PREPARATION FOR FINANCIAL ADVANCEMENT

 How fast can I get a loan is one of the most frequent questions that I face in the financial literacy trainings that I conduct.  This question is loaded with very many financial literacy lessons. Today I want to focus on preparation for financial advancement. I want to relate it to the construction of a building. Most buildings that collapse in most cases have a weak foundation. Those that have a strong foundation are normally strong. How is preparation related to financial advancement? In a fast changing world preparation tends to be neglected. In most cases in fast developing society people wants thing in the instant. That is why people especially the youths may be called for financial literacy trainings and they ask whether they will be given "transport refund". That is why we see an increase in gambling because some youths want instant wealth. 


Training is a mark of preparation that should never be taken for granted. Today many times we only see success at the top and forget the many years of hard work that the wealthy people put in. Warren Buffet one of the world's richest men started studying about stocks at a young age. Today he is rich. Many of the world's richest men are not instant billionaires as social media wants to show in most cases. We have become accustomed the get rich schemes and have not spared the literature or personal development books. One can buy a book on how to become an instant millionaire and when they see there is a lot of hard work they quit the process. That is why some people say they gave up on reading personal development books. They assert that they do not deliver what they promised. Perhaps the information is right in the books but we are not ready to follow the process. In his book The story of an African Entrepreneur, Professor Gordon Wavamuno, gives his life story of how he acquired his business acumen. He was exposed at a young age to Indian business secrets by his father. It is no wonder that he is a successful businessman. In a nation that is full of young people we need to go back to the basics of wealth preparation. Today we have graduates who do not believe in what they studied. We find a student who studied Business Administration fearing to start a business. But then it is said most successful businessmen in Kikuubo, which is Uganda's Central Business District are not degree holders but they employ graduates.

HOW TO PREPARE FOR FINANCIAL ADVANCEMENT

1.Have a long term plan for your finances

2.Save as you earn

3.Live with in your means

4.Save money in a financial institution that is regulated

5.Develop a curios mindset

6.Have a hunger for knowledge

7.Seek mentorship 

8.Have a budget

9.Celebrate your small wins

10.Start small.

11.Avoid peer pressure


Preparation for financial advancement is key. But as a financial literacy trainer some times I see it as neglected by the masses including university students. I believe we need a paradigm shift such that as we seek to advance financially we do not ignore preparation for this noble aspiration. If others have done it we too can.

Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

+256752615916

Comments

  1. muhwezi vicentNovember 27, 2024 at 8:59 PM

    This is true, most university students need quick money to save them
    But the reality is that to have good things you must have worked for them

    ReplyDelete
  2. AtuheNovember 28, 2024 at 12:21 AM

    Great piece, thx Phillip

    ReplyDelete

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