Article by: Ameena Siddiqi (MWAW Publisher)
I have been trapped in a belief that fairy tales exist but they don’t. The feeling of being trapped is scary, you don’t know what is real and what is not. You believe everyone is a frog who will turn to be a prince charming but the reality is they just remain as a frog! I learnt that you can’t turn people to be something they are not, herein lies the problem of believing in a prince charming. The fact is the frog has to initially have the qualities of the prince for him to turn into one but instead the frog has only what it has— frog quality.
Hence marriages are not always the perfect romantic fairy tales and they do end up in divorces. Divorce rates have been going up consistently over the years, leaving many women alone to fend for themselves and at times for their children as well. Therefore, it is very important for a woman to be financially independent so it gives her autonomy to make her own decisions.
As Beyonce aptly explained: -
“I truly believe that women should be financially independent of their men. And let’s face it, money gives men the power to run the show. It gives men the power to run the show. It gives men the power to define value. They define what’s sexy. And men define what’s feminine.”
What are the five key areas a woman should focus on to becoming a financially independent woman: -
1. Must be in control of their income by carefully planning and this can be done by knowing exactly what comes in and what goes out, organise their finances. A-Z have a financial plan with backups and retirement plans. Ensure proper insurance policies are in place should the unthinkable take place. Talk to financial planners and insurance agents to receive the correct advice.
2. Create a monthly budget.
3. Have a savings account to stash away a little extra each month. This savings account should be old fashioned no ATM or online banking! Hard to withdraw! In fact, have three separate accounts, one for expenses, one for investment and one for savings.
4. Be conscious of every cent and find opportunities for a passive income.
5. Use credit as leverage rather than to splurge.
So ladies go out there and apply these to your life and be your financial independent self!