FINANCIAL LITERACY TRAINING CAN ALTER OUR FINANCIAL DECISIONS

There was a lady who was heavily indebted with a backlog of debts to pay. She was stressed and did not know the next step. By God's chance she heard of a financial literacy training that was held in her community. Since she was not busy that day she reluctantly attended so as to pass time. To her shock the messages given were what she needed to hear to redeem her financial situation. Today she is financially disciplined. 

We all are potential candidates of financial distress. We are living in a volatile world with high cost of living and job uncertainties. This is why financial literacy training is very paramount. In a nation where over 70% of the population is below 30 years, financial literacy is very important. This is because youths are exposed to a lot of financial vulnerabilities. Because this they(not all) are bound to devise short term means to survive. Come to think of it, why on earth could a man with a panga cut innocent young children in Luweero because he wanted money from the parents. Scarcity of money can make some people "abnormal". 

We live in a society that is used to hard cash and the process of making the money is sometimes under looked. That is why some youths can be invited for financial literacy training and they regard it as a waste of time. Others can go to the extent of seeking for "transport allowance " yet they have been given the tools for wealth creation. Our society that is full of youths requires a major paradigm shift so that they can appreciate that financial literacy training is a safe route for changing their financial trajectory. If it is not the case, how come government notes that most youth empowerment ventures have not performed well .This is because some of the youths are given funds and they divert it from the intended purposes. So to redeem our society from some of its present challenges we should intensify financial literacy training so that youths do not regard these trainings as a casual talk yet they mean the real deal.

HOW TO ADVANCE IN FINANCIAL LITERACY

1.Have a clear vision for your life

2.Save with a vision

3.Read financial books

4.Attend trainings 

5.Open an account in the bank

6.Learn from financially successful people

7.Save as you earn

8.Learn about investments

9.Automate your accounts

10.Learn to budget

11.Live within your means


Financial literacy is very important. We have a lot to learn from others. If others have done it we too can do it if we are determined and committed.


Phillip Kiryowa

Finance and Leadership Coach

256752615916

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