EARNING MONEY SEEMS SIMPLER THAN KEEPING IT

 We all wake up to look for money. Money is a critical current of life. Without adequate finances life can be at a standstill. Why is it important for us to give money critical attention? We have seen stories of international sports stars who had a lot of money but they became broke . It is not a nice experience to have a lot of money then all of a sudden one becomes bankrupt. In today's world money is a really scarce resource and it requires proper planning. 

Harv Eker in his book Secrets of A Millionaire Mind points out that each person has a financial blue print that guides them in how they use their resources. I have met some youths who justify that having a bank account is not necessary. I have met some youths who say that they have to spend what they have and the next day will take care of itself. In a recent media article it was pointed out that a number of Parish Development Model beneficiaries had diverted funds to unplanned ventures . This is an indicator that without adequate training in financial matters it is easy for people to misuse funds. Just last year there was a company that conned the public of their hard earned savings after promising them of huge returns. We live in a society that is hugely attracted to abnormal profits even at the expense of making due diligence. I have heard of stories of people who pledge their houses to casinos. That kind of risk taking is dangerous. I have also heard of stories of university students who gamble their school fees. 

So without the right financial habits it is easy to lose money in a short time. In a nation where majority of the population is young it is critical that they are trained to think long term especially when it comes to money issues.

HOW TO MAKE THE MOST OF OUR MONEY

1.Have a long term financial vision

2.Track expenses

3.Develop a budget

4.Live within your means

5.Have a financial mentor 

6.Due diligence before investing

7. Create an emergency fund

Earning money is easier than  keeping it. Most people have a painful experience when it comes to investing money. It is critical that we learn how to keep money and invest it when we earn it.


Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

+256752615916

Comments

Post a Comment

Popular posts from this blog

A SAVINGS PLAN CAN AID IN FINANCIAL ADVANCEMENT

 I remember during the Trainer of Trainers training conducted by Bank of Uganda we were encouraged to develop a savings plan. This was a key development because without a plan we may live in financial darkness. In my years of providing financial literacy across the country especially youths I have observed that the intangible practices that may be undermined play a big role in the big picture. I have been asked a question, "how can one save yet their needs exceed their income?. It is a tough question but the best practice remains that even in the hardest of circumstances we should prioritize saving .This is because we do not know what the future holds. As humans we forget so fast. Who remembers during the lock down of Covid-19 when people were not working. Life was extremely tough. It was an opportunity to reflect about the importance of savings during good times. A savings plan enables a person to determine why they are saving. It could be for school fees, buying a plot, a car an...
Read more

THRIVING AMIDST UNEMPLOYMENT

 Ask any graduate what their worst night mare is and they will inform you that lack of access to a dignified employment opportunity is a big hurdle. Over 70% of Ugandans are below the age of 30 years of age. There are very many reasons why the unemployment rate needs to be addressed. Uganda has over 30 universities and all universities graduate over 300,000 graduates per year yet the formal sector produces on average 70,000 jobs. This mismatch is an indicator of the frustrations that the young people face. It was on media last year when I saw a group of able bodied youths who wanted to beat up staff of a sports betting company for failing to pay for their "Return on Investment" in Bugiri District. Iam not saying that all youths are involved in crime .What am trying to point out is that the probability of a youth without a job being involved in crime is high( after all there is a saying that an idle mind is a devil's workshop). Just this year there was youth who was killed...
Read more

WE CELEBRATE GRADUATION BUT AFTER THAT WHAT NEXT ?

 Uganda is officially dominated by young people. Over 50 %of the population are youths. With a high population the job market also shrinks yet people need to survive. It is the means of survival that create social pressure. The unemployment dilemma in the country can be dissected from different angles and each person or all stakeholders have a critical role to play.  Universities and other institutions of higher learning produce over 300,000 graduates per year. The job creation rate is about 70,000 jobs per year. This means that the job market is narrow. It is a common sight to see over 100 applicants for one job. This is a signal that something drastic must be done to change this trajectory. Development partners such as government, private sectors and donors such as Master Card Foundation are playing a critical role in addressing youth unemployment. In fact this suggests that fight against youth unemployment must be multifaceted.  During graduation season it is justifiab...
Read more