Advantages of Economic Independence
Advantages to Individual
Advantages Of Being Economic Independence–If we visualize the “hunting & gathering” society of the past then economic independence was reached by an individual when he could hunt & gather for his sustenance & also add to the family. Graduating from dependence to independence is a vital step in growth of an individual. Being able to earn a livelihood in modern society is the exact equivalent. There are a large number of economic & social benefits to the individual of being economically independent, namely:
- As an individual graduates from economic dependence on parents to independence he/she experiences a great sense of freedom & control over one’s life.
- Self reliance enhances confidence.
- Lose sense of being a burden on others & become capable of supporting family & others.
- Individual becomes more organized & disciplined.
Advantages to Society
- Individual contributes to the economy at large. By consumption he/she creates economic opportunities for others. By engaging others he/she generates employment.
- Promotes wealth creation, innovation & progress of the society.
- Promotes the culture of entrepreneurship. Please look at the Marwaris & Gujratis in India as examples.
- Prosperity leads to growth of art, literature & culture. We just have to look at history for evidence.
- Makes the society better organized, disciplined & reduces crime. We can look at Japan & Singapore as modern examples.
- A high wealth generating individual helps growth of his family; a wealthy family similarly helps the neighbourhood & similarly a wealthy nation helps other nations. Look at Germany as a modern example helping the weaker European Union countries.
Economic independence must be aspired for by all & at the earliest. It has great individual & social benefits. Wealth creation is good!