Topic: How is financial stability defined for you? - page 4. (Read 1437 times)
For me, just being able to live life comfortably without having to worry about getting the money for paying this and that is enough to be considered financially stable. It doesn't take that much either, all you need is a good paying job which is more than enough nowadays with work from home and all these awesome opportunities that companies are putting up. If you have enough money in the bank to keep you going for a little while if you go jobless, enough money to survive on a daily basis without going frugal, and you can buy whatever you want, that's financial stability right there. Basically all it means is you being able to realize your life and do whatever you want without the shackles of money keeping you down. If you got that life then congrats!
How do you define financial stability for yourself?
Financial stability for me is the capability to withstand financial pressure and is able to meet financial needs with extras for savings and future plans.
However, the general idea is that I'm currently okay, if I were to pursue something in life, in terms of money and finances, it'd be to make enough money to make ends meet and have a decent amount of purchasing power, while at the same time, having a savings account. This is something that as a 23-year-old student I've managed, but I have a pretty long way to go.
What's your take on this?
What's your take on this?
Things will change as you got a family, and your kids started their schooling. With more mouth to feed and more expenses, you will find out that your savings won't suffice if you failed to increase your source of income. A single life responsibility is far different from the responsibility of a family person especially when your parents and in-laws also rely on you to meet their needs.
For me, financial stability is like building an empire state of income for your future and till death, keep growing in wealth as you grow older is the real definition of financial stability, many don't get this as they focus on the present wealth they have, or some large amount of money they presently own, there have been stories of rich men who failed to manage their wealth and they go broke again, it's about the skills and the potential to keep making more money that you did last year.
Well, if we don't talk about money management and only talk about financial stability, it is not really about the future but it is about how you are doing financially at the moment, and if you have more than you want to spend on anything in your life, that's what you can call financial stability. For example, there is something like a car or a house that you want to buy, and you know that after buying it, you will still have a lot of wealth left behind, that is what financial stability actually is.I know and understand your point that there are people who get rich, but they don't know how to manage the money they have, so they spend it recklessly without using it on things that would give them something in return so that they can stay rich and get more wealth, and at the end of the day, they become poor again, but that doesn't happen with everyone.
aware of that management which is something that they would really be knowing on how to limit out their expenses and would be focusing out on things which it would really be giving out that advantage for them to be
more that productive and could really increase their income which is something that their main priority.Unlike into those people who had just get their richness whether on an inheritance or from a lottery on which
managing their money would be unlikely and this is where they would really be putting themselves back on getting poor or what they are before if they arent that wise
on spending their money.
Stability does means that continuous money flow despite of the spending you have done but you do really know that you could still have lots left on your bank account because of certain cashflow which
it could really be acquired through investment on which you could really be able to say that there is really a difference.
For me, financial stability is like building an empire state of income for your future and till death, keep growing in wealth as you grow older is the real definition of financial stability, many don't get this as they focus on the present wealth they have, or some large amount of money they presently own, there have been stories of rich men who failed to manage their wealth and they go broke again, it's about the skills and the potential to keep making more money that you did last year.
Well, if we don't talk about money management and only talk about financial stability, it is not really about the future but it is about how you are doing financially at the moment, and if you have more than you want to spend on anything in your life, that's what you can call financial stability. For example, there is something like a car or a house that you want to buy, and you know that after buying it, you will still have a lot of wealth left behind, that is what financial stability actually is.I know and understand your point that there are people who get rich, but they don't know how to manage the money they have, so they spend it recklessly without using it on things that would give them something in return so that they can stay rich and get more wealth, and at the end of the day, they become poor again, but that doesn't happen with everyone.
There is no such thing as too much money, once you set your mind on becoming successful in life you start to climb the ladder that has no end, and as time goes on it becomes a general something for you, it becomes a part of you, that even one day you stop working or running your business/company, you will feel as if you are not alive, this is why rich men don't know how to stop, they always want more.
If manage, one day you feel like stopping, you will start losing the enthusiasm of what made you into what you are already, and from there on you can start dropping bit by bit, and you start going down.
Whatever we involve ourselves with becomes a part of us and that's why we should keep doing what's good and right, it's always for our sake.
If manage, one day you feel like stopping, you will start losing the enthusiasm of what made you into what you are already, and from there on you can start dropping bit by bit, and you start going down.
Whatever we involve ourselves with becomes a part of us and that's why we should keep doing what's good and right, it's always for our sake.
Money is never enough and there's no such thing as financial stability. If you think that you have achieved what you needed, then one day you will run out of that money. if you talk about financial stability, it is something in which you are not affected by any economic condition such as a crisis. Having enough money to survive any kind of condition should be considered financial stability. To me, if I can live day-to-day life with ease and save some for the future would be financial stability.
But this is not something that I want. Money makes more money. I want to keep on investing and making more money. Because fiat is something that is affected by inflation. Investment is the best way to make more or keep the current value. Never think that, "this is enough, I can rest now"
But this is not something that I want. Money makes more money. I want to keep on investing and making more money. Because fiat is something that is affected by inflation. Investment is the best way to make more or keep the current value. Never think that, "this is enough, I can rest now"
Financial stability means you have a job or a business that enables you to earn enough money. Enough means more than your basic needs because you also need savings, emergency funds, and funds for entertainment, vacation, or buying some stuff to reward yourself.
But what we are aiming for is to achieve financial freedom. Financial freedom for me is earning enough money where I do not need to work hard for it. So it means I need to establish a stable business or build an apartment so I can earn a regular monthly income. I do not want to achieve financial freedom when I am already a senior citizen with a monthly pension.
But what we are aiming for is to achieve financial freedom. Financial freedom for me is earning enough money where I do not need to work hard for it. So it means I need to establish a stable business or build an apartment so I can earn a regular monthly income. I do not want to achieve financial freedom when I am already a senior citizen with a monthly pension.
I'm sure most of us if not all will love to achieve financial freedom during our early age and not when we are already senior citizen, we all wanted to enjoy life as early as possible, if you already have good business or investment that can cover all your expenses and will allow you to save enough spare for emergency that's enough to have a life that you can classify as financially free.,
No longer being force to go to work and take all those pressures and stress, even it's not that huge earning in a daily or monthly basis coming from your own business or investment, as long as it can cover all your needs plus spare for saving, it will allow you to enjoy freely.
Financial stability usually means living comfortably and meeting basic needs. Before reaching your goal you should be well aware of your current financial status and net worth. A discussion with your financial advisor will help you understand your net worth and shed light on your priorities. After analyzing the current financial situation, along with this time frame, it is important to have a budget with it. A budget gives you an idea of your expenses, spending and savings which ultimately helps you reach your goals.
Financial stable is where you have few jobs and even one of your job are stopped, it doesn't ruin your financial because you still have the few other jobs. At least you still have money to feed yourself and family, pay bills etc. This is different with financial freedom where you don't need to work anymore and you're still making money when you sleep.
Financial stable is a must, if there's a family lack of financial, I'm sure the relationship will not good and there's a chance of conflict.
Financial stable is a must, if there's a family lack of financial, I'm sure the relationship will not good and there's a chance of conflict.
Financial stability means you have a job or a business that enables you to earn enough money. Enough means more than your basic needs because you also need savings, emergency funds, and funds for entertainment, vacation, or buying some stuff to reward yourself.
But what we are aiming for is to achieve financial freedom. Financial freedom for me is earning enough money where I do not need to work hard for it. So it means I need to establish a stable business or build an apartment so I can earn a regular monthly income. I do not want to achieve financial freedom when I am already a senior citizen with a monthly pension.
But what we are aiming for is to achieve financial freedom. Financial freedom for me is earning enough money where I do not need to work hard for it. So it means I need to establish a stable business or build an apartment so I can earn a regular monthly income. I do not want to achieve financial freedom when I am already a senior citizen with a monthly pension.
The insatiable quest for contentment must be instilled in every individual aspiring for remarkable success. This drive acts as a potent catalyst, propelling one towards achieving greater heights and amassing increased wealth.
To be unsatisfied with one's current achievements does not imply avarice; rather, it signifies a noble objective of shunning self-imposed limitations to perpetually create and strive. It is from this pursuit that creativity flourishes beyond the boundaries of our own expectations.
To be unsatisfied with one's current achievements does not imply avarice; rather, it signifies a noble objective of shunning self-imposed limitations to perpetually create and strive. It is from this pursuit that creativity flourishes beyond the boundaries of our own expectations.
Financial stability refers to the ability of someone to get hold of some basic stuff, just like what he wants or needs not necessarily much with money without the assistance of anyone, when you are capable of solving financial problems within your reach at ease.
Note, being financially stable doesn't mean that you are rich, it just means that you can make basic provisions for yourself.
Note, being financially stable doesn't mean that you are rich, it just means that you can make basic provisions for yourself.
You have well defined the difference between financial freedom and wealth. Getting something we want or being able to reach something without going into debt at that moment is not wealth. It is the economic comfort of being able to freely buy something.
Ensuring financial freedom and being able to progress at this level is an important issue for every individual. Being able to act without being dependent on anyone is something we all want and strive to achieve. Financial freedom can give us what we want.
Totally agree with you two, human greed is bottomless so talking about financial stability is pointless. The witness is that I am going through these things myself, when I was a worker, I only wished to have enough money to spend daily was a success. But so far, I have had a much better life, I have things that I never dared to dream of, and that is also the dream of many people. But I don't want to stop yet and want more things because I want bigger things and think I will need a lot of money in the future. So I still don't feel financially stable even though I'm a lot better than before and surpassing my ambitions before.
I never wanted to spend everything I managed to earn, since my teenage years I tried to save something so that I always had pocket money available. We lived very poorly and my parents rarely gave me any money, so I myself thought about how to make sure that I had money. I see only positive things in this, I learned to appreciate money from a young age and I never had a period when I was without money. hero member
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On one of the usual days, all the savings that have been invested may be required, etc. Therefore, not everything is so clear with this financial stability.
At that point, it still depends on how financially secure the person is; that is what will determine if an unforseen situation can actually cost them all their life savings and their investment. Take, for example, Elon Musk, Jeff Bezos, Bill Gate, and all other public figures that are very wealthy and have made billions of dollars. What kind of situation do you really think can make them spend all their money?
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Life is unpredictable. Fate will turn in the opposite direction.
Life is unpredictable, yes, but the only situation I know that can sometimes separate financially stable people from their wealth is death.
The thing to understand is that "humans are insatiable" thus no matter how much money you have, you'd always naturally want some more, it's a normal human phenomenon, but that doesn't have any thing to do with financial stability. Being financially stable for me is being able to afford all your needs without having to forfeit any of them to get the other, for example you want to buy a shirt of $200, and also a shoe of $300, being able to purchase the two items without it affecting your funds for feeding or other things, then you can be said to be financially stable, it doesn't necessarily mean wealth or extravagance, it just means being able to get what you need, when you want to.
We will never be fully satisfied with what we have, we'll always wish to have more no matter how other people see that what we have is enough to support our lifestyle for the rest of our lives. Hence, I agree with you. As long as I am able to satisfy my needs to live without having to trade them if I do get tempted to buy some wants and luxuries in life, then I can say I am in a way financially stable. However, with the world changing everyday and its demands skyrocketing in lightning speed I don't think we should be comfortable with just settling for what we currently have cause soon enough we'll need more.
Totally agree with you two, human greed is bottomless so talking about financial stability is pointless. The witness is that I am going through these things myself, when I was a worker, I only wished to have enough money to spend daily was a success. But so far, I have had a much better life, I have things that I never dared to dream of, and that is also the dream of many people. But I don't want to stop yet and want more things because I want bigger things and think I will need a lot of money in the future. So I still don't feel financially stable even though I'm a lot better than before and surpassing my ambitions before.
The thing about this however is that to achieve all of these, we need to have the financial capacity to do so. Right now, in order to even do most of the things that will ensure enjoyment and quality time with family we need to spend some of our money (no matter how small that is, we know it will make a change in our pockets). Moreover, let's all be real here, enjoying life is hard without financial stability as most of what we do and need to enjoy life relies on how much we have in our pockets and savings account.
Talking of financial capacity how do you classify it?
Everyone is liable to work on their financial status but it all depends on how prepared you (we) are, like a said financing is something that is very open to everyone out there but it relies and lies in our hands if we have chosen to make changes in our life's.. This boils down the real purpose of this topic. To enjoy financial stability you must keep pushing and working otherwise whenever you stops and the little savings you had in your account got drained then I don't think such person would still enjoying financial stability. Continuous working + Investment leads to financial stability while savings is what makings you enjoy the things of life by living comfortable with your families and loves one.
When talking of financial stability is something that can never be satisfied and quantified as a being we are we always strive to increase in our financial status regardless of how much we have made and how much keeps flowing and yet still carving for a better tomorrow. That is why today the richest man in Africa today never get satisfied with what he had rather keeps creating more opportunities to increase in his finance, at this we never say they are okay with they earned or what they got from their companies.
It is true that for some people, no matter how much they have in their possession, they continue striving for more and more. However, I believe, this trait is also natural aspect of some people who are never satisfied with their current achievement, this drive for expansion and growth is also seen in many successful entrepreneurs
In my opinion attaining the purpose of life is beyond materialistic success, enjoying family life by spending quality time, travelling all around the world and contributing for the welfare of society are equally important for a meaningful life.
The thing about this however is that to achieve all of these, we need to have the financial capacity to do so. Right now, in order to even do most of the things that will ensure enjoyment and quality time with family we need to spend some of our money (no matter how small that is, we know it will make a change in our pockets). Moreover, let's all be real here, enjoying life is hard without financial stability as most of what we do and need to enjoy life relies on how much we have in our pockets and savings account.
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In my opinion attaining the purpose of life is beyond materialistic success, enjoying family life by spending quality time, travelling all around the world and contributing for the welfare of society are equally important for a meaningful life.
We can't dispute the fact that everyone keeps striving for their family and they always makes sure their needs I mean their basic needs are met. For my understanding there are lots of people who doesn't wants to put more efforts in gaining additional wealth since they already satisfied with their state of wealth and Riches they won't care circling within what they had than seeking for additional power and Global recognitions.
There are individuals who believes in settling for less haven seen that whenever they go for dominance it often leads to how stressful they would go and how challenging life could be to keep maintaining their standard of riches, most people loves being uncovered rather remains a secret millionaires. Therefore being open to their families, by making availability of what ever their families needs. That is why most people are just comfortable with their current state of work and business without being too noticeable.
Yeah, I agree with you, @Kiakia. Financial stability doesn't just mean that the person is financially stable today while, in the future, they go broke. I think when one has a well of gold (assets, commodities, and different forms of investment) that is steadily refilling their spending purses, making them archive whatever desire that money can satisfy both now and in the future, even when they are old, then it's financial stability. Some rich people even have enough money to extend it through their next generation.
And you do not take into account force majeure circumstances that can occur at any time? On one of the usual days, all the savings that have been invested may be required, etc. Therefore, not everything is so clear with this financial stability. Life is unpredictable. Fate will turn in the opposite direction. It is necessary to take into account such an important point and not discount it. 
How would I define? Whenever there is need/want, I can fulfill it that very moment without worrying about balance in my bank account.
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