THE OIL CRISIS AND ITS LESSONS ON PERSONAL FINANCE

We live in a Volatile Uncertain Complex and Ambiguous World. Such is the nature of life. No one predicted the oil crisis. No one predicted that Covid 19 would negatively impact the world like it did. A sudden shift in oil prices affects our earning and spending. Money is the currency of life and the absence of money in our lives leads to financial distress. The increase in oil prices affects movements and suddenly prices of basic commodities such as food and water have increased. The pinch is also felt by parents who have to pay school fees and meet their daily expenses.

The above show that financial literacy training is a key intervention in enabling the ordinary person to cope up with financial distress. With scarce resources planning and prioritization become very important. A research showed that over 70% of domestic disputes are related to money. This shows that we need to discuss about money if we are to avoid family disharmony. Surprisingly a number of people take money issues lightly. They would prefer to discuss about football and politics and relegate financial issues to the back yard.

We have a lesson to emulate from the Indians who live within their means and support each other to do business and this enables them to overcome financial shocks. 

We can overcome financial shocks if we master our finances and live within our means.

It is possible and it starts with us.

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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