DEAR WORKING PROFESSIONALS : MOST OF OUR FINANCIAL CIRCUMSTANCES ARE BEHAVIORAL

 I spend a lot of time mentoring the youths who form the majority of the population in financial literacy and enterprise development. I should say that Uganda's youths are very enterprising and creative . However I have noted a growing trend about the misuse of personal funds. What explains a working professional who earns a lot of money but ends up struggling financially? There are so many factors that might lead to this and  some of them  are beyond our control such as some family emergencies. The focus of this article is on how our personal financial habits can sabotage our financial destiny. We have seen a number of sportsmen who used to earn a lot of money end up financially struggling after retirement simply because they did not take time to plan for their finances.

The above shows that our financial journey can not be left to chance. We can not leave our financial decision making to the rest of society. We have seen working professionals who came from poor backgrounds make it in life and make a lot of money. This should teach us that financial freedom can not simply be based on our level of education, family background and level of income. We can literary change our financial outcomes by changing our thinking and our habits. There is a lot of money out there but some times fear holds us back.

For example we can literally change our financial outcomes by embracing life long learning. Our education system does not emphasize personal finance and therefore we find many working professionals struggling to manage their personal finances. 

HOW TO RAISE OUR INCOME AS  WORKING PROFESSIONALS 

1.We should be clear about what we want.

2.We should set clear financial goals

3.We should embrace life long learning.

Ultimately as humans we are creatures of habit. If we have developed poor money habits since our childhood we should not expect an overnight miracle. However with determination it is possible to develop good money habits and this will translate into corresponding financial independence over time.

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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