How To: an African Woman's Guide to Financial Freedom
The African Woman is endowed with a lot of virtues, one of which is financial management. This article will show you how to groom this virtue and master your finances.
Save to Readlist
Image Credit: Unsplash || Christina
Okoji Jane
Article writer • Blog writer • Academic Writer
23rd May, 2020
3 mins read
Opinions expressed by IABC contributors are their own.

Stocks, bonds, real estate, what is an African woman's business with any of these? Does she have the right to gain financial freedom? Is financial freedom a mere mirage to her? Why does money come to her with ease, and leave her account and purse with more ease? Could she be missing something vital?

Are you an African woman looking to free yourself from financial stagnation's rock-hard grip? Here are 8 tips that are proven to answer these bugging questions and boost you to financial freedom:

1. Have a Renewed Mindset.
The average African woman is relegated to the kitchen and 'other room' by her husband, a fraction of the male population, and the African woman — both she and her fellow women.

She is taught to depend solely on her husband and the income he brings: finances are for him to gain, and her to manage. This seems harmless until her husband loses his primary source of income or dies, and this African woman is forced to relinquish all her husband's investments, savings, and property to his family members or the bank he may have taken a loan from.

In order to start a smooth journey to Financial Freedom street and Money avenue you must first understand that as money-spending is not restricted to the male population, money-gaining is also not restricted to our male counterparts. To paraphrase Suze Orman, a major aspect of financial freedom is freeing your mind and heart from the uncertainties (what-ifs) of life. "What if no man wants to marry you, because you're rich?" "What if men think you're proud, because of your wealth?" You need to change your mindset and channel your thought process to things that will improve your financial life, not to "what-ifs" that have no solid bases.


Related: Six Ways to Manage Personal Finance in the Time of Global Crisis

2. Find your Purpose.
Purpose is the key to breaking out of the misery of financial bondage; it is so important that John C. Maxwell, in his book, "Your Roadmap for Success" recognised it as the first and fundamental step to attaining success. A paraphrase of his definition of success: Success is finding your purpose, developing your skills to their maximum potential, and always putting yourself in the position to help others.

We are here on earth to accomplish an innate mission strapped to our souls the moment we broke out of our mothers' wombs; that mission is our purpose. Once you are working towards your purpose, you could have sleepless nights, raccoon eyes, a tired exterior, but you would be overjoyed going through the process all over again because, in every sense of the word, you were made for it.

Find your purpose, show up each day to work towards it, and watch your financial problems disappear.

3. Gain Financial Knowledge.
After you have set your mind up in the right conditions for growth, your mind becomes a fertile soil to plant financial knowledge and grow money-ideas to fruition. Get knowledge on different money-making techniques, how to invest the right way, and other financial knowledge. There are over a thousand books, blog or website posts — like this one — articles, podcasts, seminars, and other media where the you can gain money knowledge. If you see the need for it, you can get a mentor or coach to give you a solid foundation in all things finances.

Have a special "financial knowledge book" where you summarize all the information you learn from the different media or mentors, and show where each summary sprouts from. If you have any assignments from your courses or lecturers, answer them after each chapter of the book, or lesson of the course, as the case may be. Once you are intentional about the knowledge you want to gain, you will be able to implement the ideas and knowledge you have garnered so far.

Warren Buffet explained the importance of financial knowledge in a simple sentence: "Risk comes from not knowing what you’re doing." Once you gain solid ground — via knowledge — in the financial sector, you will feel confident about yourself, and have a constant stream of money-ideas flowing through your mind.


4. Learn a High-Income skill or Improve on your Existing Skills.
"The secret to wealth is simple: find a way to do more for others than anyone else does

Six Ways to Manage Personal Finance in the Time of Global Crisis
In the wake of global financial crisis due to novel coronavirus, you need to be financially safe to stay safe.
5 mins