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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