What is the right age for financial stability? - page 12.

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Quote from: Dr.Bitcoin_Strange on November 05, 2023, 05:25:53 PM

Some people, during their youthful years, live a very lavish lifestyle with the money that they are supposed to put to good use, knowing that one day they will grow old. Some people only think that it's when they are growing old, like at the age of 30 and above, that's when they must start to invest or save to invest.

Well, people don't really plan for things to go this way, the older you get, the more reponsibilities that come your way, and the more responsibilities you have, the more you understand the importance of money and why you should invest and try to attain financial stability in life.

Having said that, i wouldn't say people shouldn't enjoy their youthful years or to grow "old" at a very young age, i always advise that people should enjoy the process, afterall money isn't the only important thing in life; you could have all the money you want in your 60s, but regretting how life passed by you without you enjoying it. Thus there should be a balance in everything, and parents also have a part to play in instilling discipline and the right balance in their children.

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Quote from: Dr.Bitcoin_Strange on November 05, 2023, 05:25:53 PM

Although some people can experience financial breakthrough at different ages in life, some do so at 25, 30, 35, 40, and 50, respectively.

But in my opinion, I think that one is not still supposed to be in financial crisis at age 30–35. I mean, at age 30, one should be in a financial state where they can fend for themselves and their family if the person is married.

the issue on when one should be thinking on being financially stable is one that is very important, most especially for the younger ones. I guess this depends a lot on the mindset of the individual and also on the structure of the family the person comes from. There are individual that are very money minded and starts very early to fend for themselves and before they are even 25, they have attained a reasonable status of financial stability. Some families believe that it is always the right step that one finishes all his studies before thinking on starting up a job and you will find people from such kind of families depending on theere parents till they eve approach almost 30.

But times have changed and people have started making money at a very young age so answer to the question on the age one should get to before thinking about financial stability is now more of the information, skill, and maturity level of the person. From the age of 18 upward, one should start taking serious responsibility of his financial life and ensure that he/she has started making savings no money how little it his.

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Quote from: Dr.Bitcoin_Strange on November 05, 2023, 05:25:53 PM

Well, I hope this doesn't sound like a joke to you guys or some sort of cracked-up thread, but yeah, I mean to hear the opinion of others.

Some people, during their youthful years, live a very lavish lifestyle with the money that they are supposed to put to good use, knowing that one day they will grow old. Some people only think that it's when they are growing old, like at the age of 30 and above, that's when they must start to invest or save to invest.

Some people think that they can live a lavish lifestyle as long as they are still 20 years old, and maybe when they get to 25 years old, that's when they can start to invest for their future.

I quite think that there is a particular age at which one is supposed to have been living a comfortable lifestyle financially. That doesn't mean that someone who doesn't meet that age lives a lavish lifestyle. There's a parable that says, "All fingers are not equal." So, we understand that not everyone is able to meet up at the same time.

Although some people can experience financial breakthrough at different ages in life, some do so at 25, 30, 35, 40, and 50, respectively.

But in my opinion, I think that one is not still supposed to be in financial crisis at age 30–35. I mean, at age 30, one should be in a financial state where they can fend for themselves and their family if the person is married. The person is supposed to have had at least one or two financial sources that they can always see as reliable sources of income.

It's always wise and profitable to start saving and investing at a young age, like 18 years old.

As early as possible the better on which we know that if you've been already thinking on having that kind of save up for the sake of investment then its always been that good whether you are still 18 or somewhere on that point but we do know that not all people would really be having those kind of capacity which we know that majority will really be ending up on having their day job and they are fully dependent on it.
For sure even if you do have those kind of plans on early times but they would really be likely to be changed up on the time that you do find yourself getting contented on what you do earn on monthly basis.
Also we do know that not all would really be having on the same interest in speaking about business or investment.

Therefore, it would really be that a matter of mindset whether you are really that serious on taking up such path specially on dealing with business or investment.
Some might be risk takers but mostly would really be just going into the path on which it does have that lesser risks. There's no way that you could really be able to
make yourself that making easy decisions when it comes to this.

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Quote from: philipma1957 on November 05, 2023, 05:32:24 PM

The sooner the better. But the issue is time is weird.

At 18 waiting til 30 seems way too long. Never mind waiting til 50 or 60.

I am 66 If I make it to Jan 2024 I will be 67.

I can testify to this ten years is not much time. Neither is 20 years.

If you invest at 18 and hodl the investment 20 years you will usually do okay.

I agree with you and I believe you are an experienced person and I think 25 to 30 years old is a good time for people when people's cognitive development is very fast.In many cases, although we see limitations, it is still said that this age is an ideal time, if people start making their wealth or money, then they can definitely do good things in their later life.And I think this time is very important in making decisions because now if he can decide this time then he will definitely achieve success in later life and spend a lot of time relaxing .

But I see most of the people don't make use of this time in their life and fall into later life but I on the other hand think if one can make use of this time.Then his life must be one of those who lead a better life.

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I don't think it's about age, but rather about a person's condition and circumstances. Someone who is not married and someone who is married has a considerable difference in financial and economic terms. Someone who is married, they are required to keep their finances and economy stable because they have more responsibility where they have a family that they have to support every day, have several children that they send to school and give snacks, and other needs.
And this is different from someone who is single, they do not have more demands other than their own lives and even they do not have a job and a steady income, not a problem for them. But it is different if someone has a goal for his life so he always tries to continue to stabilize his finances and continue to increase his opinion.

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No right age; continue ‘til you hit that ‘sweet spot’. The reason why there’s no actual or ideal age to be financially stable is to avoid comparison; some meets such state around 20’s and some are with their 30’s and some does not at all. We have different circumstances and that also means different starting points. What matters the most is that you are choosing to continue to seek for that wealth and quality of life.We also have different ways to define stability which is also a factor; the bigger the harder to achieve. In my opinion, it is better not to set an age to achieve such feat ‘coz there will be a tendency for hope and drive to decline if it wasn’t met by that time.

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Quote from: DVlog on November 06, 2023, 12:01:17 PM

I found your topic title a bit misleading. We all work our whole lives for financial stability so does that mean you don't have financial stability in your life? You can talk about how many years it would take for a average person to achieve financial stability. There isn't any right age as we all have different stories, life and surroundings. All these are vital factors for our financial status. It can be very different for each of us.

there's no right age per se for financial stability. but the earlier you can say your financially stable, the better. like by the age of 30s, you already acquired the assets you want that you can use for your retirement, you have the more than enough money in the bank and other investments that you can say may be sources of your potential/passive income.
so for me, the earlier of achieving such checklist to be financially stable, the better. but of course, if you say you can do it in your 50s, that's great! so long you can enjoy a lil bit of comfort in your golden years.

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The meaning of financial stability could vary from people to people. It's not about the age, it's about the mentality and gaining maturity to understand the need of stability in life. The moment you realize it, you start to save up for your future or invest in order to grow what you already have. This mindset could come at any age based on the lifestyle one possess or the situations that they have faced in their life. I hope this doesn't happen to anyone but imagine losing the only person in your family who was providing food on the devil table. You will be forced to go out and make money for survival. When you realize the need of money in life, then you understand you need something to rely on for the future. And when you go out to make income, you understand how the world works and you learn from it.

My point is, this could happen at any age, so there aren't any particular age for gaining financial stability. But there's an age and before you hit that age you should gain financial stability otherwise it could become hard. I should say the age should be 40 to 45. Before that age, we have to face many kinds of obstacles in our life and it could be hard to achieve it before that. To me, 40 to 45 is the age when most people overcome those obstacles and save up enough money so that they can invest into something and have multiple income sources.
But if one can achieve it sooner, then it is always a good thing.

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I found your topic title a bit misleading. We all work our whole lives for financial stability so does that mean you don't have financial stability in your life? You can talk about how many years it would take for a average person to achieve financial stability. There isn't any right age as we all have different stories, life and surroundings. All these are vital factors for our financial status. It can be very different for each of us.

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Quote from: Dr.Bitcoin_Strange on November 05, 2023, 05:25:53 PM

Well, I hope this doesn't sound like a joke to you guys or some sort of cracked-up thread, but yeah, I mean to hear the opinion of others.

Some people, during their youthful years, live a very lavish lifestyle with the money that they are supposed to put to good use, knowing that one day they will grow old. Some people only think that it's when they are growing old, like at the age of 30 and above, that's when they must start to invest or save to invest.

Some people think that they can live a lavish lifestyle as long as they are still 20 years old, and maybe when they get to 25 years old, that's when they can start to invest for their future.

I quite think that there is a particular age at which one is supposed to have been living a comfortable lifestyle financially. That doesn't mean that someone who doesn't meet that age lives a lavish lifestyle. There's a parable that says, "All fingers are not equal." So, we understand that not everyone is able to meet up at the same time.

Although some people can experience financial breakthrough at different ages in life, some do so at 25, 30, 35, 40, and 50, respectively.

But in my opinion, I think that one is not still supposed to be in financial crisis at age 30–35. I mean, at age 30, one should be in a financial state where they can fend for themselves and their family if the person is married. The person is supposed to have had at least one or two financial sources that they can always see as reliable sources of income.

It's always wise and profitable to start saving and investing at a young age, like 18 years old.

There are many factors that affect one not to succeed in early age.
1) always thinking that there is time.
2) family dependent, when you depends too much from your parents and think life is a bed of roses.by the Time you start to feed yourself you are almost 30years
3)Not listening to advice on investment
4) Always thinking that God's time is the best without a plan
5) lack scale of preference on how things will be arranged in otherly manner
6)To much Gambling. Making it look like gambling is the onlye thing that will make you succeed.
7) Addiction to drugs and womanizing
8 ) building your hope on friends and relatives. Etc
9) spiritual problem
10) protcatination
11) unfire life. Working very hard but naturally not succeeding.
All this factor are the little I know which can make one not no succeed in life. Somethings that happen to us is not how we plan it but just found yourself in it. For exam when we were Young we planned to be doctors, lawyers, Engineers or even travel abroad. But life didn't give us what we expect. What an irony of life. Life don't give you what you expect.

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I struggle through my 20s and today I am still struggling, but now it's way better than when I was in my 20s, I understand what you are saying OP, but it depends on where you are from, if you can get food on your table for free its possible that you won't think, it's possible that not will trigger you to start finding your own way, this was not me.

I lived with my parent and we have too less to survive with and I don't like it, this affected my life and the way I think, I started distancing myself from friends so that I can get serious and do something, I was fortunate to learn about Bitcoin and this was how I saved my family.

It looked like a perfect plan, because my little brother got so sick that we thought we are going to lose him but I was already making money from Bitcoin and I use part of that money to pay for his hospital bills, my parents spent all they had too but it was never enough, imagine if I was just like every other sons in my age.

You don't have to try guessing what is the right age for financial stability, because everyone can never be the same, and those who are born in a very bad economy world will likely start finding ways out of their bad situations.

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All this can only lead to one sucess if only the person in position start saving at early age, if one have a good source of living were the person is getting a steady source of income monthly then it will be good even when he/she wants to start up a family, like this days in my locality, some unemployed youths do impregnate a girl when they don't even have a job, so if one can start saving and make a plans then he/she should go ahead and start a family.

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Like the OP said already the age differs from person to person and, to be honest, there are a lot of things that influence the age of financial freedom for a lot of people. Ranging from experience, Family background, personal dreams, the mindset of the individual, and even education plays an important role. Some people want to live simple and Earnest's lives, some want to pursue professional goals, some don't get their dreams early enough, and some come from homes where living with mild dreams and getting through each day was okay for them. Now, some have gone through experiences where at a young age they already felt the financial pressure in their families making them t always think about how to get rich and stuff like that. Financial pressure can come at any time and that's what fuels financial freedom. If you haven't gone through the bad days .. you won't realize that there's a need for better days.

So, I don't think there's a particular standard or age a person must be to be financially free. Everybody differs and some might probably never be financially free. It all depends on their influence and the need to be free

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Quote from: franky1 on November 05, 2023, 11:13:09 PM

starting from working age(18)
most people 18-25 are single/unmarried/living with parents
so their bills are low, disposable income is high, they have no dependants(wife/kids) so have no responsibility.. thus if they die tomorrow they dont have to care about paying for wife/kids to continue on without them.. so they spend on experiences and lifestyle "of-the-now"

25-30 is usually the period of getting married/having first child. which is where any disposable income is spent on making a secure home and looking after family (mortgage deposit, weddings, diapers and kids clothes are not cheap)

its usually 30+ when they start thinking of consequences impacting the future, impacting their new family. so they invest into kids future college and start doing life insurance and pension investments, paying down their mortgage

50+ is usually time mortgages are finalising and things get less chaotic. the kids have left the house there is no mortgage left to pay so the disposable income rises, and its this point when people are financially stable

...
most economists think living costs should be
30% housing
40% bills
30% food/disposable income

so in the 18-25 category it actually turns out to be more like
0% housing
10% bills
90% food/disposable income

Of everything I've read and noticed, this is the only thing I find particularly relevant. If broken down by age and way of thinking about money management, I'd say this is 100% true and I've really experienced it. Because when I was 18 years old I had no burdens so I only focused on pleasing myself, under the pretext of enjoying the results of hard work. Never thought about investing or thinking about any guarantees. Then, after 25-30 minutes, you return to stating the correct facts. Having children is currently the only main focus, working every day just to meet their needs, setting aside some to build a dream house, then investing to ensure my child's education.

And the next phase is still a mystery, thank you for grouping these ages, it makes me a little nostalgic for what I did in the 18-25 year age range.

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Typically, we realize the importance of financial stability when we plan to start a family. Building a family means securing their future, especially if we have kids. We aim to provide them with a good education and a comfortable life. When we're young, it's crucial to take finances seriously. However, if we become too focused on money, we might forget to enjoy life while we're free and have the support of our parents.

But once we reach a more serious stage, usually around 30 years old, it's essential to concentrate on our future and avoid making unwise decisions that could harm our financial prospects. Investing is the best way to achieve financial stability, but it's a gradual process. Initially, you need to learn, often by working for a company, to understand how businesses operate and how the business world functions.

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There is no appropriate age benchmark for financial stability because those aged 20-30 can have financial stability. These people are willing to take the trouble to work and prepare for a better future. They are willing to work while their friends spend more time following their lifestyle.

If someone can gain financial stability at a young age, they no longer need to worry about living their days towards old age. He had prepared everything well and just had to get on with it. I prefer to see young people who are busy working, investing and saving for their future than those who are busy following an endless lifestyle.

And everything will depend on how a person can make the best use of his youth. And they can start to busy themselves with saving and investing before they reach 30 years old. If you are still young, try to be more active in preparing for the future. We will get the benefits when we are old.

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Quote from: Dr.Bitcoin_Strange on November 05, 2023, 05:25:53 PM

~

It mostly depends on how you grew up really, but ideally, by the time you enter the workforce, you have some sense of idea on what to do and the basics of financing. Even the simple allocation of your monthly salary towards your needs and wants is a big step already imo. Even the idea that debts, especially if you're in the middle to lower class, is something you'd best avoid. Especially if you consider how age 18 has that idea of freedom of time where you're able to pick up on a bunch of other things. Granted you won't be able to test them out since being 18 also limits your financial capability, but hey, at least you know stuff by then already. It's really dumb how educational institutions don't tackle stuff like these really.

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The earlier you are and start saving and learning about how to start your own business, the earlier you will reach financial freedom. One of the problems is that we learn about money after a person completes university education, meaning that he begins learning about money and investing at the age of 24, whereas if he started, even in a small way, from He is 12 years old then, and at the same age he will have 12 years of experience and will be able to reach financial freedom easily at the age of 35, which is the age at which obligations begin to increase.

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Can't say a specific age for this but of course, better to achieve financial stability at a younger age so you can enjoy what you achieved while you still have the time and the energy. But this thing depends on every situation and every person. Others may find it harder to achieve stability especially if they started at the rock bottom but for others, it can be easier having the privilege of good financial background from your parent's wealth.

There's no "right" age for financial stability cause some are late bloomers. Others may achieve it at a younger age while others may achieve it a little late but as long as you can enjoy that status after all the hard work, then that's great. I'm also hoping that I can be financially stable soon...

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There is a concept that you need to work for your name until you are thirty. That is, get an education, work, and save some money for the future. After reaching thirty years of age, your name should already be working for you. You acquire a profession and become a competent specialist, whose services speak well of your level of knowledge and, that is, of your name. Unfortunately, these truths do not apply in our time. People either need some kind of job, even with a good education, or, on the contrary, people are very lazy and want to get everything at once, regularly bumping into scammers. Therefore, my opinion is that everything depends on the society in which a person is raised and on his way of thinking. Some people can escape poverty at the age of thirty, while others still live on loans at fifty.

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