The Value of Being Financially Stable: Soaring Inflation Rates Don’t Hurt Me Much (10 Images)
~ Wednesday, November 23, 2022 Blog Post ~
Consumers worldwide have been complaining about inflation since last year. I’ve read countless social media posts by people badly hurt by the continuous rise in the prices of food, including vegetables and meat, rent, gas, energy, and so forth.
Besides these dismal messages about people’s money woes, I read about how consumers in the United Kingdom are terribly impacted by the 11.1-percent headline inflation rate that they worry about how they will celebrate this year’s holiday season.
I’m not bragging but financial stability is certainly advantageous because inflation won’t hurt a consumer much. After working today, I cooked fusilli with tomato pasta sauce, whole mushrooms, and chicken hotdogs.
I purchased these items from the supermarket last weekend. As I’m financially stable, I really didn’t care about their cost.
I must say I’m financially stable. Thank God for I’ve always been financially blessed. Haha.
- First of all, I have my bank savings and investments.
- I’m a single young lady.
- I don’t have any dependents.
- I have been employed since December 2004 right after I graduated from college.
- I have my own house.
- I don’t have any outstanding loans or debt obligations.
- I have emergency savings in the bank.
- I’m never FOMO (or fear of missing out).
- I’m financially intelligent and well-educated.
- I’m very responsible with my money.
- I’m a miser, frugal pennypincher, and practical cost-cutter.
These traits I have got have resulted in my being financially stable. It would be nice to say I’m inflation and recession-proof. Haha.
Nonetheless, I’m definitely still middle class and far from being a one-percenter like MacKenzie Scott and Elon Musk. Haha.
I just want to include these definitions of being financially stable for my perusal:
- From SmartAsset.com: “When you are financially stable, you feel confident with your financial situation. You don’t worry about paying your bills because you know you will have the funds. You are debt free, you have money saved for your future goals and you also have enough saved to cover emergencies. Financial stability isn’t about being rich.
In fact, it isn’t a number at all. It’s more of a mindset. When you have financial stability, you don’t have to stress about money and you can focus your energy on other parts of your life.”
2. From Fastinvest.com: “Being financially stable means being confident about your financial situation by keeping a healthy balance between your income and your expenses — you should be able to cover your expenses without struggling.”
3. From TheCollegeInvestor.com: “Becoming financially stable means being completely debt-free, being able to pay your monthly living expenses with extra money left over. It means having the freedom to do whatever, whenever, without worrying so much about getting back home because you are going to get fired for taking more time off than you should have.
I also just wrote a separate blog post about financial stability for my benefit, as usual. Haha.
References:
https://www.fastinvest.com/en/blog/what-does-it-mean-to-be-financially-stable
https://smartasset.com/retirement/10-steps-to-reach-financial-stability
