THE COURAGE TO FACE FINANCIAL STRUGGLES MATTERS

 Life is tough. No one is immune from financial setbacks. We might find that the most successful entrepreneurs have faced most obstacles in their lives. This should be a lesson to us that if we are to redeem our financial landscape in 2025 we must embrace courage. As a financial literacy trainer I have heard trainees point out that they have fear for banks. Now such an assertion has long term implications on our financial journey. If one does not have the courage to approach financE professionals then he or she may prolong their financial miseries. Today we are privileged to have access to a lot of almost free financial advice and it is upon the customer or individual to choose the right source of advice.

Many people have faced financial setbacks not because they are less capable but because of either lack of awareness or failure of seeking advice. Did we know that even presidents of countries have advisors? This is an indicator of the need to seek advice. No body on earth knows everything. The financial services industry is too complex to be navigated individually. A number of get rich schemes have duped the public of their hard earned funds because the public lacked enough guidance. There was a company that closed after defrauding people of their hard earned money because they promised them abnormal returns. It was a painful experience. Another online investment club conned women of their hard earned funds in 2023. These examples show us that investment is a risky venture and we require expert guidance before we invest. We have heard of high profile officials who have been duped in gold scams worth billions of shillings. 

When one reads books with stories of successful people who have left a mark in the world the common theme is their courage to face challenges head on . When one reads Think And Grow Rich: A Black Choice, he or she is able to appreciate that a number of black Americans who built the economy were ordinary people who came from humble backgrounds. One inspiring story is of Dr. Washington Carver, a son of a poor black slave who had to read books on a candle but because of determination to make a difference he read hard. Dr. Washington Carver invented over 100 patents of potato and is credited for making a major contribution to America's agricultural system. This should be a lesson to us that the road to success will never be that smooth. It requires vision, courage and a positive attitude. We must have the courage to address our financial mistakes . 

The tendency to see success from only the top is so misleading. This is because no one can succeed without facing setbacks. Even the most prepared are bound to face setbacks. In a nation where over 70% of the population is below 30 years there is a tendency to live in self denial. Some youths including university graduates are highly indebted but they lack the courage to seek guidance. Until one is vulnerable enough to seek guidance the situation may overwhelm them. We have seen cases where people have committed suicide due to excessive debt. During the lock down period of Covid 19 there were 2 cases of young men who committed suicide because they could not cope up with the cost of living. This is an indicator that financial struggles can even cause death.

HOW TO REDEEM OUR FINANCIAL SITUATIONS

1.Have a clear vision for your financial future

2.Set clear financial goals

3. Seek financial mentorship

4.Research before you invest

5. Associate with financially successful people

6. Join a master mind

7.Open an account in a regulated financial institution

8.Live within your means 

9.Develop a budget

10.Set up an emergency fund

Financial matters are not easy to confront as individuals. We need help as most successful people do. 

Happy and prosperous 2025


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