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Personal Financial Management “It begins with simple principles”

Personal Financial Management “It begins with simple principles”. Presented By:- Mwijage Joe Bishota. Where Do I Start?. Know where you are Know where you want to go Know which path you want to take i.e. what course of action to take Look carefully at your options

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Personal Financial Management “It begins with simple principles”

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  1. Personal Financial Management“It begins with simple principles” Presented By:- Mwijage Joe Bishota

  2. Where Do I Start? • Know where you are • Know where you want to go • Know which path you want to take i.e. what course of action to take • Look carefully at your options • Strategize and create an action plan • Go for it and be careful to always remember to re-evaluate and revise, if necessary • Learn the following 5 key principles

  3. Principle No. 1: Spend Less Than You Earn How much you make – How much you spend = How much you keep

  4. Principle No. 2: Increase Your Ability to Earn • Learn to do the simple things in life • Wake up earlier • Work Smart • Look Presentable • Do something useful • Give your best • Build good relationships • Step up to challenges when the opportunity comes • Be a leader • Own up to your own mistakes • Learn to stand up for yourself

  5. Principle No. 2 - Continued • The Practical • Start a business • Develop more ways to make money i.e. Do you have a talent or a hobby that can bring you a little extra? • Know how to keep in touch with your friends • A little more education never hurt anyone • Learn to be financially literate

  6. Principle No. 3: Live Within Your Means • Maximize every shilling you spend • Know what you need vs. what you want • Learn some basic rules • Break your bad habits • Write a shopping list before you go shopping • Always ask for a discount • Turn off the lights • Buy insurance • Keep your hands clean • Invest in a deep freezer , if you can • Don’t speed • Exercise more

  7. Principle No. 4: Manage Your Money • This is probably the hardest part for everybody. Extra cash is your ticket to a good future! • Build an emergency fund • Reduce your debt!!!! • Make a list first • Make a plan – Snowball effect • Consolidate if you can • Track your assets, debt, net worth, spending – have goals and maintain a budget! • Plan for retirement (at least 10% of your income) • Plan for your kids education • Invest

  8. Principle No. 5: Control Your Destiny • Four levels of wealth • Financial Stability – Emergency fund + Insurance • Financial Security – Passive income covers basic needs • Financial Freedom – Sustain a certain lifestyle • Financial Abundance – Desired lifestyle • Give Back • Dare to make a difference

  9. THE END DON’T FORGET TO SPEND LESS THAN YOU EARN 

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