SMALL BEGINNINGS AND FINANCIAL ADVANCEMENT

 It is every body's desire to change their financial circumstances. The question is it that simple? Probably not. As a Financial Literacy Trainer I have had a chance to interact with several Ugandans in the trainings and there are various views about finances. There are some people who have given up on dreaming about financial advancement and have left it to fate. But we all know that nothing changes until something changes. There is power in humble beginnings. I know of a certain youth of around 25 years who learnt about a financial literacy opportunity in a certain financial institution and attended it. He was able to get a loan and he has diversified his businesses and earnings. He deals in agriculture. The question that I want to pose is how many corporates have land and it is unutilized? How many youths have sold off their land to buy boda bodas in the already congested Kampala? How many youths have misused the little capital they have on unplanned ventures? Today we live in a generation that desires quick returns and this has discouraged the youths from appreciating the power of humble beginnings. 

We are trying to short circuit the laws of nature. All great achievements are never achieved overnight. Just last year there was a company that conned several Ugandans of their hard earned money after promising them abnormal profits. This never happened . I have heard stories about people who pledge their houses to casinos with the hope of making quick returns. On the contrary there are various market vendors who started with little capital and have consistently accumulated capital over the years. Some of the leading companies started as ideas. These include Grameen Bank which was started by Professor Muhammad Yunus in Bangladesh after realizing that the poor were excluded. Today Grameen Bank is a pace setter in the microfinance industry. The point is we should never despise humble beginnings. Every idea has the potential to scale. 

As coaches we are trained to draw out peoples' potential. Each one of us is a bundle of immense possibilities. Unfortunately many people discount their potential and focus on their limitations. To change our financial landscape we need to alter our beliefs about money. Harv Eker in his book Secrets of A Millionaire Mind noted that rich and successful people think long term. This means that we should not allow the present circumstances to define our financial future. Rather we should align ourselves to making better and responsible financial decisions that can alter our financial challenges.

HOW TO MAKE WISE USE OF OUR RESOURCES

1.Have a long term financial perspective towards finances

2.Live with in your means

3.Set up an emergency fund

4.Seek financial mentorship

5. Create a budget

6. Read financial literature

7.Develop a positive mindset

8. Research before you invest


Small beginnings matter in life. But many times we neglect them. Countless entrepreneurs started almost with just an idea and today they are billionaires. May we implement humble beginnings into our financial lives as we seek to redeem our future.


Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

+256752615916

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