The Power of Mindset: How Changing Attitudes Can Break The Cycle Of Poverty In Kenya And Beyond

Money is an essential aspect of life. We all need it to survive and thrive in this world. However, some people seem to attract wealth effortlessly, while others struggle to make ends meet. Many people believe that this is due to luck or circumstances beyond their control. However, the truth is that wealthy people genuinely create their own life, while poor people genuinely believe that “life” happens to them. This mindset is prevalent in many African countries, including Kenya.

Through my own experiences and lessons, I will explore what these two statements mean and provide examples from Kenya.

Wealthy people genuinely create their own life:

Wealthy people have a mindset that enables them to create their own life. They do not wait for opportunities to come to them; instead, they go out and create their opportunities. They believe that they can shape their own destiny and take responsibility for their lives. They are not afraid to take risks and make bold decisions. This mindset is exemplified in the story of Vimal Shah, a Kenyan businessman who built his fortune from scratch. Vimal started his business by selling sweets in his school days, and he later went on to establish Bidco Oil Refineries, a multinational company that produces cooking oil, soap, and other household products. He is now one of the wealthiest people in Kenya, with a net worth of over $700 million.

Another example is Equity Bank’s CEO, James Mwangi, who built the bank from a small building society to the largest bank in East and Central Africa. He had a vision of empowering the poor and the unbanked, and he pursued it relentlessly. He believed that he could create a bank that would provide financial services to everyone, regardless of their social status. Today, Equity Bank has over 14 million customers and has expanded its operations to other African countries, such as Uganda, Tanzania, and South Sudan.

Poor people genuinely believe “life” happens to them:

On the other hand, poor people have a mindset that makes them believe that “life” happens to them. They feel that they are victims of circumstances beyond their control, and they have no power to change their lives. They blame external factors such as the government, the economy, or their family background for their poverty. They believe that they are not meant to be successful or wealthy, and they resign themselves to their fate. This mindset is prevalent among many Kenyans living in poverty.

For instance, many Kenyans who live in informal settlements, such as Kibera and Mathare, believe that their poverty is caused by factors beyond their control, such as government neglect or lack of education. They feel that their fate is determined by their environment, and they have no power to change it. As a result, they do not take responsibility for their lives and do not take action to improve their situation. This mindset can be detrimental, as it perpetuates poverty and hopelessness.

Changing the mindset:

Changing the mindset of poor people is critical to breaking the cycle of poverty. One way to do this is by providing education and training that empowers them to take control of their lives. For example, organizations like Youth Empowerment Synergy (YES) in Ghana and Kenya Youth Employment and Skills Program (K-YES) in Kenya provide training and mentorship programs that help young people develop the skills and mindset they need to succeed in life. These programs teach young people how to set goals, manage their finances, and start businesses.

Another way to change the mindset of poor people is by providing them with access to financial services. Lack of access to financial services is a significant barrier to economic empowerment for many poor people. Without access to credit, savings accounts, and other financial products, it is difficult for them to start or expand businesses, invest in education or health, or even manage their daily expenses. However, with access to financial services, poor people can take control of their financial lives and invest in their future.

In Kenya, mobile money has revolutionized the financial landscape and provided access to financial services for millions of people who were previously excluded from the formal financial sector. Services such as M-PESA and Airtel Money have made it easier for people to send and receive money, pay bills, and save money. This has enabled many poor people to start businesses, invest in education, and improve their standard of living.

The mindset that wealthy people genuinely create their own life, while poor people genuinely believe that “life” happens to them, is prevalent in many African countries, including Kenya. Changing this mindset is critical to breaking the cycle of poverty and empowering people to take control of their lives. Providing education and training, access to financial services, and mentorship can help poor people develop the skills and mindset they need to succeed in life. It is time for African countries to invest in their people’s potential and provide them with the tools they need to create their own lives. As the saying goes, “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.”

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