8 habits that sabotage personal financial health; A review of by Mr. Wahome Ngari’s radio program, Principal Consultant/CEO Citadel Consulting

18th May 2018

The eight habits that sabotage personal financial health according to Mr. Wahome Ngari of Citadel Consulting Limited Nairobi in a radio program, I tuned into aired on Radio Waumini FM Kenya on 8th May 2018. This article will review the eight habits that cause personal financial sabotage that were mentioned in the program and are directly linked to personal financial distress that the Wacha niKwambie blog has been discussing this month of May 2018.

The first habit is lending indiscriminately. Many a time when we lend to family and friends, it is very difficult to recoup the money lent out. It is advisable that when one lends out money to family and friends one keeps record of the same and carries out due diligence on the person lent to just like a financial institution would to ensure that they have the ability to pay back the money lent. At best it is better to leave lending to financial institutions as that is what they are best in doing.

The second habit that sabotages people financially is undercharging for services or goods offered. This is very common for entrepreneurs who many a time feel guilty for charging the correct prices and in this way end up short changing themselves in income and in the worst case scenario end up offering a free service. This habit is very common for start ups in an effort to rope in the business, but instead ends up eroding the business value. All personal businesses are advised to have rate cards of goods and services offered that all clients adhere to.

The third factor that causes personal financial sabotage is wrong company. If one hangs out with people who have a negative attitude towards money, then inevitably it will rub onto one.

This year, Wacha niKwambie blog theme is “It is time to soar with the eagles.” and it was absolutely exciting to hear Mr. Wahome Ngari in last week’s program mention the same. If you want to soar in money matters you must hang out with those who are soaring in matters financial. Just like the maize in the shamba as one friend of mine recently highlighted to me in matters farming, who are you cross-pollinating with? What are your friends’ attitude towards money and wealth creation? Are they the type of people that will bring you down or instead are they the type of friends that will raise you to higher ground when it comes to money matters? Ponder on that.

The fourth factor that causes personal financial sabotage is settling for an average life. If the message that you are sending out is that you are unworthy of money then do not be surprised if you do not get it. If you aspire for a good life then do what you need to do in order to live a good life. Have aspirational goals in life and work towards them. Where do you hope to live? Where do you intend to travel to? If money was not a problem what schools do you hope your children to attend? What enterprise would you be running if money was not a hindrance?

The fifth habit that sabotages people financially is not having a plan. As the popular adage goes, “If you do not have a plan, then you plan to fail.” When setting financial goals it is wise for one to plan for the long term, medium term and short term. One needs to plan for different items that require finances; education, housing, holidays, etc.

The sixth habit is focusing on our shortcomings, what we do not do well and misadventures in life. For example if one was a victim of retrenchment, rather than moving on with ones life one remains fixated at the point of hurt, loss and pain. Indeed, many a time life does not go as planned, but one must pick up the broken pieces, the remaining of what one has and run with it. Mr. Ngari used the story of the prophet Elijah and the widow in the Bible as an example. The widow’s supply food was supernaturally extended during a time of drought and famine in the land.

And so it is with us ordinary mortals, we all have skills, knowledge, a network that we can utilize during our period of financial setbacks in life. Please refer to the blog article, our focus area of last week;  Instead of remaining stuck at counting ones financial losses and misfortunes in life, use the period thereafter as a time for self discovery.

We all have a SHAPE, use it. SHAPE hereby referring not to our physical body shapes but to the acronym S.H.A.P.E. that is Spiritual gifts, Heart – what we are naturally passionate about, Abilities, Personality and Experience. Let us not stop at the speed bumps in life, though they may slow us down for a short while instead let us choose to be resilient, bounce back and continue in our journey towards financial independence and freedom.

The seventh habit is comparing yourself to others and trying to live their lifestyle. Our incomes, expenses, personalities, family commitments, the environments and societies we live in and financial goals in life are all unique and different. The sad reality is that many try to live a lifestyle beyond their means or not within their financial goals without being prudent with the money that they have. As you admire other people’s lifestyles that you wish to live, let them be aspirational do not try and live them at the moment if they are not in tandem with your personal financial health at the moment, putting you at jeopardy.

The eighth habit is not investing in oneself to improve your earning capacity and financial muscle. Financial knowledge can be obtained by interacting with those who have made it financially and attending personal financial management classes which is what Citadel Consulting Limited, Nairobi, Kenya does. So let us all continue investing in ourselves, empowering ourselves with financial knowledge and seeking income generating and investment opportunities. Life is for the living and growing – let us continue growing.

On a personal note, looking at this eight habits shared by Mr. Wahome  Ngari, I feel challenged already. Truly, there is a lot that I can do to improve my personal financial health. This brings to an end our focus on personal financial management during times of financial distress.

If these thoughts have added to your life please like our page and invite your friends and family too. For a wide range of inspiring articles on different lifestyle issues with a Kenyan flavour please keep it here for well researched articles and written articles.

Enjoy the rest of the week.

“Wacha niKwambie”
May 2018 – My Personal Brand is soaring
A focus on financial management during personal financial distress, etiquette and grooming

© Kwambie Nyambane,
May 2018

Post Script
Citadel Consulting Limited is an organization based in Nairobi. It offers Personal Financial Planning Consultancy services. The organization runs a Wealth Creation Master Class.

For further details:

Suite 24, 1st Floor, Sir Francis Ibiam House

All Africa Conference of Churches
Waiyaki Way, Westlands

P.O. Box 23615 – 00625
Nairobi, Kenya
Tel: +254 20 262 7862
Cell: +254 708 150 137

E mail: info@citadel-africa.co.ke
Web: http://www.citadel-africa.co.ke

Twitter: @wahomen
You tube: www.youtube.com/citadelconsulting