Lifestyle

Financial Benefits of Being Self Employed in Africa

This article discusses the financial benefits of being self-employed in Africa. This will inspire you to start your own business and take control of your time.

The majority of individuals in today’s world are stuck in their occupations, with little or no money left over at the end of the month to meet their insatiable wants. Isn’t that strange?

You get up before the cock crows, only to return home after everyone else has gone to bed and bring peanuts with you. It’s no surprise that someone once stated, “A job is a pointless activity that keeps you occupied while giving you nothing in return.”

In this post, we’ll look at some of the financial benefits of being self-employed, or the advantages of being self-employed in terms of your cash.

Financial Benefits of Being Self Employed in Africa

What are the financial benefits of being self-employed

Self-employed people have complete control over;

  • Their earnings
  • Where they work
  • When they work
  • How they work.

That’s right, you heard it right! A self-employed person is in charge of his or her own financial thermostat. He is not controlled by a boss who has a set amount of money for him at the end of the month; instead, depending on how well he performs what he does, he can opt to earn a million naira in three hours.

He pays himself whatever he wants. Do you recall having to sign an employment contract for the organization where you work? The amount of money you made in a year was solely determined by the information on the A4-sized document.

When they are out of funds, they can meet personal demands with money intended for business: This is something that every small and medium-sized business owner performs.

Financial Benefits of Being Self Employed in Africa
Financial Benefits of Being Self Employed in Africa

Because they have complete control over their firm, they can choose to invest in it or keep the profits for themselves. This contrasts with the hired worker who must complete numerous forms before receiving a pay advance.

1.Not easily Indebted

Those who labor and wait for their income till the end of the month are frequently in debt to one store or another, or even to one person.

They are out of cash in the middle of the month because they expect their paychecks to be paid at the end of the month, and the only option to survive is to get indebted.

When a self-employed person is on his feet, he rarely becomes indebted. He has enough money to cover most of his own demands at all times.

2.Your money works for him

Isn’t it wonderful that your money works for you? Employed people go to work for a stipend they refer to as “money,” and they do so until they retire.

The self-employed have his own money working for them, resulting in increased profits. He invests his time and energy in the business while he is young, and the firm pays him when he retires.

To summarize, many successful business people in today’s world, such as the well-known Dangote, are simply men who are reaping the financial rewards of being self-employed since there is no worry or fear associated with working, and you are at your best when you work for yourself.

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