MENTORSHIP : A KEY INGREDIENT IN FINANCIAL ADVANCEMENT

 A certain youth asked why he needed  mentorship in managing his finances yet he is an adult. In the journey of financial literacy training I have discovered that no body arrives. In fact those people who are humble enough to seek guidance regardless of their level of experience and age are the ones who tend to master their finances. Most of us have made financial mistakes in different angles since we are human. However the biggest blunder would be in not picking the lessons. The most successful people are the ones who admit that they are human and are seeking to improve. Mentorship is a game changer when it comes to finances. A number of people have lost a lot of money not because they are "bad" in any way but simply because they lacked guidance in how to invest their money in safe investments.

Today the financial services industry is changing at a very fast rate and one needs to know that they can not have all the answers to the pressing challenges faced. There are so many people who have lost money to fraudsters. Just last year there was a company that conned people of large sums of money. Some used their pension to invest. I once saw an Indian who took his son to the bank to cash in money. I was impressed because this Indian was shaping his son's financial future at a young age. I have had stories of some African parents who stop their children to learn about money because they are still "young". In fact there are some families who never speak about money as a team. In the end each person handles money differently. Our education system has been blamed for teaching other dimensions but money is not taught in a practical way and that is why when most people grow up it becomes a "monster".

When one seeks financial mentorship they become more confident in handling money. We have seen people who almost had nothing but because they were mentored they were able to use their skills to improve their financial trajectory. In his book, The Story of An African Entrepreneur, Dr. Gordon Wavamunno notes that his enterprising father introduced him to Indian families at an early age and he learnt secrets of business. It is not surprising that he is among the most successful entrepreneurs in Africa. It has been noted that the success of most Indian families such as Mukwano and Madhvani is attributed to the fact that they discuss about money and business from a young age. I heard that there are families in Brazil that have been the coffee industry for the last 100 years. This can not be accidental. The parents intentionally introduce their children to family businesses at a young age.

I have observed many African parents who teach their children about money at a young age and these children end up successful adults. In a  nation that has over 70% of its population as youths mentorship in finances and businesses can not be taken for granted. This age group is exposed to so many risks and without guidance they are exposed to financial risks. This is an age group that is tuned in to get rich schemes( of course not every one ). It was reported that some university students use their tuition for gambling in expectation of quick returns which in most cases back fires. 

In the era of internet there is an opportunity to expose youths to the correct information regarding finances. This needs to be an intentional strategy since the youths are the future leaders of the nation.

HOW MENTORSHIP CAN SHAPE OUR FINANCIAL LIVES

1. Parents can shape their children at a young age

2. Introduction of financial games

3. Teachers can teach about money in practical ways

4. Exposure visits for children to financial institutions

5. Practical entrepreneurship education

6. Seek financial mentorship from experienced leaders

7. Sharing financial information in news papers

8. Join groups such as Saccos and investment clubs 


Life is too tough to move alone. Those who have chosen to be guided along the way have made life changes along their financial journey. Mentorship is very key in all areas of life since no one has monopoly over knowledge.

Phillip Kiryowa

Personal Finance Coach(CPC)

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