THE RIGHT MINDSET AND MONEY ACCUMULATION

 Everyone wants to get wealthy. This is because money is the currency of life. Without money life becomes very tough that one can easily die if they do not have money to enable them to access good health. This means that there is no doubt that money is vital for social advancement.

In my experience as a financial literacy practitioner, it has come to my attention that there are so many perceptions to money in society. We all have individual experiences and beliefs about money. In his book Secrets of A Millionaire Mind, Harv Eker points out that each person has a  financial blue print. So with different financial blue prints in society it is difficult to meet our financial goals without conflict. Let me give an example suppose there is  a family that  has people with different financial blue prints. Suppose some sections of the family want to preserve family land for investment but there is a section of the family that wants to sell off the land, this is a recipe for conflict. That means that financial literacy is even a route to a peaceful society.

While training the different youths groups about financial literacy, I have observed that some youths prefer to get money before they are trained. The training is the software which enables the youth to relate with money. It is very dangerous to give an ill prepared youth money. They are likely to divert it to unplanned expenses(loan diversion). A youth who has been trained in financial literacy is likely to appreciate the benefits of training and make long term plans for wealth creation.

Uganda is full of young people with little experience of handling large sums of money and when some of them receive such funds they are likely to wipe it out of not well guided.

In a society where people prefer hard cash as a sign of wealth accumulation we need to be aggressive on changing the narrative so that people appreciate that long term wealth creation starts with mindset change.

HOW TO DEVELOP THE RIGHT MINDSET ABOUT MONEY 

1.Have a long term vision for your life.

2.Embrace financial literacy training

3. Start saving as soon as you earn

4.Start small saving consistently . The power of compounding.

5.Associate with the right people .People who will challenge you to grow financially

6.Embrace personal reading. There are plenty of books on personal finance such as Secrets of a Millionaire Mind and Rich Dad, Poor Dad.


The invisible hand matters. The mindset is the precursor to long term wealth creation. In my years of working with various youth groups about financial literacy training the time is now to relentlessly change the mindsets of our youths about money management.

Phillip Kiryowa

Finance and Leadership Coach

+256752615916

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