Financially Literate

July 17, 2017

My name is Muhozi Aimable. I am a rising Senior at the University of Georgia, (Go Dawgs!). I am originally from Rwanda and have been in the United States for almost seven years. This summer I have had the privilege of interning with Nicholas Hoffman and Company. The experience has been priceless. Every moment has been an opportunity to learn. Inspired by my time here, I would like to share my perspective on financial literacy. A knowledge of financial literacy can be the difference between a life well spent or a life spent suffering. I have seen suffering and it is not pretty.

Before arriving to the U.S., my family and I were refugees and our income was next to nothing. I grew up unaware of my family’s financial burdens until I was selected to go to one of the top high schools in Malawi only to find that my parents could not afford the school fees. You can imagine my disappointment. Coming to America gave us a new start and I was determined to do my part to improve our financial situation. During my high school years I promised myself that I would not be a burden to my family, and that I would be financially accountable for myself. I worked hard through high school to ensure I could receive scholarships when it was time for me to attend college. Becoming conscious of the effects of my own spending habits in college made me realize I wanted to pursue a career helping others in this area. I hope to develop skills and knowledge that will enable me to positively impact other people’s lives.

In school, I’ve found that responsible spending boils down to a few fundamental habits. I learned to watch what I spend money on, and avoid spending beyond my means. I usually do not eat out more than twice a week, and only spend money on the “need” list rather than the “want” list (which can be tough to do in college). These practices are important to build discipline. NHCO has also taught me to start investing in my future. I was intrigued to find out that investing just $300 a month could allow me to have over one million dollars in my 401(k) when I am in my sixties!

I understand you have to have money in order to save money. Saving is a daunting challenge if you are working paycheck to paycheck like half of American families according to a recent study. At NHCO I have learned that, regardless of a person’s wealth, there is always financial management work to be done. Tax planning, estate planning, managing living costs, and investing for future generations, affect all socioeconomic groups.

I share my story in the hope of inspiring others to spend more time addressing their finances. I encourage young people to get informed, and to be concerned about their financial future. Whether this is opening a savings account or beginning your financial education, any exposure can lead to action that can improve the chances of having a life without financial suffering.

Muhozi Aimable