Developing oneself economically.

[Prosofina_G]

Actually building your self economicaàlly is a very big task, and it has to do with total submission either skills or educationally, it is not a day goals to acquire financial stability, there are so many things to look at before standing out as someone who has developed economical.

1. INCOME GENERATION
2. INVESTMENT/WEALTH BUILDING
3. FINANCIAL EDUCATION
4. CAREER AND SKILLS DEVELOPMENT

With the above mentioned categories you can be able to develop economically balance status.
Take for instance the INCOME GENERATION, this is a process of setting series of businesses in other to grow balancing.

INVESTMENT WEALTH BUILDING: this is a process of investing in real estate and crypto, in balancing economically.

[Viscore]

For some, it only takes good courage and smart decisions and strategies in life to make economically successful. You don't have to be well-skilled and highly educated financially and physically, but just clear goals and objectives in life.

Luck is also a big factor. If you don't have that luck and get the best opportunities in life, life will still be seen struggling economically.

[abhiseshakana]

What you've said about income generation, investment, financial education, and skill development is true, but I believe that financial stability is impossible to achieve without a foundation of character and mindset built from childhood. In my opinion, financial character, habits, and mindset are far more important than any financial instrument. I teach my children the foundations of economic character by distinguishing between needs and wants, delaying gratification, understanding the value of money and the price of goods, and being disciplined. This is so my children won't easily fall into the trap of a consumerist lifestyle, won't be tempted by instant results, and will be better able to make rational decisions. Because strong financial character equals long-term financial resilience. Without it, even a large income can be depleted, investments misdirected, and skills underutilized.

Take the Income Generation app; income generation isn't about the number of businesses started; it requires the ability to identify opportunities, work discipline, consistency, risk management, and problem-solving. All of which, if we consider them, are rooted in early character development, not just technical issues. With character, someone who has a business will not give up easily, can distinguish between personal and business finances, and can make rational decisions.

Financial education should be a family culture so that children grow up with a managerial mindset, not a consumer mindset. I teach my children to create simple budgets, save for what they want, understand wages and assess productivity, and practice delaying purchases.

In investing and building wealth, I believe that no matter how good an asset is, one will not become wealthy from investing without discipline. Patience, the ability to manage emotions, understand risk, and avoid greed or panic are mandatory. All mental and character qualities can be developed through education and habits from childhood. Skills can be learned, but perseverance, work ethic, focus, time management, and mental resilience are formed from childhood. That's what separates those who successfully monetize their skills from those who don't.

Financial stability isn't the result of one big step, but thousands of small habits formed from an early age. Income, investment, education, experience, and skills are important, but without a foundation of economic character such as discipline, patience, consistency, and understanding the value of money, none of them will last. Therefore, a person's economic development begins at home: through financial literacy, parenting, and character building from childhood. These are the roots of long-term financial stability in the microeconomics of an individual or family.

[fruktik]

For some, it only takes good courage and smart decisions and strategies in life to make economically successful. You don't have to be well-skilled and highly educated financially and physically, but just clear goals and objectives in life.

Luck is also a big factor. If you don't have that luck and get the best opportunities in life, life will still be seen struggling economically.

Yes, believe me, luck certainly plays a role, even in developing your own business. I personally know people who aren't particularly bright, yet they've managed to start their own businesses that generate quite a substantial profit. If you talk to them, they can barely string together a few coherent sentences. For them, the circumstances have miraculously conspired to create a favorable outcome. From the outside, it seems like some kind of miraculous miracle.

[Mate2237]

Economic stability is something that is gotten in a day but is a product of several efforts put together that is fueled by purpose.the place of self development in the road to economic freedom is one thing that can't be replaced by anything, people has to be intentional about their self development because you can't grow above your level of self development and that includes in the area of finances too.



Investing doesn't only mean using your money in settings up a business, it also means that you have to be taken courses that will help you take financial decisions that will see to it that you become more financially responsible and stable.economic development is one area that people has to take if one is to live a happy life.

[Despairo]

Honestly I don't like theory, it's too much blabbing.

People can learn by themselves whenever their money reach some "tier", when they work and they only earn same amount for every month. They will think how to increase their earnings, they either take side gigs or study. After they earn bigger amount and they have a good amount of money that they didn't use, they will think a way to grow their money from their wealth.

It's all about your own condition and it's better to have the money first rather than money management without money.

[Maslate]

Building yourself economically is a process, it requires time and consistent efforts that pave way for substantial profits.  While financial education, investment knowledge and skills development are crucial for a successful outcome, but we all know not everyone has enough resources to make them possible. But with basic knowledge and good perspective in managing a business or investment, any person will progress economically not because he is well educated but because he fits well on his chosen career or business.

We all have different strategies on how to improve economically, and as long as quitting is never our option, we will surely rise and become successful in the future. 

[Marvelockg]

There are multiple of factors that joins to help one stand strong economically, first thing first, you've got to ensure that your source of income is intact and then also ensure that you're growing your income by investing in reasonable things that's supposed to help preserve your income and sustain you even in times when your income might not be enough to sustain you ever again.

Failure to get yourself fully prepared in times when the economy is doing well as well as when it's not doing well will get you frustrated such that  you become bitterly affected by the economy. If your finances is not growing relative to the different economic conditions, you're bound to get affected the most as the economy faces more pressure.

[Cryptomultiplier]

Honestly I don't like theory, it's too much blabbing.

People can learn by themselves whenever their money reach some "tier", when they work and they only earn same amount for every month. They will think how to increase their earnings, they either take side gigs or study. After they earn bigger amount and they have a good amount of money that they didn't use, they will think a way to grow their money from their wealth.

It's all about your own condition and it's better to have the money first rather than money management without money.

For me, it would be when one is able to create their own personal economy that others cannot control. Others also including the rising cost of bills or emergency situations.

You also know that anyone cannot just have money before they learn money management, such a one must have earned it somehow by either gifting, inheritance, offering a service or working a job, or by even any known criminal approach.

When anyone should consider themselves developed economically, is when they have increased their capacity to earn, when they have learnt from experience and research proper money management and budgeting, including how to grow wealth from scratch by investing in themselves, in other assets with potential to rise in value like in Bitcoin for long term returns.

[cryptomaniac_xxx]

The best investment is yourself, education is the key or if you don't want to go to college then have something, a talent that will separate you from others. And from then on, after investing in yourself, then it's time to move, get a good and high paying job.

After that, when you save enough money, then most likely you want to take a risk and put up a business by yourself, grind hard in the next 5 years. And after that if you have the money now then go and invest and work that money for you. And maybe in the another 5 years you will be successful enough.

[Berry2d]

There are multiple of factors that joins to help one stand strong economically, first thing first, you've got to ensure that your source of income is intact and then also ensure that you're growing your income by investing in reasonable things that's supposed to help preserve your income and sustain you even in times when your income might not be enough to sustain you ever again.

Failure to get yourself fully prepared in times when the economy is doing well as well as when it's not doing well will get you frustrated such that  you become bitterly affected by the economy. If your finances is not growing relative to the different economic conditions, you're bound to get affected the most as the economy faces more pressure.

Self development is the only answer to our questions because being full dependent on the government which we all know are not interested in the well been of citizens will be of know important or helpful. On daily basis, some countries are facing economic challenges because of conflicts, greed and quest for superiority, which makes some government focused there attention elsewhere instead of economic stability and functionality, and the only solution to citizens well been is self development where we know is not easy because we lack the resources but still needs to push no matter what.

[ovcijisir]

With the above mentioned categories you can be able to develop economically balance status.
Take for instance the INCOME GENERATION, this is a process of setting series of businesses in other to grow balancing.

I don't know if the order in your list is by priorities l, but if it is I wouldn't put building career and skills on last place.

In my opinion skills and career building should be on first place since it gives some basic income from where stems other things on your list (investment, income generation)

[Joy- maker]

What you've said about income generation, investment, financial education, and skill development is true, but I believe that financial stability is impossible to achieve without a foundation of character and mindset built from childhood. In my opinion, financial character, habits, and mindset are far more important than any financial instrument. I teach my children the foundations of economic character by distinguishing between needs and wants, delaying gratification, understanding the value of money and the price of goods, and being disciplined. This is so my children won't easily fall into the trap of a consumerist lifestyle, won't be tempted by instant results, and will be better able to make rational decisions. Because strong financial character equals long-term financial resilience. Without it, even a large income can be depleted, investments misdirected, and skills underutilized.

Take the Income Generation app; income generation isn't about the number of businesses started; it requires the ability to identify opportunities, work discipline, consistency, risk management, and problem-solving. All of which, if we consider them, are rooted in early character development, not just technical issues. With character, someone who has a business will not give up easily, can distinguish between personal and business finances, and can make rational decisions.

Financial education should be a family culture so that children grow up with a managerial mindset, not a consumer mindset. I teach my children to create simple budgets, save for what they want, understand wages and assess productivity, and practice delaying purchases.

In investing and building wealth, I believe that no matter how good an asset is, one will not become wealthy from investing without discipline. Patience, the ability to manage emotions, understand risk, and avoid greed or panic are mandatory. All mental and character qualities can be developed through education and habits from childhood. Skills can be learned, but perseverance, work ethic, focus, time management, and mental resilience are formed from childhood. That's what separates those who successfully monetize their skills from those who don't.

Financial stability isn't the result of one big step, but thousands of small habits formed from an early age. Income, investment, education, experience, and skills are important, but without a foundation of economic character such as discipline, patience, consistency, and understanding the value of money, none of them will last. Therefore, a person's economic development begins at home: through financial literacy, parenting, and character building from childhood. These are the roots of long-term financial stability in the microeconomics of an individual or family.

Sincerely speaking when I was reading through your comment I was really impressed with the way you took your time to explain things, and you even used your children to cite example for clear understanding, although I have not been visiting this economics board regularly, but I visit once in a while, and in my today's visit to this board I read two educative comments which is your own comment and the one of @pooya87 on another thread, and from what I understood on this your comment parents really have a roll to Play in children so that they can be guided from childhood on how to make good management of money for them to access productivity, and maintain long term financial stability, if not it will be difficult for them to get it right when they grow up, if they are not smart enough to utilise what have to enable them sustain their financial stability.

[Darker45]

As a matter of fact, to acquire financial stability, you often have to start outside the scope of finance. Acquiring skills and honing them into perfection aren't about finance, but they give you financial stability in the future. Developing your character contributes to financial stability. Giving value to education, pursuing further studies, making a name in your chosen field, becoming an expert, and so on aren't about finances but will give you financial stability as well.

[0x000369]

I feel like developing yourself economically is something that really depends on where you are starting from and what you deal with in real life because everyone here is mentioning theory but in the end it comes down to what you actually do every day for me it was never a straight line I had times where I tried to focus on skills times where I tried small side hustles and even moments where I had nothing working and had to start again so I see it more like a long process where you learn how to manage your money and also learn how to react when your situation changes.

3. FINANCIAL EDUCATION

Income investment education mindset all of that matters but it only works when you slowly build habits that fit your own life not something perfect on paper some people get lucky and grow fast some people take years and some people only really learn when they make mistakes

4. CAREER AND SKILLS DEVELOPMENT

What helped me is staying consistent even when things are slow and not expecting quick results because building stability takes time and honestly most people figure it out step by step as they go