Family
There is life after graduation
Publish Date: Feb 06, 2014
There is life after graduation
Graduating calls for celebration, but be careful not to overspend
  • mail
  • img
newvision

By Sylvia Juuko

The graduation season is once again upon us, bringing with it the usual pomp and fanfare. For any graduate, parent/guardian, celebration is warranted to mark this achievement.

Like we all know, such celebrations bring a lot of financial pressure particularly if they were not planned for in advance. While it’s not my intention to rain on your parade, it’s crucial to remember that once all the dust has settled after the merry making, speeches delivered, drinks and food consumed, the graduates, guardians have to contend with reality.

On the other hand, you have a category of graduates who have been pampered all their lives. The parents have inadvertently turned them into children with lack of direction, work ethic and an entitlement mentality.

Irrespective of your good intentions of ensuring that you give your children their heart’s desire, if you do not do it with moderation, you are creating a generation that cannot survive without you once you cut the ‘umbilical cord’ of financial support.

Therefore, any parent would want to examine what kind of environment they have created for their children. If your child expects you to bail them out of all their money mistakes, you are not doing them any justice.

You will not only throw a graduation bash but also be expected to use your influence, to start harassing CEOs of companies to find him/her a job. Such expectations could inevitably cloud your child’s attitude towards work.

For the graduates, it’s important to exploit the networks and the friendships you have nurtured at the university.

From experience, it’s teaming up with such like-minded people that you can be able to start a savings or investment group. For example if you came together as a group during your stint at the university and saved some of the pocket money for investment, you would not be looking for a job but building onto this investment.

The right attitude is key to success. Have an open mind, value any opportunity that comes your way. For example, volunteering is important in cultivating experience. If you have a business idea, you can volunteer in an enterprise that falls within your area of interest.

Remember, learning has not ended at the university. Be open to learning particularly financial education throughout your life time.

The writer works with Bank of Uganda
Personalfinance222 @gmail.com

***************

ENCOURAGE YOUR CHILD TO START A BUSINESS

It’s important to remember that a child’s financial future begins at home. You may have seen or read anecdotal stories which showed that growing up in an environment where finances are a challenge has nurtured many entrepreneurs.

Some people need some form of adversity to get their creative juices and business acumen going. As such, it’s very likely that by the time such a child graduates; they will have tried and tested many business ideas.

Have you encouraged your child to explore their business ideas? They can afford mistakes because they have the advantage of age on their side.

If you did your homework, it’s likely that such a graduate will not throw a tantrum if you don’t hold a graduation party for them because their outlook to life will be very different.

Such focused graduates will save you sleepless nights because they hold what it takes to make their businesses or careers work.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
How to avoid fake investment schemes
It is better to delay investing your money to get information than being quick to hand it over, only to lose it all....
Winnie launches legal claim to Mandela
Nelson Mandela's ex-wife Winnie Madikizela-Mandela has launched a legal claim to the former South African leader's rural home, local media reported on Tuesday....
Twin myths: How true are they?
The birth of twins in Uganda still remains a mystery to some people and thus surrounded by numerous myths....
Over 150 twins to be showcased in Sunday Vision
Did you know that about 27,000 twins are born in Uganda every year? So where are they?...
Isolated indigenous make contact with outside world
Isolated native people wearing loincloths and carrying bows and arrows made contact with the outside world....
How to grow your cash
Spending less than what you earn can be a challenge, particularly if you lack a personal finance plan....
Do you think banning the sale of single cigarette sticks will help regulate tobacco production?
yes
No
Can't Say
follow us
subscribe to our news letter