WHY IT MAY BE DIFFICULT TO DEVELOP ALONE IN 2025

 It is the desire of every person to advance every year. This is a noble goal. The question is it very easy? The answer is not straight forward but it is not. We are living at odd times where resources are scarce. Budgets are being cut and the international economy is unstable. So what should one do in such turbulent times? The answer is multifaceted but one of the key interventions is that we can not afford to develop in isolation. The advancement of technology is both a blessing and a curse. Technology has exposed us to very many opportunities but at the same time has led to a divided society. 

In the past there was a lot of physical connection but today we can easily connect with a person on phone without seeing them for years. This has meant that a gap is created when the phone is our biggest friend or ally. What has this caused in personal development? It has created an impression that we are independent and wise enough to solve our complex life challenges. However does the emergence of technology mean we do not need wise counsel from others? I  think not.

In perspective of financial literacy and advancement I have witnessed many ordinary people combining efforts to save. There are some low income earners who save in more than one group and I wonder where they get the money from. This is especially true with Village Savings and Loans Associations in the country side where people save as low as 1000/= and these people have been able to accumulate capital for business, paying school fees and meeting other needs. The lesson to the elite is that we need to study these trends. The question to a university graduate is how can they use what they studied to create lasting change in the community. The focus of only looking for formal jobs is long gone but we need disruptive graduates who think outside the box and innovate solutions to local challenges. I know of an investment club that was formed by university students and it is now worth billions in assets. So the lesson is that in 2025 we can ill afford to develop in isolation. We need to partner with other like minded people so as to develop in many spheres of life. If the leading businessmen in Kampala have a group called Kwagalana Group then it means we should emulate them .

HOW TO MAKE WISE USE OF OUR FINANCES IN 2025

1.Have a long term vision of your finances

2.Create clear financial goals

3.Live within your means

4.Seek financial mentorship

5. Create a budget

6.Create an emergency fund

7.Celebrate your successes

8. Research before you invest

9. Attend financial literacy trainings

10.Learn from past mistakes.

No man is an island. Did we know that even the most developed countries cooperate for survival? This should teach us look for opportunities to synergize as we improve our finances.

Phillip Kiryowa

Personal Finance Coach(CPC,CMA)

Advanced Empowerment Link

+256752615916(For consultations)

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