Topic: How is financial stability defined for you? - page 7. (Read 1437 times)

Thank you for your kind words, it's interesting to see other peoples' take on financial stability, which could potentially redefine how we see other things around us.
Likewise, I hate debt myself too, last year, I was considering buying a more expensive car than I bought, by getting a loan. However, I changed my mind and paid cash in advance, and bought a relatively cheaper car. I'm too young (23 years old) to be going in debt and paying interest for a car which might settle me in a job I don't like doing.

Each of us will probably have 1 answer based on his current financial ability. Currently I have the responsibility to provide for my family where sometime I have ups and down in term of finance. I was a manual laborer with a salary of less than $100 per month in the past, this often made it difficult for me to achieve financial stability where sometime loan were the last solution to make end meet. But in recent years I have had a job where it would really help me support my family and also have the opportunity to invest some of it in gold as well as crypto.

I can achieve a sufficient financial level at this time to meet my need and also invest, this is one I mean by financial stability where I do not have to always be in debt to meet my daily need. So far the btc paid from the campaign has also helped me a lot where I have managed to save most of the money every month on investment.

For me I will define financial stability as been able to conveniently provide for the basic amenities of life;food, cloth and shelter. Currently my salary is not enough for me because of the inflation in the economy of present thank God for bounties in this forum that is what I do and I get paid for signature campaigns mostly, so when I need some cash I cash out some of the accumulated saving from the bounty.

I'd say the idea of financial stability varies from person to person and varies through a person's different stages in life. For instance, financial stability in your 20s, 30s, and 50s will differ. Where a 20yo would associate financial stability with being able to pay rent and have some extra money for spending within reason. However, a 30yo might be starting a family or even thinking of buying a home so those stability goals tend to move. I'm in a spot where I do have my ''20s'' expenses covered, bu am setting goals further down the line that definitely disrupt current financial stability.

Fo me financial stability is a situation, when my income during one month is greater then the expenses I had this month, combined with a feeling not resisting buying something. But all these wishes must be in limits of being realistic. You can wish to buy an island, when you earn several thousands and due to that dont feel financially stable. In short, when I had money to buy enough food, pay utility bills and other necessary bills, I would feel financially stable.

For me, being financially stable is when you are already financially independent - no more debt, can survive a daily basis without the need to work for it, and has a secured amount for the future.

Personally, I don't want to spend most of my life working in a company I don't own. I want to achieve financial stability with help of my skills, ability, and strategy. I know it won't be an easy task though. Surely, this would take a lot of effort, time, and resources to achieve, but definitely, it won't be impossible. Nowadays, it's really hard to earn money, hence we should not be complacent about our current earning status. It's not bad to look for additional side hustles that could generate you more income as long as you can still balance your time and give quality works to each of your hustles. We need to prioritize needs over wants. This is one of the keys to being financially stable - self-discipline. We must learn to restrain ourselves from buying the things that we don't really need, and instead allocate the money to our savings or investment so it could profit as time passes by.

Being financially stable for me also means securing my retirement fund. I want to fulfill it as early as possible so that I won't be thinking about it later when I have a family of my own. I want to have it to secure my future and to not rely on my children for money when the time comes that I'm of old age, I can still buy and do what I want.

This is a problem that is hard to avoid. it's true as you said at least if we want our financial stability in the future at least we should be able to save money and set aside some of the money we have for investment.
but indeed this kind of thing is easy to say but hard to do for me.
this is indeed a bad trait that I have and indeed can't blame others for this but it's very difficult for me to do that

I will have financial stability when I have a reserve of money that I can use anytime if needed without having to borrow from other people or bank. There are times when income and expense become unbalanced depending on the need at the time which requires me to use spare money to cover the lack of money that I have to spend. This is what is meant by stability because at a critical moment I still have spare fund to use without giving me additional problems such as debt burden that I have to pay.

Even if you invest in bitcoin and cryptocurrencies, you should also have spare money to use in times of need without having to sell your investment asset. If we do this then we really have good financial stability without further problems when we need money. Therefore, make it a habit to save some money for a reserve fund.

Of course, if you aim for financial stability in the future, you should know how to save more and spend less particularly for those unnecessary things in your life. For me, financial stability is being stable with your finances and you can easily cater to all your wants and needs without worrying the bills because you have that steady income from your different investments or resources that keeps on generating an income. You need not to worry for emergencies if they arise unexpectedly because you have the funds intended for that, and you have your own savings account that keeps on growing from the profits you earned from your investments.

I would say never working is not a required thing for stability but it depends on your understanding of it. In this day and age not working ever again is a very risky thing, why? Because having a million dollars looks like enough for me to never work again (I do not live in an expensive nation), but in 40 years maybe that would be a small amount? How should I know? So never working again would require you to actually know how much you would need with precise prediction.

This is why it is either very hard to say a smaller amount to decide, or you have to say some super high amount. Since I do not need 10-20 million dollars to decide on anything then I just had to say that working would be a lot better. I do not know if crypt0m4nia agrees with me or not, but this is just what I believe, having good amount in the bank and try to work on a job you like.

this will certainly be everyone's dream because almost most people hope their life is like this.
but it takes sacrifice to get it and not everyone gets what they expect.
You need at least careful planning when you are young and don't really waste the money you have.
because indeed things like this will not happen if you live as you like without thinking about the future.

Your point is making sense but when you are earning only up to some level you might need to struggle but after that when you are planning up for big things after you are achieving your basic needs then that will not remain as same kind of struggle.

It means only for basic needs we must need to struggle and not for luxury things. And in my opinion the financial stability is all about having all the basic needs in regular manner and on the luxury things you can have some time and may not have in some other times. So, you may keep on adding your needs regularly still you can lead your life under a comfortable zone.

Financial stability in my opinion is when I don't worry about how I'm going to make money for tomorrow

stable it means nothing less or more and whenever we need money, we have money in hand stand by

I am currently unmarried and will try to stabilize my finances until I get married so that my partner and I will not run out of money

When you start looking more than your basic needs then I believe you will never able to attain the level of financial stability. Because, human emotions got no limit and it will always push you towards being greedy. In order to achieve the level of financial stability, first you need a clarity on what are your basic needs so that you will financially meet them initially and then you will try to maintain your financial stability which is more difficult than meeting the needs at very first time.

I mean you can earn a big money once or twice in a year but you cannot achieve a big success throughout a year.  But, financial stability is all about your consistency in money making hence it will be possible once you are definite about your basic needs.

I would be answering the question accordingly
+ I would think financial stability as an extent/level where I can actualize or rely on myself economically, monetarily and this doesn't mean it it's surplus.
+No, but there are financial success that soothe people or one it's placated by
+ My financial happiness is not in numerical or percentage of Fiat, Bitcoin or crypto-currency, but the prosperity of those that depends on me for finance, -familes, friends and or those in need-

Congrats OP on keeping the thread alive and there has been some great advice in here. From, "I live in a poor country but need 3;6 million USD to retire" to "Own your own house, have a couple bucks in the bank, dont drink". Lively discussion indeed.

One thing I would add is that financial stability depends a lot on where you live and that is something you should be open to change if you are 23 years old. If you are in a country/ jurisdiction with great public services then you may be well off without having millions of dollars in the bank and would just be living an enjoyable life in a safe setting. The desperation for the millions comes from a history of instability and insecurity. We have all been there or have heard of stories about someone close being in that situation. When having money would really have made a lot of difference for them.

This becomes less important if you are in a great society and have a close bunch of people who will look out for you as well as you look out for them. Thus, on top of financial stability, I think everybody should give thought to deciding a place they think would match their aspirations and desires and then try to own property, preferably land there.

Financial stability to me is being at that level where you can afford more than your basic needs, a position where you will be able to enjoy some good things in life without having to worry about your account balance, that includes having a steady income stream or having some valuable investment that generates a reasonable amount of income,  it also means you work less and still very financially sound.

stable finances in my opinion, when you want something you don't think about whether there will be money for tomorrow if you want to shop for today's goods
but sometimes humans are not satisfied, so for financial problems it is never stable

This is like the textbook definition of financial stability as it quickly summarized its most basic and essential condition- which is having enough money for one not to be stressed. Unfortunately, most third-world and underdeveloped countries suffer from financial stability of its individuals as majority of its population are below the average median household.

Although financial ability may be relative depending on the cost of living per country, the general rule is that a person can live freely without having to worry about his/her expenses while meeting his monthly obligations.

I can almost agree with your definition with financial stability but I think that I have to say that the capability to not work for x amount of time isn't really a choice if you want to make it a factor for being financially stable, if you're financially stable then you don't have to worry about working. The saddest thing to ever happen in my opinion, the unequal opportunity and discrimination of the poor by the people that thinks that they're higher than them, hope that this generation of adult teach their children if they have one to destroy the pyramid that's been plaguing us as a human being.