DO NOT DOWN PLAY YOUR POTENTIAL IN YOUR FINANCIAL JOURNEY

 Financial advancement is a tough journey. The question is there any easy journey in life? Countless people have given up on dreaming big when they are still alive. One person finds one setback and gives up on seeking their financial goals. Each person has been given an infinite potential by God. However the ignorance of purpose leads to its abuse. I have witnessed so many youths who discount the power of humble beginnings. They despise the little coins not knowing that a journey of a thousand miles begins with one step.

I have witnessed market vendors who started humbly but due to determination and patience they have built houses and started retail shops. We live in a generation that discounts humble beginnings. This is even very common with university students who say that they are overqualified for small jobs. Part of the reasons for the high rate of unemployment is because the youths undermine small tasks. It is common to find youths gambling early in the morning. Other able bodied youths resort to tot packs as a way of escaping life's harsh realities. This leads to wastage of human potential.

There was a group of rural women in a certain district in Uganda who saved 17 million Uganda shillings and spent it during the festive season. By January the money was already spent. I have spoken to a number of university students and asked them how they utilize their free time. Many of them have no clear answer. What if they used their free time to volunteer in communities? Unfortunately we live in a generation where youths want to be paid for every thing that they do. In fact some youths when invited for financial literacy trainings put conditions such as transport allowance and lunch yet they are going to get skills that will alter their financial landscapes.

In a certain media article it was reported that a number of Parish Development Model beneficiaries had diverted funds to unplanned ventures. Others use the money recklessly because they think it is a political donation. It is important for the youths to use money wisely since it is a scarce resource. I know of a youth of about 25 years who got a loan from a financial institution and he now employs about 6 people and has diversified his income base.

HOW TO MANAGE MONEY WISELY

1.Have a clear financial vision

2.Save as you earn

3.Automate savings 

4. Create a budget

5. Live within your means

6. Seek financial mentorship

Every person has the potential to redefine their financial journey. We need to be careful how we spend money in the new year as we seek to reach our financial objectives.

Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

256752615916

Comments

  1. Isaac OjurJanuary 3, 2025 at 10:43 AM

    Financial discipline and advancement starts with mindset. Step by step we shall be there. Thank you so much for the write up.

    ReplyDelete

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