WHY ATTITUDE MATTERS IN FINANCIAL ADVANCEMENT?

 Attitude determines altitude . Dr. Victor Frankl witnessed many of his close family members being killed in gas chambers . What a horrible moment for any human being. On a daily he could see people who lost hope in living due to harsh circumstances . He notes that a person who is devoid of hope is likely to die. Hope is a key concept in life and in building our financial lives. As a financial literacy trainer I have interacted with very many people who have various views about money. I can attest that I have met some trainees who have a positive attitude towards life and are taking meaningful initiatives towards altering their finances. I have also met some trainees who have intentionally focused on sabotaging their financial lives. To them they feel the battle is already lost yet they are still alive.

The role of a coach is to challenge a client's assumptions. The dominant beliefs that we hold determine the actions that we take in life. The question is why should we give up on improving our finances yet there are so many opportunities to do so? Did we know that each and every person has a unique financial blue print? This is emphasized by Harv Eker in his book called Secrets of A Millionaire Mind. He also notes that rich and successful people think long term. These statements have the potential to change our finances. In his book called Think And Grow Rich: A Black Choice, Dr. Dennis Kimbro gives various examples of black Americans who started their lives from a disadvantage and today are wealthy. These include Oprah Winfrey who is one of the wealthiest women in the world. What about Dr. Ben Carson who was always the last in class and today he is one of the most successful neurosurgeons in the the world. These examples show us that our past and current circumstances should not define our financial status. Our financial status should be defined by the size of our thinking.

Most of the leading financial coaches place a lot of attention on thoughts. This is because what we focus on expands. We should focus on building our minds so that we can make wise financial decisions. We are living in a generation that is skewed to making quick financial decisions and in this way we are bound to make financial mistakes. This is one of the reasons for the growth of the gambling industry. A few years back I saw on a certain media channel a group of youths who wanted to beat up staff of a sports betting company for failure to pay their return on investment. We have a generation of youths who are focused on selling land and buy boda bodas in the already congested Kampala. 

Today the role models of most youths are those people who sprout overnight and do not have tested financial literacy principles that define their success. Today there are so many youths whose sole focus is on acquiring money without taking time to develop sustainable money habits. I have never seen a storied building that is built in a month. However today we have many youths who want to buy the latest cars in a short period of time. A number of youths detest long-term capacity building plans and prefer to be given handouts for daily survival. That is why when some youths are invited for financial literacy trainings they put demands for transport allowance.

Thus to change the attitudes of the masses towards financial freedom. It can not be an overnight effort. Collaborative and concerted efforts must be made to ensure that each Ugandan has access to financial literacy training.

HOW TO MAKE WISE FINANCIAL DECISIONS

1.Have a long term financial vision

2.Set clear financial goals

3.Seek financial mentorship

4.Save as you earn

5.Have a curious mindset

6.Live within your means

7.Set up an emergency fund

8.Join a financial mentorship


Attitude determines altitude. Rich and successful people understand this secret and no wonder they do their best to control their attitude towards finances.

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