You have a better chance at financial independence today

In 1980, my mom and a male colleague, both young teachers discovered a mistake. They noticed that although she had a higher qualification, my mom earned N$70.00; N$20.00 less than her colleague’s pay of N$90.00. In light of the discovery, mom did what any disgruntled employee ought to do. She went to the right office, pointed out the mistake, and discovered this: It was not a mistake. Her colleague earned more because he was a man. Yes, they actually told her that, because it was legal. Her qualifications did not matter. Whether she was better at her job did not matter. As far back as gender issues started, we’re still dealing with them today. This report by the National Planning Commission reveals that women are still being paid less than men in Namibia. We still have a long way to go towards better treatment of women and overcoming issues like gender based violence, patriarchy, etc. But I wanted to highlight some of the privileges we can take advantage of today to become financially independent that women could not over 30 years ago.

You can have a bank account

Yes, a bank account. Something so easy and basic that you can have multiple accounts today. Women could not have their own, unless you had one with your husband.

Imagine earning money but not being allowed to use banking facilities to secure, keep track of your money or build wealth for a better future? No wonder we’re dealing with black tax today!

You can have assets

Before independence, women could not enter into a contract on their own; in their name. So they could not acquire, own or sell land. They could not legally have businesses, or a car on their own. They could not invest their money – I mean, if they couldn’t have basic bank accounts, investment accounts would be far reaching.

Investments are those assets that generate income for you. They create financial growth. Women were not allowed to create financial growth for themselves. Today you can own whatever investments you want. You have many more chances today at increasing your income generating capacity that the women before you only dreamt of. 

You can study and do different work, anywhere

There was a time when black people could not do certain jobs in this country. To push it further, women could not study math and science related subjects. All that has changed. You can be and do anything you want. People work and make money in different and unconventional ways these days. You can be in Namibia, working with people in a whole other continent. Now that the system does not restrict you, don’t allow yourself to be limited by anyone, including yourself.

You earn more

It may not feel like it, but we actually earn more than people did years ago for the same or similar jobs. This same report on the status of the Namibian economy revealed that the average monthly pay has increased since 2014.

Although the cost of living has also increased since then, we’re still better off today. Teachers no longer earn N$70.00. You may not see or feel the difference, but you might with some change in behavior. Pay increments will not make any difference if they get swallowed up by lifestyle inflation. Having the discipline to always pay yourself first will propel you towards financial independence. It takes discipline and being intentional to put away money that you could enjoy today. Save something, save anything. Save for a goal and a better life. 

You have access to financial knowledge

It’s 2020 and we have had an increase in the number of personal finance books published. In this age of information, it doesn’t take a lot to be informed. With the internet, it’s easy to access information on making, saving and growing money. Use these resources to learn the finance wonder that is compound interest and take advantage of it. Because ‘she who understands compound interest earns it, and she who doesn’t pays it.’ – Albert Einstein

Some level of financial education and awareness is important. Don’t be clueless, know the basics. Have some basic understanding of what you are investing in. Read a book, use google and blogs like T on Growth and Money ;).

The world supports us better today than it supported our mothers years ago. While fixing what’s still broken, don’t forget to smell the roses. Use what you can today to become free. Free from financial stress, debt and imposing black tax on the next generation. You can be financially independent today. Belated happy women’s day!

 

*I planned on sharing this post on December 10th, for Namibian women’s day. I could not publish it because of computer issues, so I’m sharing it today, a week later.*