Ask Leo: HOW TO CREATE FINANCIAL STABILITY

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With great pleasure I welcome you to my blog and trust you are doing well.

As the year is getting to an end and with the current dip we are into, it's very important for one to create a balance or stability for good financial life.
Financial stability entails building a strong money habit and all the necessary measures harnessed together in order to have a financial focused life.

When there's no stability financially, you may be opened to so many financial disasters if not properly managed might result to shortening of one's life.
Some of these tips are;

  • FINANCIAL GOALS. As a good investor, financial goal is very important. This entails creating a working system which regulates your priorities.
    Financial goals are blueprint, the desire and vision an investor intends to achieve at a periodic season.
  • SET A BUDGET. This is vital towards any financial stability. A budget would help to give a proper view to details on how to plan expenses,purchases and all the inflow of money. Whatever you don't budget for, might be the cause for financial instability. In your budget consider all the possible financial areas including spending, contingency etc.
  • INVEST EARLY. Financial stability can also be attained when one invest early over any financial sphere or season and try to maintain that consistently. No matter the trend kindly study it and endeavour to invest so that you won't finish all the investment bearish trend.
  • PAY YOURSELF. Try and create a design that will offer you the privilege to pay yourself. This will help you not to depend on other streams of income. Make a payment plan for yourself.
  • HAVE RESERVED. Financial stability can be achieved when one makes reservation for emergency. When you don't have accurate plan for emergency or contingency you may not have financial stamina to cushion some effect.
  • DELETE DEBT. Ensure that you eliminate debt in the course of financial life. Once you don't accumulate unnecessary debt, then it will enable you to have a stable financial life.

CONCLUSION

Financial stability will promote good development in the society. In Africa, most people don't have good financial stability because of the lack of good managerial skills to control resources.

thanks for visiting my blog and all comments appreciated.

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3 comments
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We all need to follow these tips for financial stability in the society and in our lives. Living off of debt is one best way to focus on becoming financially stable.

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