HOPE : A PRECURSOR TO FINANCIAL ADVANCEMENT

 How fast is it possible to acquire a loan? A bank uses customer deposits to lend to able customers. This is a fact that is ignored by a number of borrowers. As a financial literacy trainer I have to show the way to the public about best practices in money management so that they make responsible financial decisions. Making responsible financial decisions requires adequate preparation.

I meet a number of youths who have "given up" on turning their lives around. Simply because one did not get the loan first time does not mean that he or she is a "failure". In life we have to improve every day. We should have hope. One can not become an overnight success. We are living in a generation where young people want to become billionaires overnight. Most of the successful billionaires have a long term outlook to life. They make long term financial decisions. They treat every coin as a seed for prosperity. They believe in the power of compounding. The coins if saved and invested consistently will accumulate in the long term. That is the cornerstone of financial literacy.

Hope will enable a person to avoid self comparisons. This is because financial advancement is a personal journey. Saving should not be based on the amount of income that one earns but on consistency and purpose for saving. We have seen market vendors who do not earn a lot but have out of diligence and handwork built houses and paid school fees for their children. 

Hope will enable a customer to open an account so that they stop saving money in the house where it will be diverted from its intended purpose. Many customers have missed out on loans from banks simply because they do not have a bank account.

HOW TO CHANGE OUR FINANCIAL  TRAJECTORY

1. Have a clear financial vision

2.Save as you earn

3.Get a financial mentor 

4.Avoid self comparisons

5.Learn about investments

6.Think long term

7.Save in a regulated financial institution.

8.Create multiple sources of income

9.Join a Master Mind

10.Attend financial literacy trainings

11.Embrace life long learning.


Hope is an invisible hope for greatness. We have seen people who were born from poor backgrounds turn their lives around. In his book Financial Rebuild, Livingstone Mukasa narrates his story of how he demystified poverty by investing in himself and today he is a financial role model to many. I think these are the stories that young people should be interested in finding out instead of desiring get rich schemes. In his book Think and Grow Rich: A Black Choice , Dr. Dennis Kimbro gives an example of Oprah Winfrey who was born in a humble family but had a dream of becoming wealthy and today she is one of the wealthiest women in the world.

We should not under rate hope.

Phillip Kiryowa 

Finance and Leadership Coach

+256752615916

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