OUR PAST SHOULD NOT DETERMINE OUR FINANCIAL EXPECTATIONS

 As a financial literacy trainer  I have listened to so many people who have allowed their past to determine their financial future. They put their focus on the good old days. Others focus on the financial mistakes they made several decades ago. The truth is that every human being has made financial mistakes. Actually if one reads books about the most successful entrepreneurs in the world they have made mistakes . The only difference is that they do not allow their mistakes to define their future. They simply learn from the mistakes. That is the source of real progress in humanity. The ability to evaluate personal behaviors and make better financial decisions in the future. 

We are living in an exciting generation where new opportunities are emerging everyday but the world is dominated by pessimism. negative news seems to run faster than positive news. How can we live in a generation where some people murder other with the intention of earning wealth/ Last year two youths gunned down a prominent businessman. Now that is a wrong pursuit of wealth. Genuine and authentic wealth takes time and requires preparation. Today many youths want to get a lot of wealth in the instant. They do not take time to build healthy financial habits. In the end even when some make money it is spent on unplanned activities. Some are influenced by friends to spend hard earned money on luxuries. Today we have youths who have the mindset that to make money one can only invest in gambling. This explains the rise in gambling companies across the country. In fact last year I saw on media a group of youths who ganged up an wanted to beat up staff of a sports betting company for failure to pay them.

The other challenge that youths and society face is that most youths view success from the top. The youths prefer those people who can not give valid reasons that led to their wealth. We have seen a number of potentially wealthy individuals who made headlines and with in no time they are not any where. These seem to be the role models that influence the majority of the youths. The youths want easy money and neglect messages that call for long term wealth generation.

HOW TO REDEFINE OUR FINANCIAL HABITS

1.Have a clear financial vision

2.Set clear financial goals

3.Develop a budget

4.Get a financial mentor

5. Follow the process of genuine wealth creation

6.Research before you invest

7.Get an accountability partner

8.Learn from financial mistakes 


The past can hinder our financial advancement journey. Did we know that the most enterprising men and women in the world also faced setbacks? So if that is the case we need to emulate their lessons as we seek to revamp our financial fortunes.

Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

+256752615916

Comments

Post a Comment

Popular posts from this blog

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

THRIVING AMIDST UNEMPLOYMENT

 Ask any graduate what their worst night mare is and they will inform you that lack of access to a dignified employment opportunity is a big hurdle. Over 70% of Ugandans are below the age of 30 years of age. There are very many reasons why the unemployment rate needs to be addressed. Uganda has over 30 universities and all universities graduate over 300,000 graduates per year yet the formal sector produces on average 70,000 jobs. This mismatch is an indicator of the frustrations that the young people face. It was on media last year when I saw a group of able bodied youths who wanted to beat up staff of a sports betting company for failing to pay for their "Return on Investment" in Bugiri District. Iam not saying that all youths are involved in crime .What am trying to point out is that the probability of a youth without a job being involved in crime is high( after all there is a saying that an idle mind is a devil's workshop). Just this year there was youth who was killed...
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