Political independence without financial independence is meaningless.
Introduction
As I watched the Bahamas celebrated its 50th anniversary I started to think about the other countries in the Caribbean who have gained independence. I also started to dig further into the meaning of independence. I concluded that these independent countries in the Caribbean are not fully independent. They have gained political independence from the UK, but they are not financially independent. On the other hand, there are some countries that are not politically independent, but they are financially independent.
Let us look at this on a personal level. You have moved out of your parents’ home and are now living on your own. You may feel like you are independent but are you independent. You are still depending on your parents for financial help, so you are not independent. This is the same principle on a country level.
Political Independence
Political independence is a concept whereby countries make their political decisions on their own without approval from other countries even though some decisions are influenced by other major countries.
Financial Independence
Financial Independence is a concept whereby you are in a financial position to take care of yourself financially for the rest of your life without having to depend on others.
Political independence without financial independence is meaningless.
Too many countries and too many people are in so much debt. They are obligated to these financial institutions, and they have certain guidelines that they must abide by. Therefore, even though you may be politically independent, you are still depending on others to survive financially.
I think the best thing for anyone or any country to do is to aim for financial independence. What is the point of being politically independent when you are not financially independent? Of course, being politically independent is a great start and should be celebrated but it is not good enough if you are restricted and controlled financially by other countries and financial institutions.
How to become financially independent?
While becoming financially independent is a process, it is achievable, but it requires a plan, a plan that incorporates becoming financially independent by a certain timeframe. That is why I like the fact that our government has established a sovereign wealth fund and is now actively exploring additional streams of income from financial services through the establishment of TCI Finance. In addition, the Government does not have much debt.
Like the Government, on a personal level, we should follow suit to become financially independent. We need to find other means of income through the establishment of successful businesses and don’t get into much debt unless it will help you to make more money.
Finally, make sure you stick to the plans. This requires discipline, commitment, hard work, and long-term thinking.
Conclusion
Some of these independent countries make some of these dependent territories feel intimidated because they are not independent. They would throw shade at you saying that you still have a colonial mindset because you are not independent. You don’t have to be independent to be free of a colonial mindset. There are some individuals of independent countries that also have a colonial mindset. Furthermore, some of these independent territories still have symbols of colonialism in the administration of their affairs.
In my opinion, while it is great to have political independence, true independence is when you have both political independence and financial independence. Political independence alone is inadequate.