Financial stability

[Mr. Allcrypto]

In our society today, most people work for subsistence purposes only, failing to understand the benefits of building their financial life.
To be financially stable, one must work towards it and develop mechanisms for upholding that status so he/she won't fall financially one day. If one has 1million in his or her account and can't maintain that status or get source that will provide money, he or she can't be called a millionaire because definitely human needs are insatiable.
The ability to be financially stable and to maintain it is very important in our society. There are some factors that hinder financial stability in our society today and they include; poor income, unemployment, lack of savings, excessive debts etc...

[milewilda]

When it comes to financial stability then it would really be just that something that everyone is really that trying out to achieve,. Yes, its really that easy to say but
on the time that you would really be trying to do it then it is really the most challenging thing. Sustain is what the main issue on here. Its true that even if you do have that $1M
but on the moment that you cant be able maintain that amount or making it big then this do signifies that you arent that still having that financial stability.
Sooner or later you would be able to realize on what are the things you would really be needing to have to make yourself that sustaining.

[DragonF]

Everyone wants to be financially stable but certain factors have made it so difficult for individuals to be financially stable. We all need the good things of life and achieving all this means that you are financially stable. If you are not financially stable then it becomes so hard meeting your basic needs. The cost of living continues to rise, making it harder for individuals and households to maintain a stable financial situation. Issues of house rent, electricity, healthcare, and education costs have increased and it has affected the income of so many individuals.

Job losses and pay cuts have created financial instability, making it difficult for people to maintain their financial status quo. For instance, during the COVID-19 era, a friend of mine lost his job and since then he has been out of a job ever since then his living standard dropped and he is living on hand-to-mouth. Also, last week a friend received his salary but noticed that his pay was cut because he was absent from work for some days. With these challenges raised, it is clear that attaining financial stability is not an easy task. Even when you try, the cost of things keeps ridiculing your effort and then makes it difficult to save.

[Dr.Bitcoin_Strange]

Well, in today's society, to have or keep our financial stability is very very hard because of the way things are going these days, like high cost of things, no salary can help us overcome pressure in our country, so before we can achieve financial stability, we have to create a resources and stick to it, which means noting or writing down your expenses and making sure it doesn't exceed your income in case of emergency, and it's also important to save for future use, but We need to have different ways to earn money.

[FOKA33]

In our society today, most people work for subsistence purposes only, failing to understand the benefits of building their financial life.
To be financially stable, one must work towards it and develop mechanisms for upholding that status so he/she won't fall financially one day. If one has 1million in his or her account and can't maintain that status or get source that will provide money, he or she can't be called a millionaire because definitely human needs are insatiable.
The ability to be financially stable and to maintain it is very important in our society. There are some factors that hinder financial stability in our society today and they include; poor income, unemployment, lack of savings, excessive debts etc...

Financial stability is the ability of an individual to experience bankruptcy. As it can ensure long term financial security

[Mr. Allcrypto]

Financial stability is the ability of an individual to experience bankruptcy. As it can ensure long term financial security
[/quote]



Do you even know the meaning of bankruptcy? I am talking of how someone can be financially stable, and be able to afford his or her basic needs and wants, and you are saying financially stability is the ability to experience bankruptcy.
You are totally wrong and not getting the full story well...

[albon]

Low income, unemployment, lack of savings, over indebtedness, high demand are prevalent among people in my country. There is no substitute for money to make a living so you have to earn money at all stages of life. Business or job means working hard to earn money. Spending more than you need can lead to cash crunches later on. According to me, spending should be aimed at a continuity of income. You need to save a lot of money which will be useful in your hour of danger. If you are not able to save money then there will come a time when you will fall financially.

[bitbit97]

To be able to be financially stable a person must be financially educated. A fool with a million will become broke in to time. A person with average income, can become a millionaire with time if he is smart, educated and ready to take a risk. As a head of a family, my primary goal is to be financially stable. I think I cope with it well. When my class mates were spending time doing nothing or wasted time in clubs, I saved money and worked. Now many of them live from salary to salary, and maximum they can afford to go on a vacation in our country. I managed to find a job, got promoted and have ability to travel abroad 2-4 times a year with whole family easily. And of course crypto helps me to achieve that.

[target]

I think you only need to have crypto project where you can make money thru staking to be financially stable. It however requires a lot of money to invest in such poject.

If there is a chance to just get into BTC mining, I think this is also a good way to ahve financial stability. Something of a source of funds that is independent from you being fired by the board.

[Dr.Bitcoin_Strange]

Do you even know the meaning of bankruptcy? I am talking of how someone can be financially stable, and be able to afford his or her basic needs and wants, and you are saying financially stability is the ability to experience bankruptcy.
You are totally wrong and not getting the full story well...

Lol, I think he wanted to say something totally different from what he's just said, maybe he just didn't know exactly how to place his words to pass the actual message he has in mind. Because there's totally no relationship between being financially free and experiencing bankruptcy, as a matter of fact, the both terms are quite opposite. I think maybe what the writer was trying to say was that, gaining financial freedom is a state whereby an individual has the resources that'll completely make him free from bankruptcy.
This is of course very true, gaining financial freedom is all about having a great financial back up to be able to not only take care of your immediate needs or wants but also to have the capacity to take care of future emergencies, even when they occure unexpectedly, without completely going bankrupt.

[Kemarit]

I think you only need to have crypto project where you can make money thru staking to be financially stable. It however requires a lot of money to invest in such poject.

But I guess when we are all starting in life, at least when we get our first job, we still don't know investing or what is financial stability. And as you have said, you need a lot of money or at a bare minimum have some initial money. So you can only do that if you have a stable jobs before you can venture to crypto.

I do understand the point of the OP though, I have been in this kind of situation before, I thought that it will not end and I didn't save my money. And I only do it, I could have been financially stable at a young age. Nevertheless, it's a life lesson to me and it is one experience that I can tell to my kids so that they won't make the same mistakes. Save as much at a young age and invest their money and live a frugal life so that they can build wealth and retire without having to think of money.

[albon]

I think you only need to have crypto project where you can make money thru staking to be financially stable. It however requires a lot of money to invest in such poject.

If there is a chance to just get into BTC mining, I think this is also a good way to ahve financial stability. Something of a source of funds that is independent from you being fired by the board.

There is no limit to risk in the crypto market and without experience it will be very difficult to make money from it. However restaurants can be built as a source of income. Because it is a personal need of people and if the quality of your food is good then many customers will definitely come. But crypto is an independent source of funds where you can invest any amount of money at any time So let's research all the ways to strengthen the money making source where the risk will be low and the profit potential will be high.

[robelneo]

The ability to be financially stable and to maintain it is very important in our society. There are some factors that hinder financial stability in our society today and they include; poor income, unemployment, lack of savings, excessive debts etc...

Education and how to handle your finances can stop this, If you have education, you can get the best jobs and you will know how to invest in the right projects. you have maturity inhow you handle your finances, so people who wants to have financial stability should focus on education to get a high paying job.
The government and every individual should focus on education to escape poverty.

[Gurujebs]

Education and how to handle your finances can stop this, If you have education, you can get the best jobs and you will know how to invest in the right projects. you have maturity inhow you handle your finances, so people who wants to have financial stability should focus on education to get a high paying job.
The government and every individual should focus on education to escape poverty.

You should have added disclaimer and say in places where education is value. There plenty of graduates with Master's degree and PhD that didn't get their dream job despite coming out best in their course of study. If you are raised in a place where if you finished school and you have to struggle to get your dream job, then this advice is not for you.

People now value entrepreneurship and other forms of jobs than the traditional jobs of after school because the pay is not worth the time unlike in tech places where your talent can be fetching you what you really deserved.

[TomPluz]

The ability to be financially stable and to maintain it is very important in our society. There are some factors that hinder financial stability in our society today and they include; poor income, unemployment, lack of savings, excessive debts etc...

Education and how to handle your finances can stop this, If you have education, you can get the best jobs and you will know how to invest in the right projects. you have maturity in how you handle your finances, so people who wants to have financial stability should focus on education to get a high paying job. The government and every individual should focus on education to escape poverty.

Education is a big key towards escaping poverty as we know and define it here in my country...but it is not the only critical factor because the reality is that there are so many college graduates who don't have satisfactory jobs and many of those who have jobs are earning money way below the realistic level to enjoy a good life...they are just for survival. Hence, financial stability is beyond the reach of these people. We need education and we need good jobs and opportunities for people to enjoy and exploit so they can experience real financial stability and independence...with many that may even explore their entrepreneurial talents that can be the backbone of a country's economy. Unfortunately, this thing is not very much emphasized during schooling days of our children hence most are just adrift who don't understand financial literacy and who don't how to get there. Our education must be overhauled that can respond well to many new realities in the market and can help people adopt to changes well.