Finance

The Imperative of Financial Independence for Women: Why It’s a Need, Not a Choice

In the early 2000s, there was a buzz around the Import Line in Onitsha Main Market whenever someone mentioned Lolo Tessy. She was a force to be reckoned with, and her story is inspiring and heart-wrenching.

Tessy and her husband built a prosperous import business together, becoming one of the biggest players in the market. But here’s the thing: the business was only sometimes booming. Before Tessy came into the picture, her husband struggled to keep it afloat with the usual buying and selling routine.

Then, Tessy, the savvy businesswoman, stepped in with a hefty sum of cash gifted by her family after her marriage. She put all her money into the business, quit her job, and teamed up with her husband to run things. And boy, did they make it work. Tessy hustled, securing deals directly with Chinese manufacturers and forming partnerships with wholesalers in the market.

She was the powerhouse behind the scenes, earning her the affectionate nickname ‘Lolo’. But while the business thrived, Tessy’s marriage hit rocky waters. Dealing with infertility and infidelity, her relationship crumbled when her husband got another woman pregnant and insisted on marrying her. Tessy was left with nothing – not a single penny or stake in the business she had poured her heart and soul into.

It’s a harsh reality that echoes the sentiment: “Oga is oga, nwunye oga is nwunye oga” – a familiar tale in this part of Africa. How many women sacrifice everything for their families, only to find themselves with nothing to show for it? It’s a tough topic because every household is different. However, from my experience working with countless women, I know that many neglect their financial well-being.

Lolo Tessy’s story is just one of many. There are women who put their dreams on hold for their families, only to be left high and dry when things fall apart—women who share in their partner’s success without reaping any benefits themselves. They contribute to buying property, but their names are nowhere to be found on the paperwork. These stories could be about our mothers, sisters, aunties, or friends.

To all the women out there, let me say this: there’s nothing wrong with having assets in your name. Your partner might be amazing, and your marriage might be rock solid, but you should always look out for yourself, no matter what. We’ve seen too many cases where wealthy men pass away, leaving their wives and children with nothing. Having assets in your name isn’t just about security but empowerment and financial independence.

Financial issues often fuel marital discord, but when both partners are transparent about their finances and have independence, the relationship is stronger. Men should feel reassured knowing their partners can stand by them in tough times. So, women, it’s time to take control of your financial future.

But let’s be clear: financial independence doesn’t mean hiding things from your partner. It’s about being free to make choices and having the confidence to speak up about your financial goals. Men, you play a crucial role, too – support your partner’s financial endeavours and set a positive example for your children.

Here are five practical steps for women to achieve financial independence:

  1. Educate Yourself: Knowledge is power when it comes to finances. Start by immersing yourself in resources that cover various aspects of personal finance, such as savings strategies, budgeting techniques, and investment opportunities. Numerous online courses, books, and articles are available to help you understand financial concepts and best practices. Additionally, consider seeking guidance from a reputable financial advisor who can provide personalized advice tailored to your specific circumstances and goals. By continuously educating yourself about financial matters, you’ll be better equipped to make informed decisions and navigate the complexities of the financial world.
  2. Set Goals: Setting clear and achievable financial goals is essential for staying focused and motivated on your journey toward financial independence. Take the time to reflect on what you want to accomplish financially, whether building an emergency fund, paying off debt, saving for retirement, or investing in a new business venture. Please write down your goals and create a detailed plan outlining the steps you need to take to achieve them. Break down larger goals into smaller, manageable tasks, and track your progress. Having tangible goals to work toward will give you a sense of direction and purpose, motivating you to stay committed to your financial objectives.
  3. Diversify Your Income: Relying solely on a single source of income can leave you vulnerable to financial instability. Explore opportunities to diversify your income streams to enhance your financial resilience and expand your earning potential. This may involve negotiating for a higher salary or seeking out additional sources of employment income. Consider generating passive income through investments, such as rental properties, dividend-paying stocks, or interest-bearing accounts. Another option is to leverage your skills and expertise to launch a side business or freelance consultancy. By diversifying your income sources, you’ll increase your earning potential and create a more robust financial foundation capable of withstanding economic uncertainties.
  4. Join a Community: Surrounding yourself with like-minded individuals with similar financial goals and aspirations can be invaluable on your journey toward financial independence. Seek out personal finance communities or support groups where you can connect with other women striving to achieve financial empowerment. These communities can provide a supportive environment for sharing experiences, exchanging advice, and holding each other accountable. Consider joining online forums, attending local meetups, or participating in social media groups dedicated to personal finance. Additionally, consider forming your support network with friends, family members, or colleagues committed to supporting each other’s financial growth. By surrounding yourself with a supportive community, you’ll gain encouragement, motivation, and valuable insights to help you stay on track toward achieving your financial goals.
  5. Start Investing: While saving money is important, investing is key to building long-term wealth and achieving financial independence. Investing allows your money to work for you by generating returns and growing over time. Various investment options are available, ranging from stocks and bonds to real estate and mutual funds. Take the time to research different investment opportunities and consider seeking guidance from a financial advisor to help you develop a diversified investment portfolio aligned with your risk tolerance and financial goals. Start by setting aside a portion of your income for investing regularly. Be patient as you allow your investments to grow and compound over time. By incorporating investing into your financial strategy, you’ll have the potential to generate significant wealth and achieve greater financial independence.

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