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What do you consider financially well off?

Question:

What do you consider financially well off?

Money:

Money is any item that is accepted as payment for goods and services offered. It was invented to replace barter trade and has proved to be more efficient. Money is used to measure the worth of something.

Answer and Explanation:

The following are what I consider financially well off:

  1. When you are not late with payments. Being able to pay bills ahead of time is an indicator of financial stability.
  2. When you able to purchase the things you want. Financially unstable people can only buy what they need and not what they want. If you find yourself in a position where you can afford what you want at any time, then you are well off.
  3. When you are not worried about losing your job. People worry about losing their jobs since the lack of a paycheck is a call for financial disaster. If you do not stress over this kind of situation, then your finances are in balance.
  4. When you don't feel guilty about spending on special occasions. People find special occasions like vacations and birthdays a budget disaster since they spend a little too much. Financially stable people do not stress about spending on occasions since their budgets are flexible enough to accommodate these expenses.

Learn more about this topic:

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What Is Financing? - Definition & Types

from Corporate Finance: Help & Review

Chapter 8 / Lesson 7
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