Life is not easy for anyone! Financial stability is a big issue in most of our lives. The bigger our dreams are, the more struggle there is to achieve it.
Quite interestingly enough, have you ever wondered why our dreams are mostly related to monetary or tangible assets?
Let me give you an example. People dream of owning big houses and luxury cars, but not about how they will get there.
In this case, the hard work part that goes behind achieving the insanely extravagant material goals is the reality check.
Believe it or not, hard work is always time-bound. No matter how many times people try to convince you with some flashy proverbs, like ‘Better late than never’ or ‘Try and try until you succeed’, the truth is everything in the world runs on time.
The proverbs only show you one side of the picture. Sure thing, it is great to be persistent on something that you aspire to do or are ambitious about.
However, reality hits hard when you realize that what’s trending today might be obsolete tomorrow. You may manage to fulfill your ambition, but will the industry still be trending?
So, wake up guys! Let’s take a look at a few reasons why you need to have stable finances.
And these are all well known facts but we will go through to remind you once again.
Benefits of having financial stability
Financial stability has often been looked upon as a very conditional aspect of life, and that’s a fact.
Not everyone is blessed with a stable life in terms of finances and most of us will need to work hard towards it.
So, it’s time to wake up guys and know more about why you need to have financial stability in life.
1. It reduces stress
Stress is undoubtedly the worst mental condition that people suffer from. It is the root of many other types of illnesses, like diabetes, bad health, etc.
And it is no surprise that the most common reason behind stress is financial instability.
Having financial stability, on the other hand, keeps you free from all types of stress.
You don’t have to worry a lot about maintaining a household, paying for the education of your kids, or retirement savings.
2. Offers more options
When it comes to leading a happy life, you would surely love to have the luxury of options. Visiting an inexpensive and stale-food restaurant because of budget crunch will surely not help.
Instead, how good will it feel if you had the freedom to visit any other good restaurant because your budget allows it? Great, right?
This happens when you have a stable financial life. You always have spare liquidity to spend on things and not be tied down by budget restraints.
3. Brings better Conjugal life
Having financial stability will also help in many other ways, even in personal relationships.
Irrespective of how deep-heartedly people promise to be with each other in a marriage, financial instability can cause the two to drift apart.
4. A higher standard of living
The standard of living has been one of the prime focuses of most individuals around the world.
People spend on improving the way of living but shifting to a better (or bigger) house, upgrading vehicle from a 2-wheeler to a 4-wheeler, etc.
None of this would be possible if you do not have financial stability. You see, no matter what you do in your life, money is the ultimate need.
The three basic needs of life – food, clothes, and shelter – need you to be stable, let alone elevating the living standard.
What goes wrong with your financial stability?
Financial stability is not only about what you do professionally, but your habits and interests as well. Let’s break it down for you.
1. Your profession
Your professional life has a lot of say about your financial prosperity. A lot of people end up with traditional jobs that pay well, but they hate what they do. Others love their job a lot, but aren’t often paid well.
In both cases, the fixed regular salary might not be enough to bring you the financial stability for a long period of time.
2. Your spending habits
Spending habits play a huge role in any individual’s financial stability. It’s time to wake up guys and understand that indulging in expenses that you cannot afford can lead to a major financial breakdown.
Sure, everyone loves spending money on living a lavish life, but only if they can afford it or sustain it for a long time.
If you cannot sustain your present financial prosperity for a long time, your loose-handed spending habits might become a nightmare in the future.
3. Your hobbies
Does this sound absurd? Well, your hobbies might just land you in financial trouble if you aren’t wise enough. A lot of people have hobbies that cost a lot of money.
There is nothing wrong with having such hobbies, but only as long as you can bear the cost of maintaining them.
Here is an example. Travelling is one of the most common hobbies that people have. Weekend getaways and yearly holidays are a necessity for them.
However, what a lot of people end up doing is taking loans on to go on such vacations.
This way, their life might seem perfect or outrageously extravagant from the outside, but deep inside, there is a lot of stress involved.
You cannot spend one month of vacation and the remaining 11 months repaying back the loan. This would be a bad practice.
What can you do to counter this?
The ‘wake up guys’ seems to have become a cliché, so let’s not use it anymore in this piece of content.
So, here are some ways how you can have financial stability without killing on your day-to-day interests.
1. Inculcate new and significant hobbies
Trust me when I say this, people have hobbies that can pay. A lot of people love writing and use it as a medium of expression.
However, did you know that you can channel this interest in making money on the internet?
Yes, all you would need is a domain of your choice and hosting. You can buy a domain name and hosting from the most popular provider you know around.
Once you have set up your platform, it is time to convey your message that people read.
2. Use your talent to good use
There is no harm in working for some side income. A lot of people use their extra talent to make some money apart from their regular job.
You might have great knowledge on certain things, it’s time for you to use it. When you are not finding anything by yourself, starting freelancing job can be a game changer in your life.
Perhaps, having a blogging website or starting a channel on YouTube can be the perfect plan. Interestingly, you can start a money making blog or website with hosting from Bluehost with merely $2.95 per month.
You don’t have any idea on much help these platforms can become if you can use them to spread your knowledge to the world.
3. Bring new ideas
The world is moving at a very rapid pace and that’s what can be harmful to you.
Sure, you might be motivated at the “Better late than never” proverb, but by the time you have made a move, the trend might have shifted to something else.
So my not create your own trend, bring some innovative ideas that other people might follow.
Trust me, more than half of the corporate industry is thriving on new ideas and strategies.
4. Don’t procrastinate
Procrastination is evil. It is nothing less than an inevitable harm that will get the better of you if you let your guard down.
The moment you feel that you have a lot of time to do anything and start postponing it, wake up and realize, you have come into the grip of procrastination.
Don’t let it take over you. Coming out of a state of procrastination requires a lot of will power, bring it on!
5. Increase your attention span
Depreciating attention span is a disease that might silently kill your financial stability.
Have you ever wonders why you cannot focus much on movies, whereas you used to want 3-hour long ones in the past?
That’s the deteriorating attention span, my dear. You need to up your attention span, or else you will have problems focusing on any work for a long time. This might hamper your money-earning skills.
It's time for wake up guys, having financial stability is no longer a elusive concept. Everyone can achieve dreams if they do it right.
The present age of technology gives us a lot of opportunities to improve our finances; we just have to recognize it.
Just stay focused and know about what’s going on in the world. This will help you better understand what’s good for you and what’s not, financially.
So, are you ready to improve your financial stability? Let’s get started with it already.