What is your definition of the term Financially Stable?

[BrokeBastard]

Since we live in one of the most expensive cities in the world, what is your definition of Financially Stable? What do you consider a good yearly wage? Savings/investments?

I like to consider myself financially stable but when I see the wages of doctors, lawyers, engineers, etc etc I feel like I'm kidding myself.

 

[chillibilly]

I think stabilty depends on one's expenses & expectations. I have friends who make 50+K and are stable while a few friends make twice that and are paycheque to paycheque. For me it goes like this: Pay bills, put some away for retirement, have some left over for life ie: holidays, dinners, shows, sports etc and enough after that to poon once a week. If you can achieve that and be happy...then in my mind you are financially stable.

 

[MissJasmine]

My definition is a person with good financial management skills, has maintained a study income for a few years, owns their own home & car, has a retirement savings plan, and has little or no debt and awesome credit

 

[Lancaster]

When your assets and investments can support you even when you're not working anymore.

 

[sevenofnine]

i guess there is two ways to look at it by the numbers alone.

or are you happy
i know someone who lives on six hundred bucks a month. and he is happy,
he house sits for the most part. for snow birds and such.
he is single. doesnt do much but he is happy so what the hell.
another person i know say they need ten grand a month

by the numbers i guess means a stable job for one thing,
bringing in more money then spending.
then taking advantage of every fincial benifit one can that comes your way.
like some on mentioned pension plans etc, buying a house, instead of renting,

to me there is a philosphy about money
do what you want in life then fiqure out how to pay for it latter.
serioulsy over ones life time money is not that big of a deal.

chase money and you will always be chasing money,
i know a few guys that are very rich ok multi millioniars. and it is important to them, that is what they wanted,
and they are multi millioniars,
but i don't necessary see them as happy, i have a better relationships with my family then they do, even with there own kids and grandchildren then they do.
they dangle a carrot in front of there kids, look when i die you will have so many millions, that is for the most part the extent of the relationship they have with there kids.

my philospy in life, you only have so much time and energy, of course you need to work and need money,
but if that is all your worried about is money, that is all you will ever have is money.

i know a women in the states, almost a billioniare
late forties she lives alone with her dogs,
i met her in vegas about twenty some years ago, my wife and her hit it off they stay in touch,

but seriously she is very lonelly and needy, has no friends, because she thinks every one is after her money.
does nothing but travel back and forth to vegas and once in a blue moon comes up to canada
never had a job or a man nothing but her and her dogs. just protects her money that daddy left her.

in my honest opionion the best thing this billioiniare could do for herself give her money to charity,
get off her fat ass and get a job, and meet people, and live

 

[Oldfart]

Having enough finances so you don't have to live in a stable.

 

[bcneil]

I dont think income has a lot to do with it.
Sure if you want to live downtown on $30,000 a year, hard to be stable.
Its all about living within your means, and never taking bad debt.

I have many American friends with good incomes. Most bought rental properties that are worth less now.
Almost all people seem to overspend.

I think stable means just that, predictable. Buddy just retired from CN with a pension. He has a condo that is paid off, and no debt.
With his pension income he will be stable for ever..........unless he does something to blow it.

 

[emilioa4]

to me, financially stable means to be able to support myself if out of work or retired comfortably, have my assets paid for, no need for loans or worries about money etc. happy is cool for some people here, but happy dont pay the bills!

 

[Ms. Yoko Anna]

I don't think I have ever been financially unstable much in my life, although I don't have as much of life experience as you guys. Even tough when I was working at a ghetto research institution for $11/h, I could make some few hundreds $ of saving a month. Only time I was hurting was in my last year doing undergrad. At one point I only had a piece of cookie for whole day. Hahahahah, but I always found a professor who buy me lunch or supper (of course not with exchange of sex), who gave me some dried food, and so on.

Spend less that what you make.
This is simple, but those who is not good at it may end up being financially unstable.
I don't think it's an individual fault as much as sociaety's. In the consumption oriented society like what we are living in right now, spending money and how one spend money indicates good chunk of his or her identity.

So, my definition of "financially stable" is "being able to control your consumption habit."
It's harder than it sounds.