LIVING WITHIN OUR MEANS : A PATHWAY TO FINANCIAL FREEDOM

 Everybody desires financial freedom. There is this particular university student who missed his exams because he gambled his tuition. This is not an isolated case. Many youths today are in the trap of living beyond their means. Many use their peers as a benchmark for spending. There are even youths who have a saying that what if they die and leave their money behind. I think that is fatalistic thinking that cannot produce generational wealth. If all the wealthy people who have built big companies had a live for today mindset then the world would be in trouble. Today a number of youths view money as a tool for spending. This has also not saved corporates. If a corporate viewed their salary as a seed for wealth creation we would see less financial stress. Am I trying to live in self denial? Perhaps not. I am addressing a critical issue that I see everyday as a grassroot financial literacy trainer/ coach. 

Some of the financial troubles that we face are a result of the failure to budget our limited funds. With a mindset that money is scarce we can see a change in financial behavior of the masses. Unfortunately personal financial management is an emotional issue and therefore we have to make wiser financial decisions individually. Living within our means takes courage because most of us are social animals. Living within our means requires a long term perspective in the decisions that we make.

We live in a country where over 70% of the population is below 30 years and these youths are easily influenced by social media. They are wired to take risks some of which end up in disasters. We need to start financial literacy  from an early age just like Indians mentor their children from an early age. However in Africa practical financial literacy is still wanting but we can do better. 

HOW TO LIVE WITHIN OUR MEANS 

1.Have a long term view of our finances

2.Save as you earn

3.Automate savings

4.Seek financial mentorship 

5.Celebrate small wins 

6.Research before  you invest

7.Have a positive attitude 

8. Avoid self comparisons 

We live in a generation where everything is fast. Fast foods, internet among others. This has not spared the spending habits of many. The remark " where has my money gone" is very common these days especially among the youths. In order to reclaim our financial destiny we need to recheck our spending habits.

For individual and corporate financial literacy training contact :

Coach Phillip Kiryowa 

Personal Finance Coach( CPC)

Certified Master Trainer, Bank of Uganda 

Founder, Advanced Empowerment Link

0752615916

For Financial Freedom and Sustainable Enterprises

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