What does “financially stable” mean to you?

[QueenIsabella]

Won’t hurt them to do a menial job or two either. It teaches kids humility and that they aren’t too good to have to wash a dish or bus a table. Getting paid for a job well done is great experience for anyone, whether it’s at a fast food restaurant or a career position. It starts at school but it continues through entry level jobs then into a life’s work.

Exactly! Every job has value, even low-skill ones, like sweeping the floor. And I've heard from numerous people who, say, spent the summer picking vegetables or hauling boxes, that it encouraged them to do well in school, so they wouldn't have to do it for a lifetime.

My two youngest are both baristas--not a bad skill, they can always keep the wolves from the door. They do it for spending money--both really like having control of their own money. But they're also learning useful skills, from customer service to doing jobs you don't care for. Even, how to deal with a boss who's difficult.

 

[ABDUL-RAFIU]

To me, being financially stable means having enough money to cover all my needs without stressing about it. It's about having a steady income, manageable expenses, no debt and some savings for emergencies or future plans.

 

[barkley]

Exactly! Every job has value, even low-skill ones, like sweeping the floor. And I've heard from numerous people who, say, spent the summer picking vegetables or hauling boxes, that it encouraged them to do well in school, so they wouldn't have to do it for a lifetime.

My two youngest are both baristas--not a bad skill, they can always keep the wolves from the door. They do it for spending money--both really like having control of their own money. But they're also learning useful skills, from customer service to doing jobs you don't care for. Even, how to deal with a boss who's difficult.

dh attended private schools. the system he attended was primarily boarding schools once you hit high school (9-12th grade). a requirement of that system was that ALL students had to be employed during the academic year. there were on campus jobs and ones arranged around academic hours with nearby buisnesses. everyone was paid at least the minimum wage of the state they were located in and handled exactly like every other employee (taxed, hr rules unchanged...) BUT they were required to turn a set percentage of their pay over to the school to be credited towards their tuition/boarding fees. this was not optional and parents could not pay everything in full so their student could opt out. the reasoning behind this requirement was so that students would develop a work ethic, gain insight into balancing work and other obligations, learn some financial literacy with money they had earned-and have a dog in the fight as far as the cost of their education (with first hand knowledge of the work that went in to pay for it). dh has shared how there were def. preferable jobs that entailed less physical labor and paid a bit more but they tended to be ones that you had to have specific skills to do so it encouraged the students to seek out learning and experiental opportunities if they wanted to advance in their employment. dh said they grumbled about it as students but in hindsight he realizes how valuable it was to him personaly and professionaly.

 

[QueenIsabella]

dh attended private schools. the system he attended was primarily boarding schools once you hit high school (9-12th grade). a requirement of that system was that ALL students had to be employed during the academic year. there were on campus jobs and ones arranged around academic hours with nearby buisnesses. everyone was paid at least the minimum wage of the state they were located in and handled exactly like every other employee (taxed, hr rules unchanged...) BUT they were required to turn a set percentage of their pay over to the school to be credited towards their tuition/boarding fees. this was not optional and parents could not pay everything in full so their student could opt out. the reasoning behind this requirement was so that students would develop a work ethic, gain insight into balancing work and other obligations, learn some financial literacy with money they had earned-and have a dog in the fight as far as the cost of their education (with first hand knowledge of the work that went in to pay for it). dh has shared how there were def. preferable jobs that entailed less physical labor and paid a bit more but they tended to be ones that you had to have specific skills to do so it encouraged the students to seek out learning and experiental opportunities if they wanted to advance in their employment. dh said they grumbled about it as students but in hindsight he realizes how valuable it was to him personaly and professionaly.

Sounds like a good system. We're blessed to have the resources to pay for our kids' college--it helps that the three currently attending are going close and cheap. But, we require them to pay for their books and incidentals. These days, you can save a lot on books, renting, getting the subject matter online, etc. It's up to them if they want a cheap option or not. And of course, they're much more judicious in their spending, when it's their own money.

DS18 whacked a pole while in his brother's car--no biggie, but $2000 to fix. He knows he has to pay for it. No whining, no fuss--he accepts responsibility. On the good side, the repair shop found the replacement part at a junkyard, which saved him a few bucks.

 

[NotUrsula]

I'd say that "financially stable" and "financially secure" are not quite the same thing in my mind.

The first implies that you have a solid steady income, some savings, and perhaps manageable debt, but will be just fine if a major (but not catastrophic) emergency strikes (say, something costing up to about maybe $25K).

"Financially secure" implies that you have no debt at all, plus enough savings stashed away to handle just about any catastrophe that might befall you, including a member of the family becoming fully disabled on a permanent basis.

I'm financially stable. I am debt-free and own my own home free and clear, but my savings isn't yet large enough to carry me indefinately if I cannot work at all. Technically, I'll be eligible for Medicare soon, but I'm going to hold off on collecting my SS until I reach full retirement age. (We still have a 16 yo to educate.)

 

[gmi3804]

My friends were buying motorhomes and boats and burning through their money I bough a home and set out to pay it off.
Joined two pension savings plans.
Enjoying it all now without any serious bills other than occasional fuel and water bill.

Solar on the house charges the cars and no electric bill.
Live below your means.

Don't say to heck with the future, the future says to heck with you.

Yes. I wonder how many of the seniors in a previous post who had to decide which items to put back on the grocery shelves because of lack of money had a YOLO attitude towards things like Disney vacations and keeping up with the Joneses-type items when they were younger.