Hello Hive Reachout community! It's a new week and here's a new prompt. I'm so enjoying this community.
So I was scrolling through and then I came across the prompt for the week. I was certainly anticipating it and then here it is, and it read thus; "Strategies for Maintaining Financial Stability". Pheeww! That was a tough one I thought. Kudos to the management of this community for always putting up interesting weekly prompts. I see them as more than prompts but personal building topics. Alright, let's get into the gist.
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Strategies for maintaining financial stability! Immediately I came across the prompt one thing I did first was go back to my WhatsApp, entered Meta AI and questioned it on what "financial stability" really meant; not just my perception or a general view of it, but to get a constructive idea. Here's what I got:
It went further to highlight some key characteristics that pertain to financial stability which set the basis for my discourse on this topic. I understood it wasn't about gaining the finance, but rather a calculated approach to ensure you don't lose it and become impoverished. That's the most painful part I thought to myself. Fully aware that I had written in my resolutions about financial growth, now I know better that to maintain it can be the most difficult task. Hence, I set up some strategies to ensure I maintain financial stability.
First, savings. I have come to terms with this reality and it's certainly a necessary step to take, or one I'm already taking. Savings can be a big deal considering these difficult times, nevertheless a necessary strategy. This took me down memory lane to my Economics class in secondary school, recalling the scale of preference thing. I understood "wants" were different from "needs" and it helped inform my strategy on savings. I made the decision to set aside a percentage of my earnings from Hive and from my other sources of income on Piggyvest. And so far I'm striving towards that.
I considered investments as well. This was a lesson I learnt from time about financial balance. After due consideration and research, one thing I settled on was first investing in agriculture. Recognizing the potency of agricultural products - crops or livestock - to yield a good income, I settled on starting something in that line first. With due consultations I hope to make the most from it and then further venture into other investments to diversify my sources of income.
To ensure a secure and stable financial life, risk management is crucial. Making many investments is great, but only after careful risk assessment. Risk-taking is essential, nevertheless it should be done with caution. Therefore, even though I plan on having multiple sources of income, I am aware that one poor move could put me in a deep hole that might be hard to come out from.
How about avoiding or minimizing debt? Yes, that will be very beneficial. While issues surround and might surmount us, I still believe it is important to stay away from debt as much as possible. Making money and then using it to pay off debts is like running around in a circle; even though you're moving, you're not getting anywhere.
Every strategy is a product of a carefully designed plan. And this case is no different. Good financial planning is of utmost necessity. Being a person with a limited level of constructive financial knowledge, I consider it useful to gain that. Thanks to books and even our Leofinance, I can get the financial knowledge to make such informed decisions.
Not to forget, I will certainly ensure to give my tithe always and always!
Thank you for stopping by!
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Good job sir I really loved how you discussed the importance of investments and also the need to manage risks. It was really educative.
Thank you very much sir.
I figured they were necessary financial knowledge if we want a better financial life.
Thanks for coming around sir @coderaikiri
It's a pleasure sir
Love your thumbnail photo bro...
It's not all about getting the money but how you manage it also. Poor spending habit opens unresisting doors of poverty.
You dish out good tips on that @daverick
Thank you for sharing this with us..
Thank you so much brother. I'm glad you do.
Yeah, that's the absolute truth. It's a wrong perception we had from time and we think it's just to get the money and not noting that we can easily lose it without proper management.
You're welcome and thank you for coming around @ovey10
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STOPSavings, even though a lot of us overlook it with the sayings "it's who has enough that can save", it's very necessary. It helps a lot in times of need and emergency
Oh yes, that's really true.
As little as you can save will go a long way I believe.
Yeah👍
Your first point got me really hard because I was ignorance of savings but bro, my plans for this year is to make sure I save by all means no matter how little I make in a month.
Thank you bro for sharing positive way's for maintaining financial stability, I'm sincerely learning from your page. Bravo
Yeah, at some point I too overlooked it but I understand better now. I'm glad you find it helpful to you too. By all means let's save the little we have, it's very helpful.
This means a lot to me bro. Thank you for reading through @oluthomas
This is a topic that I think everyone needs to be educated about and you did an amazing job by breaking it down to a layman’s understanding.
I can't stop falling in love with your content brother. Thanks for sharing🙏
Yeah, I can't agree less. Everyone needs the awareness, it will go a long way to save us some mistakes in the future. And thank you for the compliment.
I'm really glad to hear so. This is an encouragement for me to do more and better. Thanks for coming around @katezauka
You're welcome, and you'll always see me around🤗
Thank you very much sir for putting this up sir. it's very expository and blessed.
Thank you so much sir. I'm really glad you find it so.
Thanks for reading through.
Wow....bravo bro. I love how you explained these strategies of financial stability especially the part where you mentioned the potency of agricultural products, l strongly believe that financial stability is not all about saving money but engaging in other things that ensures continuous flow of income.
Thank you very much bro.
Yeah I agree with you, we just need to know these and see how they help our financial life.
Thank you for sharing.You are a good writer.l love this statement you use:"Every strategy is a product of a carefully designed plan. And this case is no different. Good financial planning is of utmost necessity."
Thank you so much. It means so much for me to hear that.
Glad to see something about my post really caught your attention.
Nice post you made so far my friend do know that your chance of making this post is a goal it self to you and to others out there so thanks for sharing with us this best wisdomic post