financial stability

Financial Stability: The Illusion Versus Reality

When it comes to society, financial stability is judged by what we see. We see friends and co-workers with all the latest gadgets and assume, “Wow, they must be doing well. They have so many nice things.” However, this can be misleading. Many of these same people are in debt, behind on bills and credit card payments. It’s common for many to take money from things they need to pay for these new toys. So, while it may look like they are doing well, they could very well be struggling because of this purchase.

Seeing Through the Illusion

When you go to your friends house, do you notice anything? Let’s start with the car they drive. Normally within a few years old, probably a car note. Big screen TV in the living room for sure to match that nice living room set. The kitchen is full of brand new appliances because they are required in order to have a nice home. Plus there are more and more purchases that you do not see through out the house.

Now let’s take a step back financially and observer things. It would appear that he has put a lot of these natural purchases on his credit cards.  But looking past everything, even if he had paid cash for all of this, how much is he really losing?

See, society measures our ranking by the types of goods we have. If someone has a 5 year old smart phone, all their friends push for them to upgrade. This also goes to those who have a 2 year old phone or even as new as 1 year.

Social Media – The Anti-Social Media…

Everyone feels the need to brag about their big purchases online but let me ask you this? What if your bank account was as public as all of those purchases that you have made day after day? What if everyone could see your financial stability status? Would you be as open about that as you are with your expensive purchases? You know that selfie in the mall with your brand new shirt that costed $40 bucks (because a $10 dollar shirt wouldn’t satisfy your followers?). Or that $60 dollar game that within 6 months will drop down to 25 bucks? Those football tickets that were $550 dollars a piece because the ones 20 feet up that were $200 weren’t close enough.

You see, we base everything we have on the image that we show. But if that image was measured with a number next to our name that linked to our bank accounts, I feel things would change. New car sales would probably drop drastically too. $400 dollar a month car note in one year is close to 5k ish. For the competitive market, adding 5k to their social number would be huge.

Dating?

This would be great. How many guys with corvettes and nice toys would fail to guys making a third of the money but a bank account 30 times in size? To break it down, would a girl want to date a guy with only $1000 in savings or a man with $30,000 in savings? If I am trying to decide who to build a family with, financial stability would be a good knowledge point. A girl would turn down the men with a brand new sports car for the men with a beat up Honda that he can actually afford maintenance on comfortably.

Facing Reality

While it may look and feel good to have nice things, does it really have as much value as society thinks? It comes down to deciding where that is better off used. Financial stability gives you security for your bills, car, home, and your family. It gives you less to stress about. When you realize that you are giving up all of this, is that cool new gadget that all your friends have really worth it?

Big Image Over Big Bank

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