• Saturday, May 18, 2024
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Charting a path to financial empowerment

How we’re setting a standard for financial empowerment in Nigeria — Ulaka, Atus West Africa financial analyst

Defining Financial Dependency and Ascendancy Mindset

Financial dependency refers to a mindset and lifestyle where individuals rely heavily on external sources, such as family, friends, or government support, to meet their financial needs. These individuals often blame external factors for their financial challenges and believe that their financial destiny is largely out of their control.

On the other hand, the ascendancy mindset represents a proactive and empowered approach to personal finance. Those with an ascendancy mindset take control of their financial destiny, embracing the belief that they can overcome obstacles, learn from their mistakes, and work independently towards financial success.

The Vicious Cycle of Financial Dependency

Many people find themselves trapped in the cycle of financial dependency for various reasons:

Lack of Financial Education: Without a solid foundation in financial literacy, individuals may struggle to make informed financial decisions, leading to dependency on others.

Fear of Failure: The fear of failing financially can deter individuals from taking calculated risks or pursuing opportunities for financial growth.

Read also: Unlocking financial security: The importance of estate planning

Comfort in Familiarity: Some people remain financially dependent because it feels safe and familiar, even if it means staying in a financial rut.

Blame Game: Rather than taking responsibility for their financial choices, some individuals tend to blame external factors, such as the economy or family circumstances, for their financial woes.

Shifting from Dependency to Ascendancy: Steps to Financial Empowerment

Financial Education and Awareness: The journey to financial empowerment begins with education. Take the time to learn about budgeting, investing, saving, and debt management. There are plenty of resources available, from books to online courses, that can help you build financial literacy.

Set Clear Financial Goals: Define your financial objectives and create a roadmap to achieve them. Having clear goals will provide motivation and direction for your financial journey.

Budget and Save: Develop a budget that aligns with your goals and stick to it. Cultivate the habit of saving a portion of your income regularly. Even small savings can add up over time and provide a safety net.

Embrace Risk and Opportunity: Understand that financial growth often involves taking calculated risks. Be open to exploring new avenues for income and investment opportunities while also managing risks wisely.

Accountability and Responsibility: Take ownership of your financial decisions. Avoid the blame game and focus on what you can control. Learn from financial setbacks and use them as stepping stones to success.

Build a support system: Surround yourself with like-minded individuals who encourage financial empowerment. Seek advice and mentorship from those who have achieved financial success.

Continuous Learning: Stay up-to-date with financial trends and strategies. The world of finance is ever-evolving, and continuous learning will empower you to adapt and thrive.

Seek professional guidance: When facing complex financial decisions, consider consulting with a financial advisor or planner. They can provide expert guidance tailored to your unique circumstances.

Read also: Sycamore: Revolutionizing financial empowerment for SMEs in Nigeria

In conclusion, the transition from financial dependency to an ascendancy mindset is a journey that requires determination, education, and perseverance. It’s about taking control of your financial destiny, making informed choices, and actively working towards financial empowerment.

Remember that financial success is not determined by your starting point but by your willingness to take proactive steps to achieve your goals.

Embrace the ascendancy mindset, and you can unlock the doors to financial independence and become a financial giant in your own right.