THE LINK BETWEEN MINDSET AND FINANCIAL ADVANCEMENT

 A certain youth asked a question whether his financial situation could ever change. Nothing is constant in life. Seasons change. We have seen entrepreneurs who had no capital build financial reserves in the long term. In his book Secrets of A Millionaire Mind , Harv Eker notes that each person has a financial blue print that drives their financial behavior. That is why it is important to master our thoughts especially when it comes to money. Unaware of their thought some youths spend more than they earn. Unaware of their thoughts a number of youths spend due to peer pressure and they wonder where their money goes. The rich and successful people think long term. When I read this statement by Harv Eker it hit me hard and I was humbled. From then I developed a long term view about money. The question that any youth should ask themselves, is what is their long term view about money? Without a long term view about money we are likely to prioritize spending over investing. The rich know that every coin is a seed for wealth. Scot Anderson points it out in his book called Think like a Billionaire Act Like a Billionaire. Many people laugh off the fact that wealth starts in the mind but many authorities on money have pointed it out. That is why why we need to read about money if we are to over turn our financial situations in Uganda.

Thoughts make us or break us.  Why is it that some Indians come to this country with almost nothing but within two years they have built factories and supermarkets? By altering our thoughts about money we are bound to make better financial decisions. If one has never been exposed to making a budget he or she is likely to spend basing on emotions. If one has never heard about the importance of saving in a financial institution he or she will be comfortable saving money at home. In the financial literacy trainings that I regularly conduct many women have publicly attested that they "fear " going to banks and that may be a cause of financial exclusion. This explains why financial literacy training is not a luxury as we develop this country.

HOW TO ADVANCE OUR THINKING ABOUT MONEY

1.Have a big vision for your life

2.Associate with successful people

3.Read financial literature

4.Research  before you invest

5.Save as you earn

6.Avoid peer pressure 

7.Live with in your means

8.Live with in your means

9.Acquire a financial mentor

10. Be humble to learn

11.Develop a curious mindset


Thinking makes us or breaks us. We are products of our thinking. But I have witnessed some people taking a causal approach when it comes to financial literacy. We have a lot to learn from leading financial figures such as Warren Buffet who took it upon himself to read about stock from an early age. Today he is one of the world's wealthiest men. If he could do it, we too can do it with the right mindset and determination. We have heard the statement from rags to riches. It means a great deal.


Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

+256752615916 


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