In as much as financial freedom means different things to different people, one thing is clear we all want to have the opportunity to live life on our terms.
As per the Financial access report, it is clear now more than ever that, more and more Kenyans have access to financial services with Kenya ranking 3rd in Africa.
The beauty about this is that with more and more financial education, most Kenyans can start on their wealth creation journey.
When we think about wealth creation, the central question becomes “how do we attain we become financially secure?”
Below are some of the key things that we need to address:
- Gathering financial-related knowledge: The best investment is the investment in self. We shall realize that for anything worth doing it all need to start with the resolve to succeed and all thus begins in the mind
- Setting boundaries: Most of us are in the financial mess we are in because we wanted to help people around us. It is good we know and set the right boundaries. So that we do not derail ourselves by putting our resources in things that will not pay off too well
- Trusting and verifying: Money matters are very emotive. Most of us have lost quite a bit since we invested in ventures that we thought made sense since they were advocated for by our friends or relatives. Doing a little bit more due diligence would be of help
- Control our appetite for debt: There are so many easily available debts especially digital debt. We should ensure we are only taking debt for investments and not for consumption. Consumption debt is a clear avenue to be ruined financially.
- Procrastination: We all know what we need to do to be financially secure but we push the starting point to some time into the future. Since the biggest step is the first step let us learn to engage in the process and shall always figure it out. Part of learning is in making mistakes.
The Wealth creation journey is continuous and one should be guided by their goals. It is however important to ensure that we are continuously investing in the appropriate investment knowledge so that we select the investments that suites us under the various circumstances.
Would you like help with designing your wealth growth and management strategy? Reach out to the Liz Consulting team through firstname.lastname@example.org
Article by the team at LIZ Consulting.
Liz Consulting offers bespoke personal finance and wealth management solutions as well as business advisory. The firm has designed products that best serve all the needs of a diverse clientele in the areas of Personal Wealth Creation Masterclass, Wealth Management, Business Structuring Masterclass, and Advisory