Harnessing the power of financial knowledge in retirement planning


By Dr Charles Barugahare

One way to achieve your goal is to know what information you need. So, if you want to be a public speaker, look for knowledge on public speaking. If you want to be a writer, seek knowledge about writing and conversely, if you want to save and invest, seek knowledge about saving and investing. In Matthew 7:7-8, “look for (and keep looking), and you will find.”

Therefore, if you are looking for knowledge about saving and investing, you will find it.

It is from this context that Jim Rohn agrees that if you are looking for basic knowledge you get basic results, if you are looking for average knowledge you get average results and if you are looking for higher knowledge than average, you get above average results. It is thus argued that it is knowledge, tips, lessons, practices, guides and experiences that can be transformed into viable ideas and actions.

About 22 years ago, a friend of mine (name omitted) told me: “I know you’ve been working for a while now?” » I of course answered in the affirmative because I had worked for about 2 years. Then she asked a follow-up question. “During these two years, how much did you save?

The truth is that I was hesitant to answer it; and I started to stutter. Then she politely said: “You have already provided your answer.” She asked another question, “what is your savings and investment plan?” I had to be honest with myself and told him that I didn’t have a savings and investment plan.

Then a kind of anxiety ensued: I wondered if it was time to have my savings and investment plan; and to take proactive measures in this regard. Then I reflected on Matthew 7:7, “Seek and you will find” and I was inspired to ask; “How to develop a savings and investment plan? How can I start saving and investing on my small salary? » This was his response: “Look for relevant savings and investment knowledge, you’ll find all the answers.”

She provided three sources of information:

  • Learn from books, articles, audios and videos. You must read or listen to information about savings and investments. About thirty minutes a day of reading or listening to information about saving and investing is enough, as this translates to 182.5 hours of learning per year.
  • Consult and listen to the wisdom of others on saving and investing. Plan opportunities to seek knowledge from peers, friends and/or savings and investment experts; and those who have already succeeded in saving and investing.
  • Follow the practices of winners and study the practices of losers in saving and investing.

She concluded by advising that I should set aside a fraction of my resources (money and time) to invest in seeking knowledge; and that it is also within my means to control the most precious “time” expense. It was a valuable experience that I have never forgotten. I personally thanked her and am indebted to her.

Dr. Charles Barugahare is co-founder of the Retirement Life Hub

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