FINANCIAL LITERACY IS AN INNER GAME

 There is no doubt every person that is alive wants to improve their financial circumstances. There are so many ways to achieving financial freedom. Among these strategies are ones that are disastrous. A few years back there was a company that duped many Ugandans and they lost their hard earned money. What is so hurting is that some people in their retirement used their retirement funds. In the Daily Monitor of 24th May 2025 it was reported that a number of youths were addicted to gambling to the extent that some students up to university level used their tuition to gamble in the hope for instant returns. Just a few years ago there was an online women investment club where women were implored to save regularly and in the end the investment club vanished.

The above cases are a pointer that when dealing with money issues caution is important. Not every glaring opportunity is ours. In the Daily Monitor report it was shared that some individuals even mortgage their houses during sports betting. Financial literacy is an inner game. The most successful individuals and leaders that I have observed and read about are very cautious when it comes to money. They seek advice from experienced financial mentors. They are ready to pay the price to seek the right knowledge. This is because they know that money is a risky venture. They are never taken up by instant gratification. 

Today we live in a generation that is easily taken up by the fastest money making gimmicks. The clients are promised "flashy" returns and since the nation is composed of mainly youths then their dominant trait is to take on risks. As a financial literacy  trainer for the last 5 years I have been involved in grassroot financial literacy training for the youths and women across the country. I have picked up various lessons and which include that before one advances financially they should seek financial advice from trusted finance professionals. There is a major difference between acquiring a university degree and being financially literate. Our education system rarely emphasizes practical financial literacy. That is why as we grow up many of us struggle to handle money.

Many in society have financial scars because they have not been exposed to practical financial literacy. A certain youth confessed in one of the financial literacy trainings that I conducted a youth pointed out that he spent all the money he got every day with the anticipation that he would receive more the next day. The change in behavior can only arise when the individual makes a conscious effort to regulate their individual spending. Society cannot do it for us. This means that though financial literacy can be given to the masses its application is individual.

HOW TO MANAGEOUR FINANCES BETTER

1.Have a long term perspective to finances

2.Avoid instant gratification

3.Create an emergency fund

4. Seek financial coaching and mentorship 

5.Save as you earn

6.Research before you invest.


Financial literacy is an inner game. In the 5 years of providing financial literacy training at a grassroot level I have seen countless examples of trainees who knew little about best practices and today are doing well in their financial lives. This is basically because they took individual responsibility of their financial lives.

For individual and corporate financial literacy training contact :

Coach Phillip Kiryowa 

Personal Finance Coach(CMA)

Certified Master Trainer, Bank of Uganda 

Founder, Advanced Empowerment Link

0752615916

For Financial Freedom and Sustainable Enterprises.


Comments

Post a Comment

Popular posts from this blog

ACRE OF DIAMONDS

 According to Dr. Dennis Kimbro in his book Think And Grow Rich  every human being is an acre of diamonds. In simple terms we have more potential than we can imagine. With adequate self reflection this statement can change any person's life. It is Dr. Myles Munroe who noted that without knowing our purpose on earth we are likely to lead a less impactful life. The question that has been asked by many leading scholars is why are some people more successful than others? Is it family background? Is it luck? Is it the country where they were born? Unfortunately no body has a clear answer to this contradicting question. Hellen Keller was born blind but by the time of her death she was a very successful leader. Oprah Winfrey had a tough childhood but is now one of the most influential leaders in the world. Nelson Mandela was imprisoned for 27 years but became the president of South Africa. From the above case studies it is important for each one of us to learn a lesson. We have more...
Read more

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

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