Ask Leo: What is the ideal salary for financial stability?
Financial stability is what every one of us want to attain. This is what we desire and seek for especially when you live in a country where the majority of the population just live to survive the day. Majority of the population can be classified as poor because people earn to just survive the day not to build financial stability.
Financial stability in the family means being confident in the financial status of the family which is as a result of keeping good balance between income and expenses. By this definition alone, it should be easier to maintain a financial stability right but it's actually really hard.
Getting a specific amount of salary even if its really much can't guarantee financial stability if financial budget isn't made and adhere to. You can be earning 50 thousand Naira and have financiall stability and another person earning a million Naira might not be financially stable.
This is because spending above ones income will not balance our financial stability. Its normal for people to increase their way of life depending on their income. Its also easy to get carried away which shouldn't be so. Proper planning needs to be put in place.
The question I asked about the ideal salary doesn't have a direct answer because no specific salary can guarantee financial stability like I said earlier. Ones determination is the only key to financial stability. You can achieve this by Living below what you earn. Create a lifestyle whereby you budget everything strictly, invest in your life by learning new skills because these are that will generate you more income in the long run, have a strict budget and follow it. Ofcus needs will be on top and wants should be visited if it can be afforded. Try to stay away from debt because most of the time, nothing good comes from it and they can kill finances within a twinkle of an eye. Save to have some sort of emergency money which is something you can fall back to when you're in need of money urgently instead of going to seek out loan. Finally, have a retirement plan or savings. As you work to make life better, save for the future when you no longer have the strength to work again.
THANK YOU FOR STOPPING BY, HAVE AN AMAZING DAY.
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Exactly. Spend below what you earn and have enough left to put into savings and investments.
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As you have said financial stability is not judged by the amount of money you made, if you live above your earnings no matter the million you have you will still be financially unstable, likewise, if you live below your earnings even if it is 50k you earn you can be financial. Free, and again the environment is another attribute. Not what I intend to talk now.
Nice post thanks for sharing.
You've explained it well.
Thank you so much for the nice comment
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