“Emancipate yourselves from mental slavery, none but ourselves can free our minds”
Redemption Song – Bob Marley
The struggle for freedom for enslaved Africans in much of the Caribbean was realized in 1838 with the Emancipation movement that swept across the indies. It meant a new start for the enslaved people, their children, and their families. It meant they had survived one of the harshest ever conditions to be meted out to a group of people for the longest period of time. Slavery was a system that was not only inhumane, but it was also destabilizing the very core of the African and its relics would live on for decades.
So it is with Financial Slavery. Financial slavery represents the drudgery of living hand to chin, with crumbs barely reaching the mouth. It is having more expenses than income, being at raw risk if there were any emergencies or ill-fate such as accidents or unfortunate medical diagnosis. It is not having acquired the resources to support your children to achieve their own goals faster with less distress and more focus on optimizing the potential gains.
Financial Slavery compromises our quality of life and the future of our lineage, the success of the people who will call us grandma and grandpa. Emancipating from Finnacial slavery will determine whether our picture in the living room is one of pride or if it is discarded in the garbage because our lives were of no impact of value.
Financial Slavery exists in our mind and capitalism are the chains, and consumerism the whips. In this article we will explore the strategies to emancipate ourselves from financial slavery.
Financial Emancipation – What is it and why is it important?
Imagine a scenario where your income from all sources exceeds your expenses 5 times. Your emergency fund is intact, being over 6 times your monthly expenses, your life insurance has exceeded the standard 10 times your annual income, your critical illness coverage is in place, your parents are insured.
You don’t increase your expenses to match your income, rather you choose to invest in real estate, stocks and other vehicles with the intention of building wealth. With the liquidity in your resources you are able to take advantage of opportunities that allow you to build wealth.
Financial Slavery is dead and Emancipation, your financial freedom is YOURS for generations to come.
Financial emancipation/freedom /independence, is the state of achieving complete control over one’s financial life. It goes beyond just having money; it’s about having the autonomy to make choices that align with personal values and goals without being limited by financial constraints. Financially emancipated individuals possess the ability to cover their living expenses, invest for the future, and weather unexpected financial challenges without relying on external sources for support.
Not being financially emancipated means exposure to unnecessary stress and anxiety, poor health, all compounding and leading to critical illnesses and possible premature death. Being financially emancipated, empowers people to break free from debt cycles, escape the hand to mouth lifestyle, and enjoy a higher quality of life, pursue passions, explore new opportunities, and focus on personal growth, ultimately leading to a more fulfilling and purpose-driven existence.
Achieving financial emancipation requires a shift in mindset. Individuals need to recognize that they have the power to take control of their financial destiny and that financial freedom is attainable with dedication and perseverance. Embracing a positive money mindset involves cultivating financial discipline, staying motivated during setbacks, and understanding that financial success is a journey, not an overnight destination.
Steps to Breaking the Financial Shackles and Achieving Financial Emancipation:
- Identify your financial shackles – speak with a financial advisor who can help you to process and assess your financial risks. This could be broken money mindset, high interest debt, poor spending habits, inadequate financial literacy/awareness, limited income streams.
- Know your numbers – Being honest about where you are is the first step. A critical understanding of your income from all sources and expenses is required for you to begin the important process of setting S.M.A.R.T. financial goals and planning.
- Implement your financial plan – Your financial plan will include your budget designed based on your goals, your emergency funds, life and critical illness insurance needs and investment considerations.
One thing to note is that YOU absolutely CAN achieve your financial goals in this lifetime with appropriate planning, dedication and teamwork.
You WILL be the one whose picture on the mantle is a reminder that you set the foundation for financial security and wealth. Book a consultation and let us get the first steps going.
