What Does it Mean to Live Within Your Generation?
In the current generation, the digital era has disrupted the traditional ways of life bringing about new challenges and opportunities. Here are some financial lessons to apply in your generation.
Firstly, new technologies are quickly emerging day in and day out, and businesses and individuals need to be able to adapt quickly in order to stay ahead of the curve. But technology tends to become outdated as quickly as it enters the markets!
Second, the world is becoming more interconnected, and consumer needs are rapidly changing. Business competition is getting stiffer and there is a pressing need for entrepreneurs and investors to be able to adapt to the needs of a global marketplace.
Lessons from Past Generations
As time has progressed, the resources available have kept changing. Gen X and Boomers had different resources and they fought different battles from the next generations. They were able to do so much with so little! Ask people born in the 70’s how they were able to build a house, educate all their siblings, buy land, survive global recessions, and so on.
No doubt, inflation rates had a huge impact on commodity prices and the economic wellbeing of individuals in their generations. And this was the first excuse that came to the mind of most Kenyans when asked why they were not financially stable and were stuck in debt despite earning a considerable income!
According to KNBS historical data, the inflation rate in Kenya rose from 19.6% in 1991 to 27.3% in 1992, eventually hitting a historical high of 46% in 1993! This was attributed to factors such as poor weather, decontrol of prices, and devaluation of the shilling. So if you actually think about it, times might have been worse in the early 90’s.
Today’s Generation: More Income, Less Control
Today, inflation averages around 6%–9%, yet many Kenyans earning over Ksh 200,000 still struggle financially. Some are even listed on the CRB due to poor money management.
Staying up to date with fast-paced changes demands an agile way of life.
Agile was a philosophy that emphasized flexibility, adaptability, and continuous improvement. It was a way of thinking and working that could be applied to all aspects of life, including personal finance, business, and even relationships.
“Living in your generation financially” entailed making the most out of available resources and opportunities within your specific time or generation. It involved understanding economic and societal factors that shaped your generation, leveraging these factors to build wealth, and setting a good foundation for generations to come. It was about creating a budget that worked for you and being able to adjust it as needed.
Living within your generation meant understanding the opportunities of your time and using that knowledge to build wealth.
5 Financial tips on how to live within your generation:
- Create a budget that works for you. There was no one-size-fits-all budget. You needed to create a budget that reflected your income, expenses, and financial goals.
- Adapt and continuously learn new skills. You needed to teach yourself new skills and keep up with the competitive landscape. Be uncomfortable in your comfort zone!
- Set financial goals. What did you want to achieve with your money? Did you want to save for a down payment on a house? Retire early? Travel the world? Once you knew your financial goals, you could make a plan to achieve them.
- Track your spending. This helped you to understand where your money was going and make necessary adjustments to your budget.
- Pay yourself first. The best way to pay yourself was by working towards financial freedom through savings and investments. When you got paid, you set aside a certain amount of money for savings or investments before spending it on other things.
We met at Radisson Blu Hotel on 25th November 2023 for the 3rd Abojani Economic Empowerment Conference. That year’s theme was “Creating Long Lasting Wealth and Living In Your Generation.” We discussed how to remain agile and flexible with our finances amidst unforeseen changes and empowered attendees on how to create long-lasting wealth regardless of economic hiccups.
If you missed that event, don’t worry!
You can now register for the 5th Abojani Economic Empowerment Conference 2025 here:
