Understanding financial dependency

What is financial dependency? It is where a person has to rely on another or others for their upkeep. As earlier said, when you are young and still under the care of another, it is not seen as a taboo, it is actually expected. But when a fully grown man or woman is still dependent on someone else then they are bound to lose their self-confidence and self-worth. Even those who support the dependent person sometimes find it extremely challenging to respect the dependent person.

How do people become financially dependent?

Mindset

The way people think has a tendency to make some dependent. Many believe their current financial situation is a permanent one and live like they are in an unending state. It all has to do with the state of a person’s mind. Only those who believe they can get out of their financial predicament, seek ways to get out. This does not include those who turn to criminal activities. There are honest ways to change your financial situation but it first starts from a change of mind.

Loss of Job

This is the number one reason why grown adults become dependent on others financially. Once a person losses their source of livelihood they begin to depend on others for their day to day living.

Insufficient Income

When income does not cater for ones way of living then financial dependence is inevitable. You can only survive for so long on an income that does not meet your needs. If you also have a family to support then it makes it twice as hard. In many cases, men and women go round asking family and friends for financial help to support themselves and their family.

No income

This is a no brainer. When you do not have an income source and you are an adult, you automatically depend on others. The basic needs of life are food, water, shelter and clothing. If you cannot provide for these basic things then you will find yourself resorting to begging for survival.

No Savings

When you do not have any savings set aside you might find yourself in a financial fix when a money challenge comes your way. And they always do. You become dependent when you have to go up to someone else to seek help financially. Unfortunately for some, the very people who help them turn round and hold them to ransom. Treating them with contempt because they came begging or making life unbearable when they find it hard to pay back the money they borrowed.

Fear

Fear also makes people depend on others for their financial needs. The fear that their situation would never change has caused many to give up trying. They become comfortable in their present state and build up fear that their life is worthless causing them to stay in a permanent place of dependency.

Health Issues

Some people can no longer work due to health issues. People in this position now have to rely on their family or friends for their upkeep.

A Lack of Belief in one’s self

When you don’t believe that you can actually go out there and provide some sort of income for yourself then you’ll discover that you have to depend on others to give you money or other basic things for your survival.

How to break out of financial dependency

There is no permanent condition. We make our positions permanent by the way we think. Many are held down because they believe there is no way out and act according to the way they think.

Below are a few ways to break out of financial dependency.

Look for a Job

Go in search of any job if you currently do not have one. At this point do not be picky or choosy. Any job will do to start you off. What you are looking for at this time is your freedom.

Start Saving

Begin to save no matter how little. Just putting away small amounts of money can really build up over time.

Believe in Yourself

Anyone can make it no matter their circumstances. As I have earlier stated it is our minds that hold us back, as our minds create our inabilities. Start anywhere. Look yourself in the mirror and say, “I can do this”, “I have what it takes”, “It doesn’t start with money. It starts with me”. Believing in yourself will also help you eliminate fear.

Health Issues

Not all health issues will hold you down from earning. There are great many people who have health issues yet are still providing for their own daily needs. Some open a shop, some write, some become musicians or artists. Many people despite their condition continue to provide for their daily needs.

Financial dependency is not what people set out to accomplish. But the challenges of life have turned many into dependents at an age where they are supposed to be looking after themselves and their families. So promise yourself, “I will become financially independent before the year is over”.