Is your money working for you or ...

We have a family friend who is a big-time businessman and who has employed hundreds over the last forty-plus years. One of the lessons we learned from him is empowering employees for the future intending to give them financial freedom. During the onboarding of new employees, he would have a conversation with them in their initial days of joining the company and one of his key messages would be, that the company belonged to him and his family and that from the first day, they needed to learn as much as they could and think of how they could begin their own company and not be employed for life. How does this sound, coming from your employer?

To one, this may sound threatening, but to another, if you took the advice seriously, you might not last one year in that company as you will be working while thinking about how to grow your own. The owner was never intimidated by the staff turnover, his intention was to liberate his employees financially... this may or may not work; it may be good or bad.

But, it is food for thought ~ if you were faced with a redundancy today, or you have just received news that the organization is shutting down, will you be ready to move on? Will the money you have in your savings sustain you for at least 6 months?

One of the greatest stressors for employees today, that even leads to absenteeism, presenteeism, stress, etc, is a lack of financial wellbeing. The fear of losing your job is real because you are not sure you would survive a day without the salary.

This fear should not paralyze us, but should instead awaken us to think of how we can be financially free and not fully dependent on that paycheck, when, if delayed for a few days, life stops! There are some things, no matter how we push or ignore, that can never really go away... some questions to think about:

• do I have savings that can sustain me beyond 6 months?
• am I walking in financial well-being?
• can I manage through an emergency?
• is the stress I'm having a result of financial constraints?
• am I drowning in debt?

You might be just starting in your career and you're excited about your salary and that you now have your own money. If you are like me when I began, you will buy the latest outfit, designer shoes, and handbags, and treat yourself to a spa and all manner of niceties, in the name of 'kujipatia pole' (translated: pampering yourself to forget all your days of struggle)...

It's important at whatever level you are in life, or in your career to think about and deliberately pursue financial freedom. I always say if I knew what I know now, when I was just starting in my career I would have made very different financial decisions and would probably be an employer to many. This does not mean I have lost hope, I'm working towards that, and I am making intentional decisions when it comes to financial management.

One of those is using the power of compound interest to work for me. While I may not be running my own company now or employing people, my savings are going somewhere where I am earning while I sleep. I am wiser and better because I have been taught better.

Swim in savings. Don’t drown in debt. ~ Anonymous

You don't have to wait until you have a lot of money, start by saving a portion of what you have, invest in the right place, and don't forget to buy insurance ... I made these decisions late in life, past my thirties, but I have seen them pay off in a big way!

As always!

Terry

#KeepWinning

#LeadingDaily