DOES LACKING PHYSICAL CASH MAKE A PERSON "POOR"?

 I met a gentleman who said that he was poor since he did not have cash in his pocket. I have been in constant arguments with various people about the fact that ideas or vision are more important than money. We live in a generation that wants to first see to believe(Iam in trouble with some readers of this statement). In fact there are times when certain youths are invited for financial literacy trainings and they demand for transport refund. In simple terms they value money more than the knowledge that the acquire. Is it surprising that in this generation many people have been duped by get rich schemes and they take off with their hard earned money. A case in point was a certain company that promised instant returns to many Ugandans last year and it closed off. Some "invested" their pension funds in this company.

What am focusing on is whether if a person does not have physical cash he must be branded poor. Without the right money principles even those who have a lot can lose it. Money is a very slippery master. During the 2008 financial crisis there were many experts who had predicted otherwise and many people lost money. We have seen entrepreneurs who started with limited capital and ended up multibillionaires. We are living in a society where the youths are very impatient. A recent graduate wants to build a bungalow in a month. This is compounded by peer pressure. A number of youths at university are living in debt because they want to impress society. In fact some youths are only alive when they have cash in the pocket? 

The other day I wrote an article why should money control us? Money is just a piece of paper but we have allowed us to control us. The absence of money in  the pocket does not make us poor because it may be as a result of lack of exposure to the best money management practices. The willingness and desire to make money is what counts. Today's university graduates lack the patience to first amass experience so that they can make money. They focus on the top rather than appreciating the process of making wealth. That is why many youths have sold off land to come to Kampala to buy boda bodas in a congested city.

There is a youth called Grace Nanyonga who did not have tuition at university yet she was passionate about her studies. This creative youth did not lament about her limitations. Rather she started selling fish at university and many students laughed at her but she managed to complete her education . She is now a successful entrepreneur employing over 20 women and she has achieved awards out of her effort. The message to the dear reader is that they should not be discouraged by the present lack of money. Times and seasons change. Oprah Winfrey was not born in a wealthy family but today she is one of the wealthiest women in the world. Any person's life can change provided they are determined and with the right mindset.

HOW TO ENHANCE WEALTH CREATION

1.Have a long term view of your finances

2.Believe in your personal value

3.Invest in assets

4. Have a positive attitude 

5.Save As You earn

6.Research about investments

7.Associate with successful people

8.Live within your means


Many people get discouraged when they are broke. But such times are seasons to reflect on how they can make better decisions to become wealthy. No situation is permanent. When one is financially constrained is the best time to prepare for a better tomorrow. Iam one of the advocates of the fact that mindset change should precede financial advancement. In fact this argument is supported by Harv Eker in his book Secrets of a Millionaire Mind. 


Phillip Kiryowa 

Personal Finance Coach

Advanced Empowerment Link 

+256752615916( For bookings)

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