Kennysplash
Verified member
There are three types of financial status.
1. Vicious cycle of poverty. This involves
I . low income earnings
Ii. low savings or no savings
iii. low standards of living
Iv. limited opportunities for next of kin.
2. Financially unstable. This involves
i. Living beyond means
ii. Poor management of personal finances
iii. Low savings
iv. No assets and capital accumulation
3. Financially stable. This involves
i. Having a plan for obtaining financial resources
ii. Planning and management of personal finances
iii. Investing earned resources
iv. Having full control of financial future
Levels levels of financial status
i. Emergency situation. Expenses exceed income
ii. Bad situation expenses equal income
iii. Good situation. Expenses below salary income
iv. Financially independent. Expenses below asset income.
Use this to analyze where you fall and take the needed steps to improve.
1. Vicious cycle of poverty. This involves
I . low income earnings
Ii. low savings or no savings
iii. low standards of living
Iv. limited opportunities for next of kin.
2. Financially unstable. This involves
i. Living beyond means
ii. Poor management of personal finances
iii. Low savings
iv. No assets and capital accumulation
3. Financially stable. This involves
i. Having a plan for obtaining financial resources
ii. Planning and management of personal finances
iii. Investing earned resources
iv. Having full control of financial future
Levels levels of financial status
i. Emergency situation. Expenses exceed income
ii. Bad situation expenses equal income
iii. Good situation. Expenses below salary income
iv. Financially independent. Expenses below asset income.
Use this to analyze where you fall and take the needed steps to improve.