Striking a Balance: Independence and Financial Responsibility at 18
Striking a Balance: Independence and Financial Responsibility at 18 Introduction: As young adults, the age of 18 marks a significant transition in one's life. It's the age at which you are legally considered an adult, and with this newfound status comes a choice – to rely on parents or to take steps towards financial independence. In this blog, we will discuss why it's important for young men and women to make an effort to cater for themselves, while acknowledging that it's their right to depend on their parents when necessary. Part 1: The Importance of Financial Independence Young adults should strive for financial independence for several reasons. 1.1 Investment in Money Market Funds (MMF) and Shares: At 18, one can start building a strong financial foundation by investing in Money Market Funds and buying shares. These investments can grow over time, setting the stage for future financial security. 1.2 Savings and Investments in SACCOs: Joining Savings and Credit Coop...