HOW SELF DOUBT CAN DERAIL FINANCIAL ADVANCEMENT

 A certain youth asked a question during a financial literacy training session how fast he could get a loan? It was a noble question and from a financial literacy perspective it has very many connotations. Harv Eker is his book Secrets of A Millionaire Mind noted that each person has a financial blueprint. This means that money is a mental game. To take us a bit backwards when we were growing up most of the lessons about money involved instilling fear in the population. For some children are even severely beaten for even as low as 200/= So when such a child grows up he will have a negative phobia towards money.

This explains why a number of people grow up they treat the money topic as sacred and very emotional. It explains why groups of youths would rather meet to discuss about politics and football without laying strategies on how to improve their financial circumstances. We live in a fast paced generation and gambling companies have capitalized on this to design packages that promise heaven and earth to the unsuspecting youths. It is not surprising that a number of youths have been conned of their hard earned money to the extent that some university students divert tuition to gambling. On the media I saw a group of able bodied youths who wanted to beat up staff of a sports betting company for failing to pay off their "returns on investment". Still due to self doubt some youths no longer prefer to invest in long term ventures that yield long term profits. A number of unsuspecting youths have been trafficked to foreign countries in deals that they have not analyzed well. In a nation where over 70% of the population is below 30 years the youths must be trained to believe in themselves and their dreams. 

I have met university graduates who lack the courage to defend their degrees. They would prefer to wait for ready made jobs yet Uganda is full of problems waiting to be resolved. The wealthiest people are problem solvers and it does not necessarily mean they must be university graduates. Bill Gates dropped out of Harvard University to concentrate on building Google and today it is a gigantic company. So many youths have given up on their dreams simply because of lack of capital. However we have seen Indians who come to Uganda with literally no capital and within a few years they have established supermarkets.

I know of a group of university students who formed an investment club and today it is worth billions in investments. The message for today's university students and graduates is that they should not wait for big sums of money to change their circumstances. History has proved us that some of the leading entrepreneurs literally started with little Capital. A case in point is the Grameen Bank that was started by Muhammad Yunus and Equity Bank. These should motivate us to build our dreams without fear.

HOW TO BUILD CONFIDENCE FOR OUR FINANCES.

1.Have a long term view of our finances

2.Develop a positive attitude

3. Use your skills to add value 

4.Researh before you invest

5.Embrace mentorship 

6. Join Financial literacy master minds

7. Live within your means

8.Develop a budget

9.Automate savings

10.Save as you earn.

Self doubt and fear are the two greatest enemies of success. Almost every individual has plans of changing their financial circumstances but the inner voices of doubt stop us from taking action.  May the above lessons inspire us into action.

Phillip Kiryowa 

Personal Finance Coach(CPC)

Advanced Empowerment Link

+256752615916

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