Personal Finance

How you know your inheritance to your kids will be Debts…


You are broke, today, just like you were broke last week and two months ago. Always broke. There is something you are doing that’s totally obscene, else why are you are always broke? Broke once, twice is life, but perpetual brokenness is sin…in olden times, sin was punished by stoning to death.

Are you a copious lazy consumer, a glutton? Let’s check, you have five TV’s in your house, one for each member of your family or each room, justification, you don’t have to lift a muscle walking back and forth to watch the TV, yet all five financed by borrowings. You are a man, as a man, you believe you have the polygamist genes of your great grandfather hence you have five or six girlfriends, you are building debt to maintain these dormant sites, as a human, you can only be in our place at a time, yet even a site in Timbuktu requires maintenance, and you are in Nairobi.

Entertainment is your largest expense, your mind is wired that way, you are always running away from tasks and mental engagements to relax your body, to watch movies or just chill out at entertainment joints, it’s a childhood mentality, you even used to feign sickness not to go to school so you can play with those idlers in the estate. Yet you deny it, you claim it’s the fees or family maintenance expenses that are sinking you, of course you have no records, you cannot keep a budget, you are too busy for that. By the second week after payday, you are broke, you have to dig into other peoples kitties, they come in handy, and they are loan sharks.

Your friends and neighbors are your barometer, the food you eat in your house, the dresses you wear, the schools and neighborhoods you choose are all dictated by the external. You have no long-term financial plan for yourself, you have zero personal financial goals, and retirement is for old people.  I pose and ask don’t we all have an internal validation system for ourselves? Let him drive the latest machine in town, I have no idea where he gets his money from.

Talking about income, do you know all your sources and potential sources, how much mental energy have you expensed to identify and nurture your talents and those of your family? I walk into this house, and the dad calls out, Engineer! Engineer!, as  I look around curiously, it’s a three year old boy,  I learn that all his siblings too are doctors , Cabinet secretaries etc, very good start, can we build on it. How do we identify a footballer from a thief at birth? There is only one credit into your bank account monthly and thirty withdrawals, your Mpesa is for sending money out, never receiving?

In practice, is your financial decision making anchored in reality and knowledge? As a girl, a lady, are you the one who finances all the activities of your boyfriend? Are you the one who buys coffee or drinks each time you are out? He forgets all your birthdays and anniversaries, yet you borrow Ksh100k to finance his birthday. You do it year1, year2, year3, all the while he is still just a boyfriend?.

How many times do you refresh your financial knowledge by just listening or talking to financial experts in whatever field of finance? Or it’s the same old question like, why should we teach people sex education; it’s ingrained in the genes. Is financial knowledge a birth-rite, at least the global economic downturns, latest in 2007 have taught that we must seek that knowledge from wherever it can be found. While you are busy keeping up with the latest social and fashion trends, gossip and who has the latest largest artificial additions on their bodies, seek Financial Education too. Once you acquire the knowledge, you must develop the skills to practice it and you must be courageous to do so.

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