HOW MENTALITY CAN SINK OUR FINANCES

 A certain youth informed me that he does not need to open an account simply because he is not working. I believe this is an excuse for not wanting to save. Children in developed countries start learning about money at an early age and by the time they are at university they are thinking of starting companies and buying shares in companies. That marks the difference. The question that I pose is how can a university student justify that they do not need an account? I normally tell university students that university is a place not to just read and pass exams but it is also a place to discover the world's realities. For so long the elite have been blamed for complicating real life issues including finances. Opening an account in a financial institution should be a simple process but it is a topic that can also be debated by the intellectuals. That is where the common man outwits us because when they are told to do something they do not over think. I have trained groups of boda boda and market vendors who do not earn much and do not know how to make financial statements but in terms of net worth are way beyond. The lesson is that it seems that even if one does not know much but acts on what they know can alter their financial landscapes. 

The other day on the news I saw a group of youths on a media station wanting to beat up staff of a sports betting company for failing to pay their" return on investment". It seems in the thoughts of these youths that it is easy to get returns out of gambling. Some youths gamble tuition with the expectation of instant returns. Others spend due to peer pressure. Others are invited for financial literacy training workshops and demand for transport refund. Others do not seek financial mentorship well knowing that most of the world's most influential people are products of mentorship. 

With the above examples it is justifiable to say that we are products of our thoughts. Dr. John Maxwell notes in his book the Laws of growth that growth is a choice. So it means even growing our finances requires making tough choices that may be avoided by the masses.

HOW TO BETTER UTILISE OUR FINANCES.

1.Have a clear vision for your finances

2.Avoid instant gratification.

3.Live within your means

4.Seek financial mentorship 

5.Invest in learning

6.Research before you invest.

It is possible to alter our finances. The journey is tough but it is possible. In my journey as a financial literacy trainer I have proven examples of people who attended financial literacy training and made wise choices. I spend a lot of time speaking to the future leaders of the nation especially at Makerere University and their responses ignite me to know that it is possible to advance financially. While university students are studying at odd times when there are several universities and each year almost 400,000 graduates are produced there is light at the end of the tunnel if these youths are trained to make wise use of their finances at a young age.

Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

+256752615916

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