HOW FEAR CAN SABOTAGE FINANCIAL ADVANCEMENT

 In a financial literacy training that I conducted a participant noted that she feared approaching banks.  That is a heavy statement from a financial literacy perspective. All successful entrepreneurs world over in most cases have a close working relationship with a financial institution. This is because a financial institution has professionals who will offer clients with free financial guidance in the area of their finances. Having been in the financial literacy space for the last 4 years, I have seen the impact that mindset change can have on a client. In an instant someone who had a negative mindset towards formal financial institutions is now able to proactively negotiate for a loan. This is what seems to be missing in the real life of so many people. Some of the questions asked during financial literacy trainings are an indicator of fear among customers.

Fear of failure has also made many youths and corporates to start initiatives that can create jobs for the many unemployed youths. So many university students have great business ideas but they are waiting for a lot of capital to start. I  normally give a lot of counsel to many university students that if they wait for a lot of capital they will never start. A number of entrepreneurs have challenged the notion that one needs a lot of capital to start a business. Most of the entrepreneurs in Kikuubo, which is Uganda's Central Business District are not university graduates but they overcame fear and they started with what they had. Today they are playing a critical role in developing the economy. There is a particular case of Grace Nanyonga who started a fish business while at university to pay for her school fees and today she is a successful entrepreneur . 

HOW TO LET GO OF FEAR IN FINANCES

1. Have a long term view towards your finances

2. Save As You Earn

3. Associate with successful people

4. Invest in life long learning

5. Live within your means 

6. Create a savings plan 

7. Celebrate small wins 

8. Seek mentorship

9.Learn about investments 

10. Develop a budget

11. Avoid peer pressure.


Fear is an enemy of progress. Most of the world's successful people had to overcome inner doubts in order to achieve their dreams. If it could happen for them it can also happen to anyone else.


Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

+256752615916

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