“Financial independence is paramount. My mom always says that when a woman is financially independent, she has the ability to live life on her own terms. I think that was the soundest advice that I ever got. No matter where you go in life or who you get married to, you have to be financially independent — whether you use it or not.” Priyanka Chopra said this in an interview and I think this advice will be helpful to every woman.
Even today, many women are tolerating abuse or domestic violence as they are dependent financially on their partners and it becomes hard to walk out of their abusive marriages. Being financially independent allows them to make wise decisions and be self-worthy. The crux of the abuse is when you are co-dependent on someone. Financial security and independence lead to get hold over our lives. You are your own person and standing freely on your feet is your primary goal. The money that a woman owns is her best protection. Which is true in the current context.
So, dream about financial independence for life and not just a single wedding day. Remember to be self-sufficient and earn your own money. And educate yourself well to invest in the right places. Every woman should seek to have a career for her financial freedom. We often discourage women from talking money because ‘oh god, how can women be so money-minded?’. It’s high time we change that right?
What has been the situation till now?
For generations, women were excluded from being active participants in the family’s financial affairs. Outdated stereotypes such as women “should not have to worry about finances” or that they’re not good at managing money matters has led to this serious disparity. As a result, most portfolios are controlled and managed by male members of the family. Often, women are not even informed about details of the family’s wealth and the frameworks that govern the family’s assets and finances. So, when the unthinkable happens, most of them do not possess even a fundamental understanding of financial products such as mutual funds, stocks, bonds, property, etc., or how to execute their inherited investments. Education plays a crucial role. Few girls and women even now are restricted to get educated which has built the stereotypical myth that females are only supposed to get married, take care of the house and nurture the kids. Education can change the myth into a fact known by everyone that a woman’s role is not just to manage the house but also work outside the dwelling which leads to women being financially independent and empowered.
The stigma of women not being able to manage finances and the prototypical mindset of patriarchy has to be lifted now. A woman should not be restricted to the kitchen. A woman belongs everywhere including the places where the decisions are being made. Be it financial or any other. Women must not become the exception when it comes to decision-making.
Why is financial sovereignty for a woman paramount?
In simple terms, financial independence is the ability to earn a living that enables folks to pay for their living to sustain themselves. It is imperative to understand that financial independence is not limited to working men. It is a basic necessity and requirement for everyone living in the 21st century.
Equality and empowerment begin with independence. Being financially independent not only gives one a sense of accomplishment; it also helps in building healthy morale. It essentially empowers women further, enabling them to make their own decisions and calling the shots the way they seem fit. This confidence and sense of fulfilment help them be self-sufficient, both emotionally and financially.
A woman who has financial knowledge can always protect herself monetarily. Having knowledge about loans, payments, bank, investments, savings, interest, alimony, discretionary spending and other data.
A woman can even escape from an abusive relationship or marriage if she is self independent and financially secured. Financial dependence on other person can give that person a hold of power to everything and that’s what happens in abusive relationship/marriages. Money gives men the power to run the show. It gives men the power to define value.
How can a woman be financially independent?
Awareness and some parameters necessary to know about in order to become financially independent-
- Personalized financial plan
- Planning for unforeseen events
- Regularly tracking investments
- Preconceived insurance plans
- Getting updated about the trade market
- Having knowledge about interest and your savings account
- Not being catfished by random people asking for OTPs
- Having savings and investments on your name
It is 21th century, and it is incredibly important to be financially independent by working for yourself and earning money for yourself.
If it’s not you who is in control of the finances then who is it that’s driving your life? Only you must be in control of your finances after all it’s your life. If not you, then who?
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