FINANCIAL LITERACY & PERSONAL DEVELOPMENT

 Recently I met a young professional who noted that he will start saving when he gets large amounts of money. This is where trouble starts. We are living in a generation that neglects the small coins yet when consistently saved can accumulate large amounts of money. All the rich and successful people are not any different from any of us. The difference is that they think long term about their finances.  The fact that one is currently broke does not mean that is a life sentence. Without the right money principles we are bound to misuse the current resources. I have seen university students who have diverted their tuition to gambling. I have seen working professionals blow up their salary on unplanned expenses and end up struggling in the month. I have seen leading sportsmen struggle in their retirement because they were unable to grow and sustain it. A typical example of why we need to save the small coins is that if a working professional saves 3,000/= per day for 12months, he...

 In this new year many working professionals have resolved to make better choices regarding their finances. In order to change our circumstances we must change our habits. The 50/30/20 rule is very vital in enabling us to make better financial choices. Many times when some working professionals earn their salary they do not emphasize the rule and in the end they face financial deficits.  The rule states that 50% should be spent on needs such as rent, food and medical. 20% of the income should be spent on savings and 30% on wants. With such a spending habit a working professional is likely to make better choices and avoid peer pressure. Many working professionals end up spending money based on the masses yet the financial journey is an individual one. We have witnessed sportsmen who used to earn a lot of money but ended up suffering in their retirement simply because they might have neglected this golden rule. This rule enables one to be disciplined and make better decisions in...

 It is the desire of every working professional to advance their finances. The question to ask is, is it an easy process? The answer is no. Just recently a certain employee reached out for financial coaching. He was concerned that for a long time he has been living in excessive debt and funding his lifestyle with funds from loan sharks. This increased stress on him. The courage to seek financial advice has aided him to reexamine his financial behavior and experience. Though he has not yet reached his desired financial state, the progress he is witnessing has given him confidence that he can do better than before. He was able to ask personal questions to the financial coach. Asking questions helped the employee to unlock the doubts and fears that he had. In the same way we should encourage many other working professionals especially the youths to take courage and ask meaningful questions about their financial issues. There is no financial situation that is beyond redemption if the e...

 Life is sometimes funny. We tend to undermine out thought process. Did we know that our thoughts play a critical role in what we become and achieve. Whereas this is the case I have seen countless people who do not pay adequate attention to personal development. Many think that advancing our finances comes mostly from external forces such as working hard. Where as I do not discount working hard, it is critical that we pay a lot of attention on our mental perspectives regarding our work and financial destinies. I have observed that a number of employees who earn three times their counterparts place a lot of attention on developing their abilities well knowing that if they develop their inner potential it will propel them to better income generating opportunities. Without having hope that a better year of financial advancement is possible we misuse even the little that we have. We have seen employees who earn little money start small businesses with their limited capital and end up f...

 It is the desire of every working professional to achieve financial freedom. The question is, is it an easy journey? It is not .All of us face different challenges in our individual lives that sometimes overwhelm our finances. The good news is that there is a lot we can learn from other working professionals who are earning three times what we earn. A few years ago I met a young working professional who was in financial distress. The cause of this dilemma was that he used most of his salary in gambling. He lost large amounts in these get rich schemes. In a world of intense competition there is a tendency to spend money without a clear plan. This is especially the case with the young population. At university there is a lot of peer pressure to the extent that the youths fear to offend their "friends". In the end they spend on items that they do not need. I spend a lot of time training youths in financial literacy and I have found out that a number of them fear to make individ...

 Last year there was a youth who pointed out that he desired to improve his financial circumstances but it was not an easy journey. He is not alone a number of working professionals are in the same dilemma of struggling to change their financial landscape. This is especially evident with the increasing cost of living. I remember during the Covid 19 lockdown a number of families struggled to make ends meet to the extent that I know of 2 young men who burnt themselves because they could not cope up with life. A number of success gurus have noted that everything is created twice. First in the mind and then in physical reality. It means that if we are to change our financial landscape it starts with changing our internal thoughts since thoughts affect our actions. Wrong thoughts about money will sabotage our financial journey. It means that in our journey to financial independence and freedom it is critical to do the following: 1.Set clear financial goals 2.Live within our means 3.Save...