What Does it Mean to Live Within Your Generation?
In the current generation, the digital era has disrupted the traditional ways of life bringing about new challenges and opportunities.
Firstly, new technologies are quickly emerging day in and day out, and businesses and individuals need to be able to adapt quickly in order to stay ahead of the curve. But technology tends to become outdated as quickly as it enters the markets!
Second, the world is becoming more interconnected, and consumer needs are rapidly changing. Business competition is getting stiffer and there is a pressing need for entrepreneurs and investors to be able to adapt to the needs of a global marketplace.
As time progresses, the resources available keep changing. Gen X and Boomers had different resources and they fought different battles from the next current generations. They were able to do so much with so little! Ask people born in the 70’s how they were able to build a house, educate all their siblings, buy land, survive global recessions and so on.
No doubt, inflation rates have had a huge impact on commodity prices and the economic wellbeing of individuals in the current generation. And this is the first excuse that comes to the mind of most Kenyans when you ask them why they are not financially stable and are stuck in debt despite earning a considerable income!
According to KNBS historical Data, the inflation rate in Kenya rose from 19.6% in 1991 to 27.3% in 1992, eventually hitting a historical high of 46% in 1993! This was attributed to factors such as poor weather , decontrol of prices and devaluation of the shilling. So if you actually think about it, times may have been worse in the early 90’s
Today, inflation ranges at about 6%-9%. Yet it is not surprising when you hear that people earning say over Ksh 200,000 today do not have control of their finances. Some of these people are even listed in the CRB.
Staying up to date with abrupt and continuous changes demands for an agile way of life.
Agile is a philosophy that emphasizes flexibility, adaptability and continuous improvement. It’s a way of thinking and working that can be applied to all aspects of life, including personal finance, business, and even in relationships.
“Living in your generation financially” entails making the most out of available resources and opportunities within your specific time or generation. It involves understanding economic and societal factors that shape your generation, leveraging these factors to build wealth and setting a good foundation for generations to come. It’s about creating a budget that works for you and being able to adjust it as needed.
Living within your generation means understanding the opportunities of your time and using that knowledge to build wealth.
Tips on how to live within your generation:
- Create a budget that works for you. There is no one-size-fits-all budget. Create a budget that reflects your income, expenses, and financial goals.
- Adapt and continuously learn new skills. You need to teach yourself new skills and keep up with the current competitive landscape. Be uncomfortable in your comfort zone!
- Set financial goals. What do you want to achieve with your money? Do you want to save for a down payment on a house? Retire early? Travel the world? Once you know your financial goals, you can start to make a plan to achieve them.
- Track your spending. This will help you to understand where your money is going and make necessary adjustments to your budget.
- Pay yourself first. The best way to pay yourself is by working towards financial freedom through savings and investments. When you get paid, set aside a certain amount of money for savings or investments before you spend it on other things.
Join us at Radisson Blu Hotel on 25th November 2023 for the 3rd Abojani Economic Empowerment Conference. This year’s theme is “Creating Long Lasting Wealth and Living In Your Generation” We will be discussing how to remain agile and flexible with your finances amidst unforeseen changes. We will empower you on how to create long lasting wealth regardless of economic hiccups.
For more info, call: 0763682116
Email: learning@abojani.com
