Zimpapers Logo

Morris Mpala, MoB Capital Ltd
We have our philosophy that says: Explore. Dream. Discover

Financial Freedom

This is a strong declaration of financial literacy intent. An aspiration to be increased so that our individual households can be self sustainable. A hope of wanting more achievement on that front and a faith in that it will be maintained once achieved. It’s a war cry to eliminate poverty in our midst. Financial freedom is not about being rich (wealthy). It is about having control over your money. Knowing exactly what, where and how your money’s utility is being enjoyed.

The above defines how financially well you are. We have observed that despite having good incomes people were not able to take control of their finances in 2016. It’s about financial planning, budgeting and saving and this requires tact. It’s an art that needs cultivation. You have to learn it and live it 24/7.

A family of six needs $578 monthly to survive, so our argument is based on this when we look at the financial wellness of the household. What I fail to understand is we have papas/fathers (spiritual advisors), physical trainers, health advisors, legal advisors, political advisors and grapevine advisors yet we don’t have financial advisors as if to say our financial health (well being) is not something to worry about. From where we are standing all else is dependent on the ability to comprehend your financial appreciation.

Unfortunately, financial literacy is your sole responsibility and cannot be wished away. Your ignorance in this instance will kill you and that ignorance is not defence for any demise in financial well-being.

Bigger house, bigger car syndrome

What is this obsession with everything big?

The era of everything big is for yester year. Get things that work for you and do not strain your financial well being?

These big toys or souvenirs drain your limited resources including time and are a source of financial headaches to maintain even to acquire. The dream or ‘status’ you are chasing could leave you devastated for life.

Addicted to debt

This is a highly mathematical year. Lose your excess and compulsive addiction to debt because it’s a ruinous attribute. Free your self from such and be wise and keep it at manageable levels if you can’t entirely eliminate it. You know you have a serious problem when you make debt a lifestyle.

Budgeting and planning

This is the core of living a great financial lifestyle. He who fails to plan is destined for disaster. Know where your money is coming from and where it is going. You could become stingy but it’s your financial life to avoid gnashing of teeth, plan accordingly and do it wisely. Even your indulgences let them be planned for.

Savings culture

Saving is the ultimate in living a healthy lifestyle. It’s the epitome of class in financial freedom. It’s liberating, it’s empowering and it’s the only way out of financial doldrums as it gives freedom to settle any financial obligations and gives peace of mind. With savings you are always prepared for any eventualities.

Cancerous credit culture

The uncontrolled affinity for a credit lifestyle is dangerous. You can’t depend on credit only. Keep only good debt. Credit reliance is living in bondage and trying to break from these shackles in future can be difficult. It’s advisable to tame your credit raging bull in your soul. Blessed are those free of credit for they shall experience the art of financial freedom. It’s advisable to live within your means.

Multiple household incomes

A household needs multiple incomes to sustain it. Strive for a least two incomes in a household to safeguard the household’s financial stability.

Assets and liabilities

You need to know these and what they mean in your financial life. Liabilities will drain your income so manage these accordingly. Assets will increase your income so acquire them in numbers to increase your economic foundation. Financial literacy is not something you can wish, fast for or fantasise about. You have to live it.

Financial sickness can be cured

We at MoB Capital’s Team Money have financial doctors, risk advisors, business analysts, coaches/trainers , counsellors and auditors to aide your financial freedom at just a cost of a phone call. Go ahead and strive to reduce your financial ignorance, increase your financial literacy and safeguard your household financial freedom. We have been politically free but lack financial freedom and the mind is key to this next freedom as only ourselves can liberate us. Best wishes in 2017 but remember you create your own luck in this unforgiving world. It’s about time people came out boldly and say they are financially illiterate so that those in the know can school such people. The Holy Book warns ‘ my people perish because of lack of knowledge.’

IF YOU LIVE IN BYO PLEASE CONSERVE WATER
IF YOU LIVE IN ZIMBABWE PLEASE USE ELECTRICITY SPARINGLY: SOS (SWITCH OFF SWITCHES)
IF YOU LIVE ON PLANET EARTH PLEASE PRESERVE THE ENVIRONMENT

Morris Mpala is the managing director of MoB Capital, a Bulawayo headquartered micro-finance institution with footprint across the country.