WHY IS FINANCIAL STABILITY ESSENTIAL FOR A BETTER FUTURE?
When we don’t have something, we value it more. Money is the same way; we value it only when there is a severe scarcity of it. There are two types of monetary stability: one is concerned with personal finances, and the other is concerned with larger issues such as business capital.
Most of the time, we hear people remark that money can’t buy happiness, which is true to some extent, but money can buy you a better life and stability, which is essential for maintaining a healthy balance in one’s life.
“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life,” Susan Orman, an author, financial advisor, and television host, once stated.
The “what ifs” are wishes that you are unable to fulfil owing to financial difficulties. You must value what you earn to achieve personal economic stability.
Importance of Financial Stability
Monetary stability is never the key ingredient to a life free of struggles and problems; these are an integral part of life. Many other things are attached to financial well-being:
Financial stability provides you with social status
We tend to avoid persons who borrow money or talk about their troubles because they don’t have enough money. Even if they are good, we dodge them because of their ongoing practice of borrowing money. Consider this: if you were to fall into their shoes, how would you feel? Not good, since money does buy you a respectable place in society, no matter how much we try to broaden other people’s horizons.
Financial stability provides security to the family
We have always been taught that you should marry someone wealthy, which is a huge fallacy. Why marry a rich person when you are capable of earning a decent living for yourself? We live in an era where each of us aspires to be financially secure before tying knots. According to a survey, 30% of married couples don’t trust their partner with money. This has been one of the main reasons why marriages have fallen apart.
Financial stability is a crucial need for a family. No matter how well-established and financially secure your partner is, you both have concerns about starting a family, buying a home, and planning a baby, all of which are only achievable when you consider investments and savings.
A secure retirement life
When you are financially doing well, you invest and save when you can’t work for a livelihood. As an individual or couple, you must have a secure future and old age. Gone are the days when people used to be dependable upon their children in their old age times. Nowadays, everyone believes in achieving certain heights and stability that can support them when they will not be able to earn.
Synopsis
It’s not that you don’t have options to improve your financial situation; it’s simply a matter of how you manage, invest, and save your money.
