Tapping the power of financial knowledge in retirement planning

One way to achieve your goal is knowing what information you need. Thus, if you wish to be a public speaker, seek knowledge about public speaking. If you wish 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, “seek (and keep seeking), and you will find.” Therefore, if you seek knowledge about saving and investing, you will find.

It is from this background that Jim Rohn concurs that, if you seek basic knowledge, you get basic results, if you seek average knowledge, you get average results and if you seek above average knowledge, you get above average results. It is thus argued that it is knowledge, tips, lessons, practices, guides and experiences acquired that can be turned into viable ideas and actions.

About 22 years ago, a friend of mine (name withheld) confided to me: “I know you have been working for quite some time now?” I of course answered in the affirmative as I had worked for about 2 years. Then she asked a follow up-question. “In those two years, how much have you saved?” The truth is, I was hesitant to answer it; and I started stammering. Then she politely said: “You have already provided your answer.” She asked another question, “what is your saving and investment plan?” I had to be sincere to myself and said to her that I did not have a saving and investment plan.

Then some kind of anxiety followed: I wondered whether this is the time to have my saving and investment plan; and to take pro-active action about it. Then I reflected on Matthew 7:7, “seek and you will find” and I was inspired to ask; “How can I develop a saving and investment plan? How can I start to save and invest on my small salary?” This was her answer: “Seek relevant saving and investment knowledge, you will find all the answers there.”

She provided three sources of information:
1) Learning from books, articles, audios and videos. You have to read or listen to saving and investment information. About thirty minutes a day of reading or listening to saving and investment information is good enough as it translates to 182.5hours of learning a year.

2) Consulting and listening to wisdom of others on saving and investment. Plan opportunities to seek knowledge from peers, friends, and/or experts at saving and investment; and from those who have already succeeded at saving and investing.
3) Follow practices of winners, and study practices of losers, at saving and investing.

She concluded by advising that I have to put aside a fraction of my resources (money and time) to invest in seeking knowledge; and that it is equally in my means to control the most valuable expenditure “time.” This was a valuable experience that I have never forgotten. I have personally thanked her and I am indebted to her.

Dr. Charles Barugahare
Co-Founder Retirement Life Hub