ECONOMIC RESILIENCE IS KEY IN HARD ECONOMIC TIMES

 Of late in the News papers there have been discussions of the aid freezes to Africa. It got me thinking that in my personal life am I ready for economic shocks? What can happen in case I have an emergency ? Am I ready for such a time. Do I have an emergency fund to cater for unexpected uncertainties? These are pertinent questions. This is because we live in volatile, uncertain ,complex and Ambiguous(VUCA)  times that require utmost attention and reflection. As life is when the going is good we tend to relax and forget to put contingencies. With such aid freezes perhaps it is an opportunity for us to reflect our financial lives.

During Covid 19 period and lock down there are two young gentlemen who killed themselves. This was because they could not cope with life's pressures. The cases of domestic violence and mental health increased .This shows the importance of money in our lives. Without adequate finances managing life becomes a tall order for the majority in society. During such times do we get an opportunity to organize our finances. It is said that nothing comes by chance. Therefore it is important to prioritize planning for our finances before it is too late.

Literature is full of examples of leaders who used their hard time to make sound financial choices. These include Oprah Winfrey who was born in a poor family but had a dream. Today she is one of the wealthiest women on the planet. What about Warren Buffett who studied stocks from an early age and is is one of the richest men in the world. He is frugal in his spending. So many times people have described their destiny by their present circumstances. However this is a narrow definition of their lives. We need to think beyond our current circumstances and make concrete plans for our future.

HOW TO INCREASE OUR FINANCES

1.Have a long term view of our finances

2.Research before you invest

3.Start small

4.Save as you earn

5.Create an emergency fund

6.Live with in your means

7.Seek financial mentorship


We are living in a volatile, Uncertain, Complex and Ambiguous world. In case of economic uncertainties are we ready to handle/

Phillip Kiryowa

Personal Finance Coach(CPC,CMA)

Advanced Empowerment Link

+256752615916

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