MONEY SHOULD NOT CONTROL US

 Money is a powerful currency and motivator in life. That is why most people wake up everyday to toil. However a close observation of people who have shaped the world in money matters is that they have learnt to control money. A case in point is Warren Buffet who is one of the wealthiest men in the world. Despite his level of wealth he is frugal in his expenditure. I believe we have something to learn from him. As a mentor of youths I have interacted with many of them and each has their own perspectives and behavior towards money. We live in a generation that is majorly wired to spending. A number of youths would prefer to spend what they have without taking effort to track their expenses. This is where problems start from.

In real life an entrepreneur can start with any amount of money and end up building a big business. This kind of advocacy of starting small seems to be losing appeal. Rather what most youths want is to tell them how they can  become wealthy overnight. In fact we have seen so many sportsmen who had a lot of money and today they are struggling simply because they did not take care of the small coins. Society is more excited about success at the top without focusing on the process. This has been worsened by the get rich schemes that have influenced some young people to divert their tuition to gambling. Also peer pressure is another factor that prevents youths from financial advancement. Many times they are influenced to spend simply because their friends have told them. But it seems to advance financially one has to have confidence in their abilities to plan for their finances. 

The other issue that needs attention is the ability to learn from other successful people . No body knows it all in the financial landscape. That is why the most successful people have mentors. I read the book by Professor Gordon Wavamunno called the story of an African Entrepreneur where he was mentored by the Indians on how to successfully run a business. Today we can see that he is among the most successful entrepreneurs in the country. The days of youths thinking that they do not need mentorship is long gone. We need to instill it in the youths that mentorship is the way to go. 

HOW TO CONTROL OUR FINANCES 

1.Have a long term vision towards your finances

2.Track your expenses

3.Save as you Earn

4.Open an account in a regulated financial institution

5.Learn about investments and research before you invest

6.Join a Master mind

7.Avoid peer pressure 

8.Live within your means.

9.Seek mentorship 

10. Be a life long learner


Money is not as easy master. Without the right fundamentals we are likely to be controlled by it. However when we read about the most successful entrepreneurs we realize that they are humble enough to seek guidance in financial matters and in the end they are able to control their finances.

Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

+256752615916( For consultations)


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