financae stabliity

Timothy discusses the signs of financial stability in this video. He emphasizes living below your means, having stable savings, mastering budgeting, managing debt repayments, making on-time bill payments, setting financial goals, and being consistent with your finances. He also suggests automating savings and bill payments for ease and efficiency. Following these habits can help individuals achieve and maintain financial stability. Hey guys, welcome back to the channel, my name is Timothy, and on this channel we speak everything personal finance, and when I say everything personal finance, start over. Hey guys, welcome back to the channel, my name is Timothy, and on this channel we speak everything personal finance, and when I say everything personal finance, I mean everything personal finance. In today's video, we are going to be diving into the world of money stability, and we're going to be seeing if you're on lock, if you're on track, if you're on the path towards financial stability. We're talking telltale signs that you're killing it in your finances, from budgeting like a boss to investing into your future. I got some stats and insights to see if you're on, I have some stats and insights to gauge where you are on your money finance. I got stats and insights to see if you're on path for your money mastery. I got stats and insights to see if you're on path for your money mastery. Because let's be real, achieving financial stability doesn't happen overnight. It takes discipline and time, and smart money habits. Get ready to take an honest look at your current money moves. We've got 10 signs that you're doing good financially, and we have 10 signs to look for to realize that you're doing good financially. 10 signs that you're doing good, that you're stable with your finances. And if you're checking off most of these boxes, congratulations. And if you're not, it's completely fine, or go stairs, go, go, out, get the shush. And if you're not taking off these boxes, it's okay. We have tips and tricks that you can do to get back on track. We have tips and tricks that you can do to get back on track. So let's dive into the habits, with the first one being ... So let's dive into these signs, with the first one being, you're living below your means. So let's dive into these signs, with the first one being, you're living below your means. Basically, it's spending less than you earn. And the simple fact is that 32% of Americans have mastered this habit. My love, stop. Go stairs, go, go, out, out. Out. And you have to stop. Here. Come here. Lay down, sit down. Sit. You have to sit down, lay down, down, down. Good girl. Just relax. Good. All right, where am I at? Living below your means, 30%, okay. When I say living below your means, I'm talking about the big three, the gap. I'm talking about transportation, living. I'm talking about transportation, housing, and food. You're not in a house that you can't afford. You're not buying more food. You're not buying unnecessary foods and going out to eat all the time. You're not overspending in the food category. And you don't have a car payment that is beyond something that you can afford. Tracking expenses is key. There are plenty of apps, spreadsheets, and you can even do good old-fashioned writing. And you can even write your expenses down on paper. But tracking your expenses is key so you can know whether to... And for you to really know that you're living below your means is that you have a good amount of money left over after the month that you are saving and investing. Which brings us to the second sign that you're doing well financially is that you have stable savings. Every month you're saving a certain amount of money and you're kind of staying on track. Shockingly, 40% of Americans can't... Shockingly, 40% of Americans can't cover a $1,000 expense. And the best way to be able to save more is by automating your savings and saving... By automatically saving your money into your account. This means that before you're... When I say automation, I'm talking the money that... The money doesn't even go into your checking account. It goes straight into a savings account that is in a different account. You don't even see this money that is automatically being saved. It's always good to pay yourself first and this can be almost guaranteed by automatic saving. By autom... And this... It's always good to pay yourself first and this can autom... It's always good to pay yourself first. And this can be guaranteed if you pay yourself. And this can be guaranteed if you automate your savings. And the third... And number three being budget mastery. If you are a ma... You don't have to be a master of your budget, but you have a... But if you... You don't have to be a master of budgeting, but if you have a plan, a layout of how much you're going to be spending this month, where you're spending your money, and you have a plan, a layout of how much you're going to be spending this month, and you have a plan, a layout of how much you're going to be spending this month, and where your expenses are going, where all... If you're keeping track of where all your money is going, then you might be... Then you might be going... Then you might be doing very well financially. Then you might be doing very well financially. A good rule of thumb is to follow the budget... A good... A good... A good budget to follow is the 50-30-20 rule, which states that 50% of your money goes to expenses, 30% goes to your wants... No, 50% of your money goes to necessities, 30% goes to your wants, and 20% goes to savings. There are other methods like... There are other methods like cash stuffing. There are other methods like cash stuffing and zero-based budgeting. Whichever you choose, though, a budget dictates that your money is just not being thrown away. It is being tracked and going to specific categories at specific amounts. And another sign that you're doing well financially... And another sign that you're doing well financially is debt repayments. And another sign that you're doing well financially is debt repayments. Too much debt can drain your finances. It can derail your finances. Too much debt can derail your finances. It's never good to have too much debt, especially when it comes to consumer debt. You don't want to have maxed-out credit cards that aren't being paid off every month because they are then gaining interest. As well as fees attached to a lot of these credit card companies. As well as fees attached to a lot of these credit card companies. In fact, the average American household has $8,000 in credit card debt. And a good sign that you're doing well financially is if you're paying off your credit cards every single month and not incurring any late fees. Or gaining any interest on your credit cards. Or gaining any interest on your credit cards. And if you do have debt, then a good way to get rid of your debt is... And if you do have debt, a good way to get rid of your debt is methods... And if you do have debt, there are two good... And if you do have debt, there are two methods that I go by that you can get rid of it. There are two... And if you do have debt, there are two methods that you can use to get rid of it. One is called the debt snowball, which is paying off the lowest balance and then gradually working your way up. And the next one is called the debt avalanche, which is paying off the highest interest... Which is paying off the highest interest... Which is paying off the highest interest debt and then continuing down to the... Which is... Is the debt avalanche. Which is paying off the highest interest debt first. Which is paying off the highest interest debt first and then continuing low. Which is paying off the highest interest debt first. And then... Which is paying off the highest interest debt first. And then continuing all the way until you get to the lowest debt. And then continue all the way until you get to the lowest interest rate. And on-time bill payments. If you're paying your bills on time, you're never late to pay your water bill, your electricity bill, your gas. You're paying your insurances on time. And a great way to pay these on time is by automating your bill paying. Just like automating your savings, you should be automating your bills so that every month they come out automatically and you have money going to a certain account that pays your bills. And other bills like credit card. If you're paying your credit... And bills like credit cards. If you're paying your credit card bills on time and in full, that shows that you are financially smart. And you're being smart with your credit cards because credit can be very dangerous if not managed correctly. So, good job. I'll take that as a good job. And like I said, a good way to be sure to pay all your bills is by setting up automatic payments on the due date. This is something that I do. All my bills get paid automatically, so I really don't have to think about... I really don't have to log in and pay them. They just get paid. All the money goes to a certain account. All the money goes... The money for the bills get automatically saved into a certain account, and those bills get paid from that account automatically every month. And also, if you're goal setting, clearly defined financial goals keep you on track. Clearly defined financial goals keep you motivated... Clearly defined financial goals keep you motivated and on track. Stable individuals follow smart methods for... Stable individuals follow smart money methods. These goals are realistic, specific... These goals are specific, measurable, realistic, and time-bound. And when you're goal setting, you also have short- and long-term goals. Your short-term goal might be something like... And if you have a short-term goal of, say, maybe an emergency fund or a vacation, and you're also having long-term goals... And if you also have long-term goals of down payments or buying a new car in cash, you definitely might be on track with your finances. And one of the most crucial ways to tell if you're on track with your finances... And one of the most crucial ways to tell if you're... And one of the most crucial ways to tell if you're stable finance... And one of the most crucial ways to tell if you're stable finance... And one of the most crucial ways to tell if you're financially stable is if you're constantly investing. Is if you're consistently investing. If you're consistently investing every month into your Roth IRA or your 401k or into your Roth IRA and your 401k... If you're constantly investing into your Roth IRA and your 401k... Hey! Come on! Stop walking! Shh! Shh! Off! Off! Shh! Sit down! Sit! If you're constantly investing into your 401k or your Roth IRA, you may be doing pretty well financially. Milo! Shush! Sit down! Sit! Come on! Sit! You gotta be quiet! Sit! Shh! You gotta be quiet! Sit! Shh! While saving is crucial, investing may be even more important because this is really the savings for your future. But investing may be even more important because it grows your wealth. But investing may be even more important because it helps grow your wealth at a rapid pace. Investing may be even more important because it helps grow your wealth at a rapid pace because of compound interest. At a minimum, if you're contributing to your 401k to get the employer match and if you're able to contribute to a Roth IRA. At a minimum, if you're contributing to your 401k to get the employer match and if you're able to contribute to a Roth IRA. At a minimum, if you're contributing to your 401k to get the employer match and if you're able to contribute to a Roth IRA. And if you're able to contribute to both, then you may be doing pretty well financially. And if you have proper insurance, you may also be doing well financially. You want to be sure if you have all the insurances you need, life insurance, health insurance, car insurance, furniture insurance, home insurance, then you may be doing pretty well financially. Insurance is here to protect you if anything ever happens to you and you don't want to be caught without it. Adequate, a good amount of coverage protects your finances from going off rails. Adequate, a good amount of coverage protects your finances from going off rails. Adequate, a good amount of coverage protects your finances from going off rails. If something were to happen to you and you have insurance covering you, If something were to happen to you and you have insurance covering you, you won't have to come out of pocket as much as if you didn't have insurance covering you. And you wouldn't have to come out of pocket as much as if you didn't have insurance. And another sign that you're doing well financially is if you're ignoring FOMO. That is the fear of missing out. You go on Instagram, you go on TikTok and you see all these people traveling, but you don't really know their financial situations. You don't really know them at all. So if you are ignoring FOMO and not, if you are ignoring FOMO. So if you are ignoring FOMO and not worry about the Joneses or the next person across the street or this person going there, this person going here, you're doing well financially. By default. Jones over here, over here. You're showing great mental. You're showing some great mental fortitude. You're showing that you have a strong vision. You're showing that you have strong willpower and not go out and spend money on something that you may or that you might not be able to afford just because you're fit. Just because you have the fear of missing out. Financially fit people make decisions based off their needs, not their wants. Financial fit people make decisions based off their needs. They're not easily influenced by. They're not easily influenced by societal pressures. Or influence or envy. Or influence or envy. Financially fit people are immune to FOMO. Their choices are calculated and not impulsive. And finally, a lack of money stress is probably the biggest sign of financial stability. A peace of mind. You're not stressing about finances when you go to sleep. Finances aren't keeping you up at night. Finances aren't what you think. Finances is not all you think about. Finances are not all you think about. And finances is not all you think about at work. And finances are not all you think about at work. When you control your finances, the worries fade. When you have a budget, your worries fade because you know how much money is coming in. You know how much money is coming out. The more proactive you are with your finances, the more calm you can be about them. When you don't know where your money is going. When money is coming in your check and leaving the net. When money is coming in your check and it's already gone by the weekend. When money is coming in your check. When money is coming in and it's already gone by the weekend. This gives you. This gives off alerts. This gives off. This gives off. When money comes. When money comes in your check. When money comes into your account and it's gone by the weekend. This gives off alerts. This gives off alerts all over the place. This is no good. And this is why you would be stressed about money. But when you have your money in control, you can sleep. When you have money in control. But when you have your money under control, you're not. But when you have your money under control, you're not worried about how much you're spending. You're not worried about how much you're spending if you go out to eat. Because you know how much you should be spending. And if you're struggling with financial stability, there are plenty of. And if you're struggling with financial stability, there are steps that you can take. And if you're struggling financial. And if you're struggling with financial stability, there are steps that you can take to improve your situation. In three great places to start is by budgeting. Paying down debt and building an emergency fund. If you can do those three things, this is what I want you to do. If you can do those three things, this is what I want you to do. I want you to try to do these three things for one month. I want you to try to do these three things for one month. Create a budget for yourself, which I have a video talking about the 50-30-20 rule. Create a budget for yourself, which I have a video talking about the 50-30-20 rule. And budget in how much you're going to be paying towards debt. And budget in how much you're going to be paying towards debt. And not going to pay down your debt. And not going to pay down your debt. And then create an emergency fund. And then create an emergency fund. And then start an emergency fund of say $1,000 or $2,000. Just get some money saved so that you can start building the habit of saving. Just get some money saved so that you can start building the habit of saving. Just get some money saved so that you can start building the habit of saving. And some other ways to improve your finances. And some other ways to improve your finances. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. And some other ways to improve your financial situation is to gain personal finance knowledge. There's so much information out there that you can consume to improve your finances and get tips on how to get better in finances and improve your financial stability. There's so much information out there that you can consume to improve your finances and get tips on how to get better in finances and improve your financial stability. There's so much information out there that you can consume to improve your finances and get tips on how to get better in finances and improve your financial stability. There's so much information out there that you can consume to improve your finances and get tips on how to get better in finances and improve your financial stability. There's so much information out there that you can consume to improve your finances and get tips on how to get better in finances and improve your financial stability. 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