Financial Independence- A Boon or a Bane!

Financial Independence is a buzz word. It definitely gives one the autonomy, confidence, ability to be self-dependent & not rely on any other for your financial needs. However, the path may not always be as what was anticipated or desired. Along with financial independence comes its set of added responsibilities. It may require a knack of being financially savvy, which may not be a skill all are adept to.??

?

Before one decides to seek financial independence, check whether you have the self-proficiency to analyse & decide, be good with numbers, have the acumen for basic accounting, foresight or vision to calculate money growth using financial ratios etc. Even though it may not be imperative to possess all the above, getting a hold on one or two could go a long way in making crucial financial decisions.?

?

However, just like in life, financial independence cannot always be guaranteed. There can be downturns like addition to expenses, loss of income source, health issues etc. You have to be prepared for the long ride & face the dark truths that come along with it. It could demand you to face challenges, make sacrifices, walk the road alone.??

?

Even though being financially independent has grown in glamour, the culture surrounding dependency has not withered away. Married women have the advantage of seeking guidance from their husbands or in laws & arrive at joint financial decisions. This arrangement builds on the relationship & add to the trust factor. Teamwork comes into play & couples can speak the language of “we” or “us” rather than “me” or ‘mine”.? Mindset where sometimes a partner thinks “My money” , My “choice”? results in ego clashes and does not promote a sustained growth in family especially when Kids are present.

?

Care should be taken that each partner or investor has an equal say in the decision. Not to allow it to become a game of power or ego clash. Working together takes a lot of patience, adaptability & tact. Making amends to the situation at hand, for mutual benefit could be the call of the hour, for which one needs to be ready.??

??

Financial dependency can be a strategy worth trying. As per research, it has been observed that partners who merge their finances tend to be happier than those who go their separate ways. While weighing the benefits of holding a joint account, sort out any differences in opinion with mutual discussion, resolutions can be reached faster vs any confused state when making solo decisions as an independent decision maker. This shall even open up more communication avenues for the couple. There can be a bifurcation in the categories of money management between both.??

?

It should be remembered though that both financial independence, as well as financial dependence are not a destination. Both the concepts are a journey. At the end of the day, it is not just about having your own say in your life, it is about cohesion in living.???

?

To promote calm & partnered growth, wholesome sustenance rather than self-sustenance, humble living rather than self-centered living, being sensitive to the needs of others in family. Do these factors or possible results not make financial dependence a worthwhile strategy to adopt & adhere to in life??

?

Give financial dependence a chance from this Women’s Day, maybe you shall not regret it for the rest of your life.?

?