FINANCIAL ADVANCEMENT SHOULD START AT A YOUNG AGE.

 Why is it that some families have produced wealthy families for years and others struggle in their finances for generations? What is it that we can learn from these titans so that we also achieve financial freedom. Is financial freedom an instant result or it is a long term endeavor? Why is it that certain times when a founder of a leading business passes on the siblings fail to handle the estate? Why is it that in the real world the entrepreneurs who build big businesses have never stepped into university? When the leader of the Aga khan Foundation passed on, there were no stories of public disputes about succession. The Aga khan Foundation has several businesses that employ thousands of people and contribute to national development.

It is the desire of every parent that when their children grow up they will succeed in every dimension of life. However we have seen countless cases of children who until university struggle to manage their finances. We have seen young working professionals who misuse their salary and in the long run have no tangible evidence. Without mastering our money habits it is clear that on an individual level we shall struggle to make an impact and lead successful lives. I once saw an Indian parent who handed over cash to his child in the bank so that he learns about finances at a young age. This should be a lesson to us that financial discipline should start at a young age. Today the youths think they should start with big amounts to save and this is disastrous because there are so many competing demands for our finances.

Staring to save at a young age helps to fail faster than at an old age. The youths have plenty of time to catch up and pick lessons from their experiences. No one would want to gamble their money at an old age. It means that there should be an intentional focus on discussing money issues at an early age. I have seen many examples of young children who save the little pocket money and are able to buy laptops and other items . We need to be courageous to initiate money discussions in homes because money has the potential to cause divisions even amongst siblings.

We have to learn from the Indians about money because they start at a young age and build mega business empires yet most of them start small.


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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