By Emily Mukanya
Take a minute to visualize that you have a million dollars in the bank and with every decision you make – it can either cost you all that money or earn you another million dollars. If that was the case, how thorough would you be in your decision making process? The average human being makes about 35 000 decisions a day yet ironically decision making was never part of the subjects that were offered at school but its interesting to note that the very same decisions one makes will impact them more than the quadratic formula, algorithms and pythagoras system combined. My point is not to discredit the education system but rather to awaken people to the harsh reality that as cruel as it sounds, there is need for personal development outside the confines of the basic education offered in our schools, homes and workplaces.
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Life itself is nothing but a summation of decisions – whether good or bad. In other words to be alive is to be at liberty to choose from the plethora of options one has. I would like to narrow down the aspect of decision making by approaching it in relation to my area of expertise which is money management. In my experience of working with people, the interesting discovery I came across is that the rich make ‘rich’ decisions whereas the poor make ‘poor’ decisions. What that translates to is that your ability to make, keep and grow money is based largely on your capacity to make sound financial desisions.
In my one on one coaching sessions I often allow people to realize on their own that they are poor deciders and that is why they are broke. Money is a result of a choice that a person makes both consciously and subconsciously. The book Rich Dad, Poor Dad by Robert Kiyosaki does a good job in exposing this reality.
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I always emphasize that you can never be richer than your choices. This might seem harsh but truth be told saving is a decision in just the same way that overspending is. However, financial decisions require paying attention to certain important factors before one can make them. Amongst the factors that contribute to one making sound financial decisions is reading widely – especially financial literacy books. This exposes you to the basics of sustainable money management methods and at the same time conditioning your mindset to process certain financial jargon and concepts. Closely related to that is attending seminars and conferences which are conducted by financial experts who can provide accurate information that assists one to make better choices about saving and investing for instance. Financial choices unlike other decisions are merely based on knowledge, you cannot decide to invest in real estate or stocks without an understanding of the technicalities such as reading the market trends and when is the right time to buy or sell.
One of my favourite quotes is by Jim Rohn and it says, “Formal education will make you a living; self education will make you a fortune.” In light of this, it is also fundamental to go an extra mile to develop yourself financially by taking up certification courses either physically or online. This sharpens your decision making capacity and the certificate can come as a reward for pursuing a worthwhile cause. In conclusion, decisions are the hardest thing to make, especially when it a choice between where you should be and where you want to be (Unknown).
Emily Mukanya is a money management coach certified under ICMF who offers one on one financial coaching sessions. You can follow her Facebook Page : Success BluePrint with Emily or Contact her on 0778 307 698
