One of the many importance of financial independence is that you have the freedom to live and work on your own terms. Also, the peace of mind that comes with it cannot be over-estimated.
At the 2018 Flourish Africa conference, Toyin Sanni, the CEO of Emerging Africa Capital Group, talks about why women should be financially independent and build wealth for themselves.
“If you do not have your own money, you will not have your own voice. As a married or single woman in your family and community, money gives you a voice and that is reality.
Even the bible says, money answereth all things. Wealth is not built in a day, neither is it built overnight. You build wealth by consistent denial of gratification of today for the purpose of investing in your tomorrow.
A lot of people acquire liabilities. You have a massive house in the village and Lagos. By the way, if you have an apartment that every time you need to pay the rent, you have to rally round, you are living above your means. The ideal model is that you have a disciplined budget and you keep something behind.
You do not spend all you have today. Invest in assests that will put money back in your pocket. You don’t invest it in what will not put money back in your pocket.
I have served people for over 33 years and I realise that there is a level of wealth that you can build from your salary and a level of wealth that you can build by being an entrepreneur. And because of that, I also decided to take early retirement from paid employment.
So today, it is good for you to be employed. What you should be doing during your years of employment is developing your skills and abilities, building resources, networks, connections and making a plan for the day you will step out from that paid employment and step into your own business. If you plan and build well enough, when that time comes, it will not be so difficult.”