Last month, the Bank of Zambia Governor Denny Kalyalya launched the Financial Literacy Week (FLW),
an annual public awareness campaign on financial literacy concepts that help people make better financial decisions. This contributes to the vision of empowering citizens to have the knowledge, understanding, skills and confidence to make prudent financial decisions for themselves, their families and their communities. The event was being commemorated in all Zambia’s provinces to increase awareness on increased savings and financial management. At Diaspora Connect, we felt that financial
literacy week should extend beyond the provinces to Zambians in the diaspora!
With a theme of ‘Be Money Smart to Live a Better Life’, the goal of this year’s FLW is to sensitise citizens on how to improve their financial well being and quality of life. This theme denotes a positive, healthy, and secure state of well-being and contentment; a cautious attitude towards money; an intelligent ability to handle money; and aspirations to live a better life. We just love the goal and the theme and as a company that helps Zambians abroad to buy property at home, we resonate with many of the key messages.
One of the key messages this year is setting financial goals that are driven by specific current and future financial needs. These goals should be SMART – Specific, Measurable, Attainable, Realistic and Time bound. Similarly, you need to set SMART property goals: do your research and identify the specific property that you want to buy. You’ll know when you’ve achieved this goal when you have a property in your name, so be sure to buy a property that has a title deed. Your property goal is attainable with the right advice and using property professionals like Diaspora Connect. Be realistic about your budget and what you can afford. Don’t procrastinate! Set a definite date of when you’ll reach your property goal.
The Bankers Association of Zambia (BAZ) Deputy Chairperson James Koni said wealth creation is a life time process which calls for patience, coupled with a great deal of financial literacy. Wealth and property are intertwined and we couldn’t agree more with this statement. Look out for next month’s newsletter where we’ll start our series on key financial messages and property goals!