It is normal to assume that he who earns little is always in debt and is ever struggling financially. And that those who earn more are financially stable. In most cases it is quiet the opposite. Those who earn a lot are in debt and are financially unstable. And those who earn less are financially stable and debt free.
Once one understands their earning ability and wealth creation they are likely to have less finance struggles. Many organizations teach on this and emphasize on the practice of it massively, therefore this is not new but just to help somebody to learn, relearn and unlearn. How you manage your money is very essential. What you earn and how you manage your money are not correlated activities at all. Despite one’s earning levels everyone can learn money management skills as they are core.
If you thought that you can not be financially secure when you earn less, it is not true. Earning a lot does not guarantee one’s financial security. Money management is not something easy to do but it’s about discipline. No age is too early or too late for someone to learn financial management skills.
For the next coming weeks the following topics will be covered :
1. Saving and it’s importance.
2. Practicals of Saving
3. Investment and it’s importance
4. Practicals of investment
5. Living within your financial means.
6. Buying patterns and behavior (consumer behavior)
7. Preparing for the unforeseen and the future.
It is important that one learns money management skills. From the above list of topics life practicals will be drawn and what’s core is learning from them. Some of the core skills are not part of our culture as Africans but who says we can not learn from others especially if they do it best.
Mitchell K. Name (Economist)