DOES OUR BACKGROUND MATTER IN OUR FINANCIAL ADVANCEMENT JOURNEY?

 There are so many reasons that have been given for the lack of advancement in our financial lives. True many are valid because life is tough. But then there are people who have been in more extreme financial hardships and have made it. In Think And Grow Rich: A Black Choice, Dr. Dennis Kimbro points out several black Americans who were born in poor families but ended up wealthy. These include Oprah Winfrey, Dr. Washington Carver and Dr. Ben Carson. I believe that attitude towards life plays a critical role in determining our fate . We all have the potential to achieve our long term goals but the lack of inner belief always restrains our initiative. Many have attributed their lack of progress to past factors such as being born  in poor environments. 

A close look at some of the most successful entrepreneurs makes us understand that circumstances should never stop us from dreaming big. At the age of 60 Colonel Sanders started KFC with a recipe that was rejected by many investors. He never quit pursuing his dream. Thomas Edison was laughed at by critics when he attempted to make the electric bulb. He failed several times but he viewed his failures as learning opportunities. I have met youths who have failed once in their lives and they brand themselves as "dumb". This is a limited and distorted view of their lives. In coaching we are trained to encourage each client to reframe their events. So many people have the potential to do so much but they are held back by the negative limitations. They also worsen it by associating with negative people.

HOW TO INCREASE OUR FINANCES

1.Have a long term financial vision

2.Seek financial mentorship

3.Live within your means

4.Research before you invest

5.Have a budget

6.Prioritize financial literacy training

7.Learn from your past.

8.Celebrate small wins.

Our past must never define our future. If others from less fortunate backgrounds have made a positive impact, what stops us from doing so?

Phillip Kiryowa

Personal Finance Coach(CPC, CMA)

Advanced Empowerment Link

+256752615916

Comments

Post a Comment

Popular posts from this blog

ACRE OF DIAMONDS

 According to Dr. Dennis Kimbro in his book Think And Grow Rich  every human being is an acre of diamonds. In simple terms we have more potential than we can imagine. With adequate self reflection this statement can change any person's life. It is Dr. Myles Munroe who noted that without knowing our purpose on earth we are likely to lead a less impactful life. The question that has been asked by many leading scholars is why are some people more successful than others? Is it family background? Is it luck? Is it the country where they were born? Unfortunately no body has a clear answer to this contradicting question. Hellen Keller was born blind but by the time of her death she was a very successful leader. Oprah Winfrey had a tough childhood but is now one of the most influential leaders in the world. Nelson Mandela was imprisoned for 27 years but became the president of South Africa. From the above case studies it is important for each one of us to learn a lesson. We have more...
Read more

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

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