GETTING RID OF THE POVERTY MINDSET

 Mindset plays a critical role in changing our financial destinies. When I learnt this I waged a war on my mindset and I have no apologies for it. Who would not want to get rid of the poverty mindset. With poverty our lives are at a risk and we are likely to despised. Though there are so many factors that lead to poverty some of which are beyond our control such as landslides , there are some factors that are within our control. The most exciting one is our mindset. Countless books including the Bible place a lot of attention on transforming our mindset. This means changing our mindset must be given a lot of attention. I have observed that a number of people place their efforts on looking for money without first focusing on the critical issue of mindset.

In addressing the issue of poverty which is a big challenge in Africa the mindset can not be given a casual look. This is because billions of shillings have been sunk into anti poverty campaigns but with minimal impact. In fact in a certain media publication, it was noted that a number of Parish Development beneficiaries had diverted funds to unpanned ventures. This means it is not the absence of money that is the problem but the mindsets related to managing money. 

As a financial literacy trainer I have a privilege of getting first hand experiences about how the public relates with money. In a certain session a lady noted that she feared entering a banking hall. This means without this lady striving to enter the banking hall she might never achieve her financial goals.

Some of the cultural stereotypes such as subsistence agriculture and some of the cultural words such as use your money like a fisherman. Why are thoughts important is redeeming our financial situations. A number of people believe in fate while defining their financial destiny. The fact that people in our clans or families are poor should not define us. It is the mindset that needs to evolve. I normally tell my trainees that their financial destiny can change in a minute. The biggest challenge is that many of them are very casual in their approach. They prefer free handouts instead of working hard to change their financial lives.  The rise in gambling is attributed to the fact that a number of youths prefer to bet their way to success. This explains why some university students divert their tuition to gambling. 

The desire for quick money has made many youths to sell off their valuable property so as to buy boda bodas in the already congested Kampala. More still a number of youths are invited for financial literacy trainings and they give the excuse of lack of time. Did we know that in such trainings we can get ideas that can transform our decision making? Did we know that by attending workshops we may find our next employer? Such is life. The more we undertake calculative risks the better we become.

In his book Think And Grow Rich: A Black Choice, Dr. Dennis Kimbro noted that there are a number of black Americans who were born in disadvantaged family backgrounds but this did not stop them from realizing their financial dreams. These include Oprah Winfrey who was born in a humble family but had a dream of becoming a wealthy lady. Today she is one of the wealthiest women in the world.

HOW TO MAKE WISE FINANCIAL DECISONS

1.Have clear financial goals

2. Seek financial mentorship

3.Live within your means

4.Develop a budget

5.Create an emergency fund

6. Open an account in a regulated financial institution

7.Attend workshops 

The mindset plays a critical role in determining our financial destiny. A number of people have overcome poverty through mindset change and financial literacy training.

Phillip Kiryowa 

Personal Finance Coach

Advanced Empowerment Link

+256752615916


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