WE MUST HAVE A CLEAR WHY IN OUR FINANCIAL LIVES

 The question is ,why do some leaders succeed financially even when they have faced various obstacles in the past compared to others? Could it be because of luck ? There may be very many factors but what I want to dwell on today is the clarity of purpose. We live in a generation which wants instant results. Many people have got large sums of money and have lost it in the instant. The greatest reason that comes up is lack of a clear why. 

There is a youth that I trained 2 years back in financial literacy training. She was in financial distress. Luckily she had a good attitude. She accepted the financial mistakes she had made in the past and was willing to change her habits. Since we are creatures of habit, she accepted to live within her means and to open an account with the bank. Gradually she realized positive changes in her life and that built her confidence. Today she is doing well and is an inspiration to other friends. 

For the last 5 years I have been providing grassroot financial literacy training. I have observed that it is important for us to have a long term outlook to our financial lives. We should avoid instant gratification if we are to revamp our financial situations. We should have clear financial goals that are really personal. Unfortunately some youths spend due to peer pressure and end up in financial darkness.

HOWTO SET CLEAR FINANCIAL GOALS

1.Have a long term financial vision

2.Live within your means

3.Create an emergency fund

4.Seek financial mentorship.


A clear why is very important in redirecting our financial lives.  We have seen cases of Indians who came to Uganda with almost nothing and within a year they have successful businesses. Why is it that the likes of Madhvani and Mukwano industries are successful for along time.

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