How Achieving Financial Independence is Critical for Women Entrepreneurs

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Independence Day

On Independence Day August 15, 2022 sheatwork puts the spotlight on the importance of financial independence for women entrepreneurs.

Today, on 15th of August 2022 – it will be a landmark for our country. India will celebrate 75 years of Independence. Travelling back in history, India gained independence on 15th August in 1947 at midnight, and we remember the path-breaking speech given by our first Prime Minister, Jawaharlal Nehru – that started with these epoch-making lines – “At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom.”

On this auspicious day, we also remember and pay respect to all the leaders who fought bravely for our freedom in the past. As the Prime Minister of India hoists our tricolour flag at the Red Fort, Old Delhi, we will be filled with pride for our country. Of course, after the pandemic hit us, celebrations were not in full play but, this year it will be “har ghar me tiranga” for all of us Indians.

Importance of Financial Independence

On this Independence Day, we at sheatwork look at the importance of independence for human beings, and especially for women entrepreneurs.
What is the importance of financial freedom for women? It is critical because a financially independent woman can support her family in every way possible. With the current steep inflation, it is not quite possible to lead a good life unless both the partners in a family are earning. We often see that women are often ignored in families and also at the workplace. But, when a woman is earning, she doesn’t need to ask her husband or anyone for money for her expenses; she can fly ahead with confidence by earning for herself.

Do, it doesn’t matter if you’re a stay-at-home mom (mompreneur) or a working professional – it is crucial that you need to be financially independent! It is no longer an option, but a basic requirement for everyone.

Here are 7 ways how women entrepreneurs can become financially independent :

> Educate yourself and build skills
> Evaluate spending habits, create budgets – for business & personal life
> Invest early
> Begin saving, create emergency funds, and build credit
> Set aside money to support your family
> Prepare ahead – any life-altering events
> Plan, plan, plan

Women, whether they are the sole breadwinner or living with a partner, should actively participate in financial planning.Contrary to conventional thinking, they are incredible at personal financial planning – managing all expenses, big or small.

So, begin implementing the financial tips as soon as possible, and you can be sure to live a life free of financial stress!!

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