Financial independence: the act of creating and maintaining a sustainable living
Entrepreneurship
I remember when I decided to dive into entrepreneurship. I left a full time job for no guarantee of a pay cheque. What was I thinking?
After sharing with a couple of people of my move, I heard the following:
- Make sure you have contingencies in place (didn’t have any)
- Are you sure about doing this in this current economy? (no time like the present I thought to myself)
From a little girl growing up I knew I wanted a company of my own. I always saw myself as a manager.
The transition from employee to business owner was a challenging one. I had to have a vision and think of ways to make money. The opportunities did not fall into my lap. I had to create them. It wasn’t easy at first, but I soon learned if I wanted to see money going on the business bank account, I had to go get it.
Well almost four years in operation and another business later, I am happy I made that transition.
Financial independence means to me fulfilling my unique calling. Doing what I love and what I was designed to do. And to fulfill my potential. I am sure there are many more ideas to be unearthed.
Financially Independent Generation
What about the next generation? Shouldn’t we be inspiring them to be financially independent?
Some children fall through the cracks of our educational system due to a perceived “lack” of their intelligence. They are basically ignored and left there without of sense of who they are.
These children are just as brilliant as any child who enters school from the age of 4. It may be the school system is not adequately equipped to readily recognise their unique gifts.
While it is important for every child to have that solid foundation, the ability to read, write and perform mathematical functions, the ability to be financially independent should be ingrained in their impressionable minds.
From learning to budget, children can develop the ability to generate several sources of income. They would not be despondent that they don’t fit in the educational system, but they would have the ability to create ideas and make money with the natural abilities they are born with.
Multiple Streams of Income
It is honourable to find employment within an organisation. I am in no way disregarding those who chose to work for an employer. It is a definite way to earn a salary and to develop professionally. Remember, entrepreneurship is not designed nor meant for everyone to dive into.
However, did you consider should your job be taken from you, what would you have to fall back on?
Or do you consider the money you have, could be used to generate multiple streams of income for your household?
We are currently facing times of uncertainty and take it from me as someone who has experienced three job losses in my family, you need to have more than one source of income.
I am not encouraging you to quit your full time job, I am encouraging you to start a side business. It could be hair braiding, blogging, writing a book or even raising chickens. It amazes me how the mothers of old were able to maintain a household with close to ten mouths to feed. These women were women of many trades and they made their money stretch.
Having skills does not make you less intelligent, it makes you more profitable.
It may be a sure way for you to get out of debt and generate wealth.
Financial Planning
I would like to speak to financial planning in the midst of the economic challenges we are facing as a nation.
While it may not be conducive at present to save for retirement, find other vehicles for deferred current consumption, that is setting aside money for spending later. You do not want to be left wanting in your old age. It would not be a pleasant experience to have to be dependent on someone. Ensure your financial independence in the long term. The longer you wait to prepare for retirement, the more expensive it will be to achieve that goal. Those of you in your twenties, this is prime time. Do not allow the removal of tax incentives for Registered Retirement Savings Plans (RRSP’s), as happened in Barbados earlier this year, to deter you or set you back from saving for those later years. Plan now!
I would like to take this opportunity to wish everyone a Happy Financial Independence from all of us at Astrape Finance.
Melinda Belle is the visionary and founder of Astrape (As-strap-pay) 
Finance, the caring, knowledgeable, trustworthy, financial company guiding you to financial stability and prosperity through education, sound planning and advice. Melinda sees her role as that of an architect and is committed to the shaping of financial landscapes of businesses. She also crosses over to the personal side of finance, teaching families and individuals to manage their money and create wealth.
EMAIL her at: melinda@astrapefinance.com
FOLLOW her on Twitter:www.twitter.com/MelindaLBelle
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