Why Financial Independence?
What difference does it make?
"Financial independence is the new women's liberation.
When women are in control of their money, they're in control of their lives."
- Suze Orman
W: Welcome Story
Vidya, a software employee based out of Delhi, hit a rough patch when her daughter got seriously sick, piling up hefty medical bills.
Even with a job, Vidya realized she'd never really handled her own finances and always relied on her husband for all financial decisions.
It was a wake-up call.
Vidya decided it was time to crack the code on money matters. So, she took a three-month course and educated herself about savings, investments, and insurance.
Armed with this newfound wisdom in just a few month’s time, she not only sorted out the damage caused by medical bills but also changed how she dealt with money.
Vidya's story tells us how knowing your way around finances can be a game-changer for anyone.
But is the daughter’s health the only reason?
Why should a woman like Vidya or you be Financially Independent, no matter what?
E: Education
5 Reasons Why You Should Be Financially Independent
There are many technical reasons why you should become financially independent. But let’s talk about a few empowering factors, shall we?
1. Autonomy and Decision-Making Power
Financial independence grants you the freedom to make decisions that align with your aspirations and values. Whether it's choosing a career path, investing, or making significant life choices, having your own financial resources empowers you to take charge of your life and future.
2. Breaking Stereotypes and Gender Norms
By achieving financial independence, you challenge traditional gender norms and break free from societal stereotypes. When you contribute significantly to the economy and excel in diverse fields, you pave the way for a more inclusive and progressive society, inspiring future generations to pursue their dreams irrespective of gender.
3. Financial Security and Preparedness
In an era of uncertainties, financial security is paramount. Being financially independent helps you to handle unexpected challenges, safeguarding yourself and your family. It provides a safety net, allowing them to face adversities with resilience and confidence.
4. Enhanced Quality of Life
Financial independence directly correlates with an improved quality of life. It opens doors to better education, healthcare, and overall well-being. You can provide yourself and your loved ones with an environment of growth and prosperity.
5. Contributing to Economic Growth
The economic impact of empowered women cannot be overstated. As more Indian women achieve financial independence, the overall economy stands to benefit. Increased participation in the workforce, entrepreneurship, and wealth creation contribute to the nation's economic growth and competitiveness on the global stage.
It’s a factor that’s overlooked most often, but now it time for women to contribute everywhere.
A: Actionable Steps
We know finance is a huge ocean, but you have to start somewhere to begin your swim, right?
Here are a few action steps that might help you:
Begin by exploring online resources like financial blogs, YouTube channels, and websites to grasp fundamental concepts in personal finance.
Enroll in beginner-friendly online courses or attend workshops that focus on financial literacy and cover different topics.
Create a realistic budget to understand your income, expenses, and savings potential using mobile apps or spreadsheets to track your financial habits.
Diversify your reading with reputable books on personal finance, covering areas such as investment strategies, building wealth, and understanding the basics of the stock market.
Connect with local financial communities or online forums where you can seek advice, ask questions, and learn from the experiences of others on their financial journeys.
L: Learning
We’d like to recommend Psychology of Money by Morgan Housel.
It’s a popular and beginner-friendly book that helps you understand your relationship with money and how you can change it for good. It’s a perfect book to identify how you see money and check your goals with money management.
You can find the book in almost all bookstores and major e-commerce stores like Amazon or Flipkart.
T: Thought Leadership
"Empowerment is about being able to take the decision you want, being in control of your own life, being a confident woman, and being able to contribute to the society."
- Malala Yousafzai
You’re truly in control of your life when you know the decisions you make are yours and only yours.
That’s when you are empowered. Be it financially or otherwise.
H: Happenings
As Me Anything Session:
Meeta answers all your finance questions on the third Friday of every month. Use this link to register for the session and get your queries cleared!Venue: Zoom
Date: Friday 20th October 2023, 6:30-7:30 pm ISTMoolah Wisdom Series on the Moolah Talks Podcast!
Jermina Menon, Retail Marketing Specialist and Meeta Gupta, MBA Finance, join together to speak on money management and the right mindset to achieve it.
Irrespective of your age, cultural background, and knowledge with regard to finance, we make sure you have fun while learning finance.
Season 2 is LIVE!! Join the podcast here.
From Previous Weeks…
We had an exciting two-day workshop on Bonds.
We are happy to share that the ladies who joined in found it useful and enriching and will now be able to explore Bonds as an investment option.
For all those who have missed this opportunity and wish to listen in, we will be hosting this on the Moolah online courses in a few weeks. Stay Tuned!!
That’s everything for this week. See you in 14 days.
Until then, keep killing it, Ladies!!
PS:
If you want to ask us questions or if we can help you in any way, you can ping us at wealth@moolahforwomen.com. We will respond within 24 hours.