A Personal Finance Roadmap for Beginners 2

An easy 12-step guide to your financial freedom

  • Accounting fundamentals 1: Intro to accounting & elements of financial statements ( assets, liabilities, expenses and revenues)
  • Accounting fundamentals 2: Analyzing accounting transactions and creating journal entries-debits & credits!)
  • Accounting fundamentals 3: Accrual accounting.
  • Taxation and understanding risks (Taxation is customized for Kenya, Uganda, Tanzania, Ghana and Rwanda)
  • Internal controls (how to mitigate and control risks)
  • Cash receipt process
  • Cash disbursement process
  • Excel
  • Bank reconciliations
  • Month-end and Budgeting
  • Quickbooks online
  • Interviews and CVs

You can’t guarantee success but you can guarantee failure: never try. — James Clear

Aaaaaaaaaaanyway, back to the topic of the day; personal finance roadmap for beginners. Part 1 of this article is here in case you missed it.

7. Medical Insurance

I once worked in a company that had zero structure. Nothing was certain. Not the morning reporting time nor the JD. In fact, there was no contract. The pay wasn’t certain, sometimes the boss would give me all these explanations as to why I’d be getting a smaller salary as compared to the previous month. They didn’t even pay my taxes for the first three months.

8. Invest

I have written a few articles on this:

Slow and steady often wins because it keeps you motivated. Take on manageable challenges and you’ll get frequent signals of progress. Bite off more than you can chew and progress stalls. — James Clear

9. Pension/retirement fund

I had a conversation with a man who recently retired. He shared that even at 60, he’s still putting money into his investments. I was puzzled.

10. Life Insurance

I don’t have one. I’m still debating about whether this is for me because I don’t have dependents. And I don’t see myself getting some in future.

A goal is a desired outcome with a plan for achieving it. Create strategies, not goals. — James Clear

11. Write your will

Death is assured. It’s not an ‘if.’

12. Giving

Well, you shouldn’t wait until you’ve amassed loads of wealth for you to give.

Other things you should do as you work on the above

  1. Audit your finances regularly.

Set small goals. Stick with it. And celebrate your milestones.

On being uncertain, all of us have uncertainty. Especially during this pandemic. People who had ‘permanent’ jobs have been laid off. The trick is to recognize the uncertainty and progressively work around it.



Your voice of reason before you blow all your money this weekend! www.thewealthtribe.com

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