Financial Independence Meaning
‘Financial Independence for Women’ is powerful. What is Financial Independence? The power to bring money for herself/ family. The power to buy things for herself and for loved ones. The power to not depend on the man for money. The power to become the GDP contributor to the country. The power to serve society. The power to take care of your parents after marriage. The power to #ShareTheLoad in running the family. The power to make her future secure. Actually, it is more than that and all of the above. Financial Independence in its truest sense is accumulating enough assets that can take care of your daily expenses, without requiring you to earn money for living. Isn’t it the solution to all of the financial worries? I must say – it is magical!
Financial Independence India and Women
Today, I would like to talk about Indian women and, what stops them from stepping out and earn bread for themselves and their families. The first and the top deterrent, being education; according to Census 2011, Literacy rate of India in 2011 is 74.04%. The Male literacy rate is 82.14% and Female literacy rate is 65.46% only. Another interesting thing to note from this Census data is educated women’s participation from the workforce has also decreased from 47% to only 37% over a 20-year period ending 2011-12. What are the factors that have led to this current state? There isn’t a single factor contributing to this worrisome state of women’s participation in the labour force in India. There are multiple causes for this drop.
State of Indian educated women in India
You and me and, whoever is reading this article belong to the educated category. And I being an educated woman know the real reasons behind this drop. I used to be a highly ambitious girl and I seriously thought that the sky is not the limit. But all my aspirations and plans vanished when marriage and children happened to me. Yes, I chose to get married and the idea of having children always made me feel happy. But when the reality struck, it is not always as pleasing as it looks. So in 2014, my career took a back seat and I chose to be at home. Here are the top 5 reasons why I chose to be a SAHM:
- Naive mom and Nuclear family setup
- Unavailability of ‘Trustworthy Parenting Partner’
- Minimal support from the partner in doing the household chores
- Minimum motivation from the employer
- Patriarchal pressures and belong to an affluent family
Now after 5+ years of marriage and, 4+ years of motherhood with two kids, I really feel that financial independence is the area, which requires a hell lot of improvement. Though, I consider myself lucky that I am not zero at this point; I understood the need of keeping myself active on the work front too and I seriously wanted to start something of my own so I started blogging in 2015 when my elder one was just 9 months old. And since then blogging has opened a lot of doors for me. I am confident about getting back on track again. All credits to Momspresso and blogging for being my door to happiness and giving me the independence to share my thoughts. My blog is now contributing to giving me financial freedom, which I always wanted in my life. Though I am not making big bucks I believe when you set your eye on something then no force can stop you from achieving the desired results.
Why Financial Independence For Women is the Need of the Hour
To command respect from the husband and the family/ society
Drop a comment if you don’t agree with me on this. In this modern era of maintaining the standards and show-off, when everyone judges you based on your income status, it is high time ladies that you stand up for yourself and start maintaining your bank balance. I have been in a phase when I seriously thought that I am being more than necessary depended on others for my needs. Let’s be honest ladies – tell me one man who would not want some extra incoming money and his wife paying some of the monthly bills?!
For a secure future
When do you feel that your future is secure? When you have enough investments in your name that can take care of your monthly expenses or when you are just dependent on a single source of income for monthly bills, payments and your children fees?! The good news is the risk of depending on a single income can be divided when you take the charge and become responsible for your and your loved one’s future security. Do enough savings with the second cash inflow and live in peace.
To become self-confident
Money is the biggest confidence booster. It gives you an edge. I know you agree with me on this. Compare two women (one earning and one non-earning) from your acquaintance/family and see the difference in their personalities. Their appearance, the way they speak, their lifestyle and much more. Here, I am not saying that the woman who is not earning is not good enough. I only want to make you decide which one you want to be.
To make a difference
An earning woman firstly makes a difference in her life; as I mentioned earlier she is more confident, respected, and taken seriously by the others. And earning woman helps in reducing the financial pressure on his man and can do wonders in making the whole family financially independent. A woman if working can also help in improving the country’s overall economic condition better. According to research, the labour force participation of Indian women is less than half of men. This is saddening. What are we teaching our future generation ladies? To sit down at home, bounded by the different factors? What our daughters will learn from us? Who will they look up to? Who will be their role model?
To live your life on your own terms
Money gives you a weapon to live your life the way you want. Save or spend, it is your choice! During the initial motherhood journey, I really stopped buying expensive clothes and shoes for myself as I really thought that I did not need it, coz I won’t be wearing those on a daily basis. I stopped going to expensive restaurants and bars. Basically, I stopped celebrating myself, which was killing me from the inside.
To become a decision maker
No money, no power to make decisions. You have money, you have your say in each and everything related to money. Your husband’s money is not yours. He will first file the ITR in his name, not in your name. Right ladies?!
So, the crux is please move your body and think of something, which you can do to become financially independent – FIRST for yourself.
Financial Independence quotes
“A woman’s best protection is a little money of her own.” ~ Clare Booth Luce, American Author and US Ambassador
“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 I ever got. No matter where you go in life or who you get married, you have to be financially independent – whether you use it or not.” ~ Priyanka Chopra
Please drop in your comments. I would love to know your views on this.
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