THE POWER OF CONSISTENCY AND FINANCIAL ADVANCEMENT

 A recent media post showed that a number  of Parish Development Model beneficiaries had diverted the funds into unplanned expenses. This is an illustration that financial literacy training is not a luxury but rather a national good. A number of people see money as a seed to spend . That is why some youths always expect handouts as a way to survive. With a handout mentality very prevalent among the youths who are the majority in the country, there is a need for a paradigm shift. A generation that wants to achieve wealth as soon as yesterday requires training that great wealth requires consistency.

When one reads about the entrepreneurs who have contributed meaningfully to the development of the world and the nation it can be summarized as a story of consistency. We are all victims of the predominant messages that true success can be achieved overnight. This has made many youths sell off land and buy boda bodas in the already congested Kampala. It has led to the rise in gambling as a means of survival. A number of youths do not value the message of humble beginnings  and easily follow symbols of overnight successes. There were some names in Uganda that sprouted overnight and dishing out money. These are the people who made headlines but they are no longer any where to be seen. If one takes a message of long term planning and consistent savings to the youths one will be shocked that the responses will be few. But the youths will easily accept messages of get rich schemes. 

When one reads Harv Eker's book The secrets of a Millionaire Mind he or she is able to understand why the rich get richer and the poor get poorer. All wealthy people know that wealth is a result of principles and compounding. A case in point is Warren Buffet who is one of wealthiest people in the world. He learnt about stock at a young age and he is one of the leading experts in the field. The question is how many young people are that patient. The youths are characterized with taking risks and blowing off the little that they have. The wealthy know that every coin is a seed for wealth creation. That is why it is important for the youths to learn about money at a young age. 

So many people that have advanced financially know that one needs to save consistently in order to achieve their long term goals. So in this way getting rich is a science.

HOW TO MAKE WISE FINANCIAL DECISIONS

1.Have a clear financial vision

2.Develop a budget

3. Research before you invest

4.Live within your means

5.Seek financial mentorship 

6. Avoid instant gratification

7.Create multiple streams of income

8.Automate the savings.


Consistency has power. A close analysis of all leading entrepreneurs shows the power of consistency. In a generation that is in need of instant wealth , the principles of wealth creation are often neglected with dire consequences.

Phillip Kiryowa

Personal Finance Coach(CPC, CMA)

Advanced Empowerment Link

+256752615916(For consultations)

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