Wednesday, January 25, 2023
“Why you shouldn’t start thinking about investments, creating a new income stream, and becoming financially independent?”
You probably never taught you would see such a title especially in this economy and in this era. And guess what? That is absolutely not what this post is about.
Yup, you just got Krissed (a gen Z way to say you just got click baited).
Ever since my burnout, I started to think that there must be another way of living and escaping this system. And to be honest, everything brings me back to one key starting point: FINANCIAL LITERACY.
related: what the F is a burnout
If you are doubting, I understand you. I am still trying to escape my own limiting beliefs around money and finances.You probably saw tons of online Ponzi scheme scammers, YouTube ads of so-called entrepreneurs sharing with you their formula to become a millionaire by next year, and of course Instagram influencers saying that you can start a 6-figure side hustle by working a few hours a day. You probably, and I hope you did, rolled your eyes at those videos. Because I certainly did.
According to Chat GPT, There are a few reasons why someone may “choose” not to become financially independent :
- Lack of interest or motivation: Some people may not see the value in becoming financially independent or may not be motivated to take the steps necessary to achieve it.
- Prefer to rely on others: Some individuals may prefer to rely on others for financial support, such as family or a partner.
- Fear of failure: Some people may be hesitant to take the steps necessary to become financially independent due to fear of failure or uncertainty about their ability to achieve it.
- Risk-averse: Some people may prefer the security of relying on a steady income or the safety net of government benefits.
- Enjoyment of the current lifestyle: some people may find that their current lifestyle is already comfortable and they don't want to change it.
Finance is not one-size-fits-all.
Everyone has different ways of budgeting, different financial goals, and different starting points. It is not as easy as they make it appear to be, especially if you are not coming from a background that is financially independent or knowledgeable. so if you are scared, and don’t know where to start looking or what you should do, the good news is most of us start here too.
But I think that financial freedom is key and everyone should start thinking about it, especially today.
Besides the potential extra money you can make by either having control over your budget, saving more, investing in stock, or starting a side hustle, … I believe that understanding finances is the only way to free yourself from today’s system. Becoming financially independent allows you to have control over your own life and make choices without being limited by financial constraints. It also provides security and peace of mind, as you are not reliant on others for financial support. Additionally, it can lead to greater opportunities and the ability to pursue your passions and goals.
See it as a card castle. If the only foundation of your life is your cards, metaphors for your income, at the first breeze (a recession, inflation, an accident that makes you unable to work) your castle tumbles down. No matter how hard you worked on building this tower, it only relies on one unstable material. However, if you decide to build a tower with different materials and systems, you remove one weak material, and the castle may still stand if your other foundations are strong enough. That is exactly what we try to accomplish with finance. having other sources to rely on besides a 9-5 income.
I am starting a series on this blog, and on my upcoming french blog as well, where I share everything I learn in my journey to become financially independent. From tips I found online to book recommendations, my own experiences trying those budget techniques, and how I am working on my limiting beliefs, etc I will be transparent on how this journey goes and my experience as a middle-class black girl, coming from a very modest home that grew up scared to lack money.
Of course, you should be careful with your money and with the tips I recommend. Investing your money comes with risks. There is no magic formula, and not all your efforts will pay. Make sure to invest, set goals and learn everything you can on this topic before investing all your savings
