POWER OF PRESISTENCE AND FINANCIAL ADVANCEMENT

 I heard someone make a remark that this year 2024 has been a very fast year. The question that I want to pose to the dear readers is, hw has been the financial journey? has it been easy, tough or promising? The road to financial advancement is always uphill. This is because money is a scarce resource. Even  America which is a super power uses its funds wisely. The lesson to us is that we might not have smooth sailing as we wish it to be. Dr. Robert Schuller wrote a book that Tough Times Never Last But Tough People DO. What a wonderful title.? It means that life will always be tough. The United States of America became a developed country through the sacrifice and sweat of so many people. In this fast changing world of technology we have been made to think that things are supposed to be simple.

The youths are becoming attracted to get rich schemes. In fact a certain company used this same strategy to defraud many people of their hard earned savings. A number of youths have sold off their land to buy boda bodas in town . The question is it worthwhile to sell off a valuable property like land? I also heard that some people bet their homes in anticipation of "huge " returns. As a financial literacy trainer such a philosophy is catastrophic. 

In the journey to financial advancement the rich always prepare for tomorrow. This is advocated for by Scot Anderson in his book Think Like A Billionaire , Act like a Billionaire. It is not surprising that all major book focus on thoughts and mindset. As a trainer of finance I have observed that some people ignore the concept of planning and focus on looking for funds. The question is how come when they are building a storied house they focus on the foundation? It should teach us a lesson that success in finances requires a lot of focus on building a firm foundation. Today we are seeing many youths building the foundations of their finances on get rich schemes and using their finances without a budget. Others invest without due diligence. 

We have seen many cases of people who came from humble beginnings and today they are rich. A case in point is a university student who lacked school fees but decided to sell fish . It was not easy for her because her fellow students laughed at her but her vision was more important that the prevailing circumstances. Grace Nanyonga graduated and today she is a successful business lady with a thriving fish business. Out of a business that was laughed at she is making an impact in society. The lesson is that the path to financial advancement will not be smooth. It takes self awareness and focus to change our financial fortunes. 

The road to financial advancement will require us to take a realistic self assessment and see if we are over indebted so that we make plans of altering our financial landscape. Some youths have landed into financial ruin because of peer pressure. They have been forced by their colleagues to purchase items that they do not need. Unfortunately financial literacy is not emphasized in our education system. That is why many times we struggle as adults to deal with money because our foundations were not built from a young age. Iam proud to say that there are many parents who are shaping the narrative of their children by teaching them about money at a young age. If a child learns about budgeting at a young age chances are high that he or she will use money wisely when they grow up.

We have a challenge as society in that money management has been made a private and emotional subject. That is why it is not so much discussed about it in the public realm. For example a youth may not find it worthwhile to seek financial mentorship yet deep inside him or her she is living in debt. In a nation where over 70% of the population is below 30 years, financial literacy training is very critical. Many youths misuse their money on unplanned ventures simply due to lack of guidance. The youths need to know that even the most successful entrepreneurs have financial mentors.

HOW TO ADVANCE IN THE FINANCIAL JOURNEY

1.Have a clear financial goal

2. Have a positive attitude

3.Live within your means

4.Develop a budget

5.Avoid peer pressure

6.Research before your invest

7.Invest in financial knowledge

8.Save as you earn

9.Learn from your mistakes.

10. Join a mentorship program

Saving and the journey to financial advancement is tough. This is because life itself is a tough venture. What gives us hope is that there are people who have achieved financial freedom using proven methods. 


Phillip Kiryowa 

Personal Finance Coach(CPC)

Advanced Empowerment Link

+256752615916( For bookings and consultations)

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