Why Women Need Financial Independence

Lifestyle

By Ada Kohli
Published Sept 20, 2022

Hindustan Times

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Financial independence can mean different things to different people

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For one person it may mean making their own financial decisions while for another it may mean self-sustaining themselves with passive income

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A recent survey conducted by SBI General Insurance found that almost 50% of women, mostly those who are not working and belong to Tier 2 cities do not feel financially independent 

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While 33% of women found the rising cost of living to be a challenge, 1 in every 4 women indicated a lack of guidance and family restrictions as barriers to financial independence

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On a positive note, approximately 53% of women have started to take steps toward investing to  proactively become financially independent

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Here are some crucial reasons why women need to be financially independent

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Self-sustenance

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Women who are financially independent can live their life on their own terms and conditions which is one of the best feelings in life

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Makes you feel secure

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Financial independence makes you feel more secure and confident, enabling you to make better decisions for yourself and your family

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Save emergency funds

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It is essential that you have a family as well as a personal emergency fund as you never know what life throws at you. Thus, It is important that women save personal emergency funds

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Boosts morale

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Being self-reliant and financially independent can boost morale significantly. It also helps women make firm decisions and stick to them without self-doubt

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Great role model for kids

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Be it by investing in stocks or making money through your home kitchen, financially independent women make for great role models amongst kids

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Here are a few ways in which stay at home moms can gain financial independence

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4. Passive Income (through blogs, thrift stores, selling stock photos, etc)

3. Invest in Stocks

2. Mutual Funds

1. Start a Systematic Investment Plan

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