THE POWER OF CONSISTENCY AND FINANCIAL ADVANCEMENT

 As a financial literacy Trainer I have faced a persistent question from trainees. How can one increase their income?.It is not an  easy question to answer. This is because world over resources are scarce yet we need to survive. How can one increase their savings amidst resource constraints? I can assure the dear reader that there is no silver bullet to this dilemma. But what I know is that if we follow the right financial principles we can witness a better outcome. In a generation that exposed to instant get rich schemes where many have lost their hard earned funds, the message of painful savings may not be very appealing but it is the way to go. Normally anything that promotes instant riches tends to backfire.

Let us take an example of Warren Buffet one of the wealthiest men in the world. He started studying stocks at a young age. Today he is one of the best investors in stocks in the world. This is a clear indicator that sustainable wealth is a long term venture. It requires persistence, focus and determination. When you read literature about some of the most famous entrepreneurs in the world such as Peter Munga of Equity Bank, Muhammad Yunus of Grameen Bank and Colonel Sanders of KFC they were driven by vision and not immediate needs. They focused on serving the needs of customers and today their companies are global empires. 

The question is can today's youths become great and wealthy entrepreneurs? The answer is yes. The question is do most of them have the staying power? I do not have an absolute answer. Last year I saw a media story about a group of youths who wanted to beat up staff of a betting company for failing to pay their returns in Bugiri District. Many youths have pledged their laptops and valuable property for betting . Others have sold off their valuable land to come to Kampala and buy boda bodas. Other youths divert tuition money into gambling. 

The above state of affairs shows we need to change the narrative by changing the mindsets of the youths so that they can appreciate that wealth is built in the long term and not short term. Financial advancement is a result of consistency in savings  and investing wisely.

WAYS TO PROMOTE SAVINGS 

1.Have a long term financial vision

2.Save as you earn

3.Attend financial literacy trainings

4.Live within your means

5.Have an emergency fund

6. Have a financial mentor 

7. Invest in personal development

8.Avoid peer pressure

9. Have a budget

10.Track expenses

11. Invest in businesses you understand


We all desire to become wealthy. That is a noble aspiration. However it is not an easy journey. It is full of sacrifices and learning. But since we have examples of successful entrepreneurs who have made it we can be inspired to emulate their steps along the way.


Phillip Kiryowa

Personal Finance and Business Coach

Advanced Empowerment Link

+256752615916



Comments

  1. muhwezi vicentNovember 26, 2024 at 8:24 PM

    This is true but of the 70% youths in Uganda I strongly believe that there is a small percentage who are not miss using their tuition I may say who are on track but just lack being directed. Thanks Mr Phillip for such an educative article.

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