HOW SELF DOUBT CAN SINK OUR FINANCES

 A certain youth lost his hard earned savings to a conmen who promised him high returns in a short time. He regretted later and said he wished he had trusted his guts. We are all potential victims of conmen. As a financial literacy trainer I have received several complaints from various parts of the country about how fraudulent companies have duped the public of their hard earned savings. As financial literacy trainers we have a lot of work to do in society. There are very many limiting beliefs that stop us from financial advancement. Some of the cultural beliefs stop women from owning land. This becomes a barrier when they want loans from commercial banks since they lack access to collateral. Some youths at a young age are beaten up for even taking a 200/= coin. There was a story of a child who was severely beaten for stealing 200/= coin. Some youths quit when they start a business and it fails. But when one reads about men and women who have positively impacted the world they faced opposition and setbacks. It should be noted that Thomas Edison who invented the light bulb failed several times but he did not quit his dream.

Muhammad Yunus who formed Grameen Bank used his personal money to bail out rural poor in Bangladesh. Today Grameen Bank is a case study in the Microfinance industry. Being a financial literacy has given me an opportunity to speak and influence a number of university students especially at Makerere University. A number of them assert that they do not have capital to establish businesses. I to a certain extent agree with them because funds are scarce but it can never be given as an excuse for not starting a business or a community initiative. Mother Teresa was not a billionaire but she impacted the world with her spirit of generosity. Google was started in a Garage and today it is a multi billion company. Oprah Winfrey is one of the wealthiest women in the world but she had a humble beginning.

 What is failing us as a generation is that we in most cases look at success at the top. We read about billionaires and we think it was easy for them. When one reads Professor Gordon Wavamunno's book, The Story of An African Entrepreneur one realizes that his father deliberately assigned him to an Indian family to learn their business secrets at a young age. No wonder his empire has been successful for a long time. Today we find a university student who wants to succeed in a month. The era of quick fixes has affected our financial journey because it has led to the rise of sports betting. On a media station I saw a group of youths who wanted to beat up staff of a sports betting company simply because they were not paid their return on investment.

HOW TO RAISE OUR CONFIDENCE IN FINANCIAL MATTERS 

1.Have a long term vision towards our finances

2.Save as you earn

3.Live within your means

4.Research before you invest

5. Open an account in a financial institution

6.Seek financial mentorship 

7. Create a budget

8.Track expenses

9.Attend financial literacy trainings

10.Avoid peer pressure

11.Be humble

Brian Tracy noted in his book The 100 Absolutely Unbreakable Laws Of Business Success that doubt and fear are two of the greatest enemies of success. Too many people are on the sidelines in pursuing their financial goals. That is why a student can be comfortable to gamble his tuition as a quick fix for financial advancement. We are in a generation that is so fast paced that even wealth accumulation has not been spared.

Phillip Kiryowa

Personal Finance Coach 

Advanced Empowerment Link

+256752615916


Comments

  1. Evangelist Frank GiftDecember 2, 2024 at 4:42 AM

    Thanks so much Mr. Philip, I can't thank you enough ,but indeed personally I have been a victim of the conmen. I lost lots of money , but I now choose to sit at the feet of men like you to learn . I'm always greatful

    ReplyDelete

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