We work very hard to ensure we have a better future and one of the ways to create the future is by ensuring we are creating sustainable wealth that can allow us to make choices. We all have different needs and wants and we should therefore ensure that we work towards creating the level of wealth that can satisfy these into the future. Wealth is not about having a lot of money; it’s about having a lot of options.” – Chris Rock

​Even as we walk through the journey of financial wellness as per Dave Ramsey saying “You must gain control over your money or the lack of it will forever control you.”  one of the main reasons why we are constantly getting further and further from our goals are the decisions we make or those that we do not make. Some of the key pitfalls that derail our goal attainment include:

​    i.      Failing To plan: as the old saying goes failing to plan is planning to fail. It is therefore important to ensure that we understand where we are going because if we don’t it means that we shall have no clear destinations. Financial planning helps create a let picture of our goals and helps identify potential pitfalls well before they materialize

​   ii.      Failing To Execute: “To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.” Steve Jobs. No matter how good a plan is unless it is implemented it shall never bear any fruits. Better to be wrong and learn other than never to start.

​  iii.      Trusting too much: We live in a time where there are so many people with great Ideas and some of them are extremely convincing and we occasionally find ourselves falling for them. No matter how convincing someone’s ideas are do your homework before investing. Like Richard Virgin says in investment there is always the next bus coming to the stage

​  iv.      Lack of Financial literacy: We spend so much time in school studying for our jobs and there is very little incorporation of financial knowledge into our education system. One therefore needs to create time to seek and understand how capital market work to increase their investment options.​

​   v.      Lending money to friends and relatives: one should only lend that which they are willing to lose. Most of the time relationships are broken out of cash lent that was never repaid back. No matter how enticing the deal look or how dire the situation might sound ensure you keep your emotions away from the money business

​  vi.      Borrowing and Credit: Have you ever taken a loan just because it is readily available eg the mobile loans. The loans are easy to access but you might have survived without it. It is therefore important to ensure when taking a loan it is for investment and not consumption and that the investment shall give you a high adjusted return compared to the cost of the credit.

​ vii.      Investing in that which we don’t understand: if you ask most people one of their key life objective is to start a business one day if they have done so yet. Unless you have the time and expertise one should not jump into it until when ready. Same case to investing in something else ensure you understand the risks and not get too excited about the returns.

​viii.      Lack of consistency: investing should be done in a consistent manner, this helps create the discipline.  “It’s not how much you make each month that matters — it’s how much you save along with the flexibility and time outside work that you have.”― Francis Shenstone

​  ix.      Starting late: Savings and investments should start early so that one given the money sufficient time go grow and enjoy the magic power of compounding.

​   x.      Doing it alone: we are all good at one thing or the other but there are things that we shall need help and even maybe more specialised assistance. We should therefore be ready to speak to professionals. I have seen many of us get into legal contracts that has costed us so much but had we just asked paid a lawyer some little cash we would not have found ourselves in that situation.

​While walking the journey to financial freedom it is always good to ensure that you gather as much information as you can but always remember you are always calling the shots. Make sure you make the right choice for yourself.