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Opinion

Kenya Youth Have No Choice But To Take The Ethical Path To True Wealth Creation

BY Steve Biko Wafula · August 25, 2023 09:08 am

In today’s rapidly changing world, the youth are navigating a complex landscape when it comes to wealth acquisition.

The clash between taking shortcuts that seemingly disregard morals and pursuing a more ethical approach to financial success has become a central concern. This conflict is emblematic of a broader societal shift, and understanding its nuances is crucial for the youth to make informed decisions as they strive for financial prosperity.

The allure of shortcuts to wealth has been fueled by the rise of technology and instant gratification. Schemes promising quick riches, regardless of ethical considerations, might seem appealing initially.

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However, the dilemma arises when these shortcuts involve practices that undermine honesty, fairness, and societal well-being. Fraudulent schemes, exploitation, and dishonesty can lead to wealth that is fleeting and tarnished.

Building ethical wealth often takes time, but it tends to be more sustainable. Ventures rooted in morality have a better chance of weathering challenges and changes in the market. In the long run, a strong reputation built on trust and integrity is invaluable. Unethical practices can destroy reputation, rendering one’s wealth meaningless.

Pursuing shortcuts might lead to personal wealth but at the cost of contributing to societal issues. Ethical wealth creation considers how one’s success positively impacts the world around them. Numerous cases show that those who attained wealth unethically often face legal consequences and personal guilt. An example is the collapse of Enron due to fraudulent accounting practices.

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Innovation and creativity are key drivers of ethical wealth creation. The youth should be encouraged to think outside the box and come up with innovative solutions that align with their values. They should also be taught how to identify ethical investment opportunities that align with their goals.

The importance of mentorship cannot be overstated in nurturing ethical wealth creation in the youth. Mentors can provide guidance on how to navigate complex ethical dilemmas while pursuing financial success. They can also offer insights into how they have navigated similar challenges in their own careers.

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The role of education in nurturing ethical wealth creation cannot be ignored. Schools should incorporate financial literacy courses that teach students about ethical investing, budgeting, and saving practices. They should also encourage students to think critically about the impact of their financial decisions on society.

In essence, nurturing ethical wealth creation in the youth requires a multifaceted approach that involves mentorship, education, innovation, and creativity. It requires a shift in mindset from short-term gains to long-term sustainability and societal impact.

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Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters. He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com

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