last year, Basaijja earned Shs15m from his tomatoes.

Storytelling
Basaijja has also taken advantage of his gift – storytelling. He has a collection of several folklore tales which he shares with his audience every year at a fee. “The stories are many. Children and adults love them. They pay me to tell them,” he reveals.

Advice
“Debts of the past are thieves of the future. Live a simple lifestyle that does not create unnecessary personal debt. Living with class does not require extravagance,” says the 80 year-old who retired in 1992.

WHO IS BASAIJA?
Abel Ateenyi Basaijja was born in November, 1934 in Kibiito Village in the newly created Bunyangabu District.
He went to Kidudu Primary School before joining Kibiito Secondary School for higher education.
In 1960, Basaijja joined the former Institute of Teacher Education Kyambogo (ITEK), graduating in 1962 as a grade three teacher.
He then acquired a bachelor’s degree in adult education from Makerere University in the early 70s.