How is financial stability defined for you?

[Ultegra134]

The subject of money in particular is controversial, speaking for myself, I'm working a regular job, getting paid above average each month, while also doing some online work such as signature campaigns and staking coins on various platforms. I'm making enough money to make ends up and on the plus side, setting aside a decent sum of money from my salary, as well as any other amount earned online, is set aside as savings.

Earning above average doesn't mean that you are going perfect to secure your life to lead like how you are doing even after retirement because in almost all the countries, below average people are in more number which drags the per-capita into lower side. If you are going to reduce your requirements after retirement then your current earnings may match your requirements.

You must invest up to 20% of your earning into something which will be getting you higher interest than the inflation rate of your country. Otherwise, your standard of living may get affected after retirement.

Financial stability in my view is, earning and multiplying money in a way that we do not need to scarify anything due to inflation rate. At the same time we need to remember that stable financial level will upgrade us to higher standard of living over the time.

It is widely known that the more money is earned the more money is spent by people, which means that someone that earns above average money is not really financial stable as now they have a huge mortgage and they have to pay for other stuff they bought on credit, so to me one of the most important things we must avoid is to buy things on credit, if you can avoid that and still save an invest money then sooner or later you will reach the financial stability you were looking for.

I've got a credit card as well, however, I believe that they are a great tool, if you know how to use them. Mine is pretty limited due to being a student (I'm now considering applying for a higher credit card limit), I mostly use it for gas expenses (it gives a decent cashback on each transaction) and bills that can be paid in interest free installments, such as, car insurance, taxes and so on.

[1715469588]

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[Silberman]

I can have financial stability with any amount of money, even the minimum necessary to survive. Financial stability just means I have to respect my financial limits, never spending money I don't have or that I will miss later for emergencies.
 
Being responsible with your money like I mentioned, you will be able to grow your savings on long run, earning more and more money (from passive income) each new month. So you can upgrade your life standard step by step as time passes, always respecting your financial stability limits to not compromise your progress negatively. With the correct mindset and with access to the right tools (bitcoin), everyone has a chance to thrive, doesn't matter how much they make in a monthly basis.

I think in the same way, many people think of someone rich when they think of those terms, but the truth is that someone that may seem to have everything on their lives as they have a nice house and a nice car may not have financial stability at all, and if they get fired they could be on the streets on a matter of months, while a person with financial stability could get fired and they could withstand this condition for years.

[Pejoh Asu]

I think financial stability is that our money or assets can increase as planned, of course this is everyone's dream to be able to achieve financial stability, especially during a pandemic like this that makes it difficult for us to earn an income because many businesses and industries are dying, an easy way to Achieving financial stability is investing in many places such as stocks, gold, property and the current trend is cryptocurrencies.

[fullhdpixel]

Financial stability just means I have to respect my financial limits, never spending money I don't have or that I will miss later for emergencies.

Your definition of financial stability sounds like you are emphasizing about the importance of saving money for better future. Different people must be having different opinion and hence I just agree with you because without having enough money, we cannot think about a stable lifestyle so saving is more important to think about financial stability.

Always having some income stream to lead our  life stable could be defining what I feel financial stability should be like.

I do not believe that you could simply save enough money to have financial stability in this day and age. You really need to invest with that as well. This is why I save some aside, and use that to buy crypto as well. Otherwise, how much could I save per month? Even if I save up 100 dollars per month which is a lot for where I live, that would be still a huge amount and not enough, that would be 1200 dollars per year and 36k dollars in 30 years. Imagine working for 30 years, saving more than 1/3 of your nations minimum salary, and still not making enough to retire.

This is why I can't really make any kind of saving be valuable for me, it is just not enough. However in 30 years, if I could 100x that, which as we all know quite possible in crypto, we are talking about 3x more time in crypto then it existed, a whole 30 years, 100x is quite possible. In that case your 36k suddenly becomes 3.6 million dollars and that is WAAY more than enough to retire.

[Lanatsa]

I think financial stability is that our money or assets can increase as planned, of course this is everyone's dream to be able to achieve financial stability, especially during a pandemic like this that makes it difficult for us to earn an income because many businesses and industries are dying, an easy way to Achieving financial stability is investing in many places such as stocks, gold, property and the current trend is cryptocurrencies.

Everything is planned or should be planned because you wouldn't really achieve or acquire this stage of financial capacity if you don't know on what you are doing specially on handling out your finances.

If those money came from inheritance then you should plan it well and diversify it on different business to acquire leverage income and wont really that depending on having no source.

Financial stability means that you are capable on making out decisions and do all sorts of things which do tied up with financial decisions in life.

[Ngewex Yuk]

Everyone certainly wants to be in the financial stability zone so that they can meet the needs of life and of course create prosperity, but it is not easy to achieve financial stability because there are many unexpected things in life that make our finances often disrupted, for example due to illness, pandemics and so on, and other things. What we can do to achieve financial stability is to dare to take risks by investing.

[blockman]

Stability is even there's a financial crisis, you're good and off to survive with it. You're not problematic even if something like that comes because you've been prepared a long time ago before it comes. And the definition of being successful and satisfied is subjective but to me, it's about having a continuous cash flow and income and all of the sources are stable. But if they're all coming from several businesses, I'm expecting not all of them to be stable but at least, they're still giving me that much cash flow.

[crypt0m4nia]

Financial stability, in my opinion, is the state where all basic needs (i.e., food, shelter/rent, transportation) are not immediate problems for you and you have the capability of not working for an x amount of time without being stressed.

Most "poor" or impoverished individuals are just those who don't have safety nets in place and are living in a typical disadvantageous economy that abuses this hierarchical divide.

[beerlover]

Stability is even there's a financial crisis, you're good and off to survive with it. You're not problematic even if something like that comes because you've been prepared a long time ago before it comes. And the definition of being successful and satisfied is subjective but to me, it's about having a continuous cash flow and income and all of the sources are stable. But if they're all coming from several businesses, I'm expecting not all of them to be stable but at least, they're still giving me that much cash flow.

There are some jobs in the world that will make money even when there is a pandemic like global issue. Look at Amazon, they made a ton of money even during pandemic, why? Because, their job is a lot better in the world that is in crisis. Of course shipping companies and such made a good amount of money as well, even though it was a tough one to move from one nation to another, or use ships, it was a lot better if you were doing in within the nation itself.

For example, logistic companies that dealt products from amazon to people, those were making ton of money as well. What can a person do to achieve such a situation? We can't start a new amazon that would be as big, or starting a courier job is not easy neither. So what we can do is work on ourselves, build a better CV and find jobs globally and remotely, that way we could make a profit even when we are at home.

[jostorres]

Financial stability, in my opinion, is the state where all basic needs (i.e., food, shelter/rent, transportation) are not immediate problems for you and you have the capability of not working for an x amount of time without being stressed.

Most "poor" or impoverished individuals are just those who don't have safety nets in place and are living in a typical disadvantageous economy that abuses this hierarchical divide.

May god bless us all with something like that. However, I have to say I am doing fine on that front and still not feeling stable at all. I can pay for my bills and I have one car (even though it is not a great one lol) and can get food etc. So basic needs is covered for me, I earn enough for that, and yet it is not stable enough.

Imagine a world where you are only capable of paying for the small stuff that is seen fit for you, just the basic needs for living and nothing else. I can't go to movies, I can't buy games, I can't get a new TV when old one breaks, I can't pay for hospital when needed so go to free clinic and wait for months (at least that's like that here) and many other stuff. I have to say having enough money aside so that you could live a decent life and be stable starts with at least 4-5 thousand dollars where I live, a lot more in more expensive nations.

[SquallLeonhart]

There are some jobs in the world that will make money even when there is a pandemic like global issue. Look at Amazon, they made a ton of money even during pandemic, why? Because, their job is a lot better in the world that is in crisis. Of course shipping companies and such made a good amount of money as well, even though it was a tough one to move from one nation to another, or use ships, it was a lot better if you were doing in within the nation itself.

For sure there are jobs that the pandemic couldn’t affect. During the pandemic lots of jobs, even the ones that we least expected we’re going to generate a lot of income generated so many incomes. I remember that people who owned tissue producing factory were able to make lots of money during the pandemic, because the situation needed such and also hand sanitizers and the rest of them.

Amazon grew bigger during the pandemic, they were able to generate a lot more income because a lot of people had to rely on shopping for their needs online and they had to make use of Amazon.com. That’s why it’s good for people to think and expand their business in a way that if something like that should happen, they would also be able to continue making income.

Financial stability, I think that can be established when you have different sources of income and not just when you are having one source of income. Although you can still make lots of money by relying on one source, but to be safe, you need to have other sources of income.

[Ultegra134]

There are some jobs in the world that will make money even when there is a pandemic like global issue. Look at Amazon, they made a ton of money even during pandemic, why? Because, their job is a lot better in the world that is in crisis. Of course shipping companies and such made a good amount of money as well, even though it was a tough one to move from one nation to another, or use ships, it was a lot better if you were doing in within the nation itself.

For sure there are jobs that the pandemic couldn’t affect. During the pandemic lots of jobs, even the ones that we least expected we’re going to generate a lot of income generated so many incomes. I remember that people who owned tissue producing factory were able to make lots of money during the pandemic, because the situation needed such and also hand sanitizers and the rest of them.

Amazon grew bigger during the pandemic, they were able to generate a lot more income because a lot of people had to rely on shopping for their needs online and they had to make use of Amazon.com. That’s why it’s good for people to think and expand their business in a way that if something like that should happen, they would also be able to continue making income.

Financial stability, I think that can be established when you have different sources of income and not just when you are having one source of income. Although you can still make lots of money by relying on one source, but to be safe, you need to have other sources of income.

In one way or another, everyone is affected during a pandemic, it can be both negative or positive result. We live in the age of technology, most people are ordering stuff online, and especially now, with the quarantine measures and physical shops closed, it was expected that online shopping would boom. Moreover, the demand for electronics rose dramatically, with schools and universities and most public services closed, everything had to be moved online, skyrocketing the demand for computers, laptops, tablets and so on.

[Obito]

Financial stability, in my opinion, is the state where all basic needs (i.e., food, shelter/rent, transportation) are not immediate problems for you and you have the capability of not working for an x amount of time without being stressed.

Most "poor" or impoverished individuals are just those who don't have safety nets in place and are living in a typical disadvantageous economy that abuses this hierarchical divide.

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.

[qwertyup23]

Financial stability, in my opinion, is the state where all basic needs (i.e., food, shelter/rent, transportation) are not immediate problems for you and you have the capability of not working for an x amount of time without being stressed.

Most "poor" or impoverished individuals are just those who don't have safety nets in place and are living in a typical disadvantageous economy that abuses this hierarchical divide.

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.

[marilynmanson21]

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

[Anonylz]

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.

[amishmanish]

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.

[BIT-BENDER]

How do you define financial stability for yourself? Do you believe that there's a thing as too much money? With what kind of income would you be satisfied and felt successful, at least in the sector of finances. Is it the more, the better?

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-

[savetheFORUM]

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.

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.

[Tumanggor]

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