What Is Your Financial Condition Right Now?

[Good-Guy]

The term "Financial Conditions" refers to the financial status of any company, organization, or any individual. The more capital or assets an individual, organization, or a firm holds, the more improved its financial condition would be. Unfortunately, the assessment of financial conditions is not that easy on a bigger level. In the study of macroeconomics, the financial conditions of a country are assessed by the total evaluation of debts and the balance of payments in the particular fiscal year of the country and I think the same is the analytical method of analyzing the conditions of any person or firm on a lower level.

Financial situation also depends on the total income and expense management strategies utilized by a company or a single person in order to cut the cost and use economical strategies to improve the financial condition. This is why it is really important to make effective plans in order to stop risks and make more profits by increasing sales or trading in a better way in order to avoid bad financial conditions. Financial conditions of many companies might differ each year. This is true as we can see that many companies went through a bad times during the pandemic. So what's your conditions right now?

 

[Abigael]

Those are very good points you have mentioned. It is very important for a company or the country at large to assess its financial condition. Even on an individual level, assessing it is very beneficial for building financial stability. I like that you have mentioned the factors to consider when assessing financial condition. One being the amount of debt that a person has. Having too much debt than what you are able to pay means your financial condition is so poor. Then also one should check their expenses. If your expenses are too high than what you can afford, then it is best to let go of some of them.

Personally, my financial condition is pretty good. I don't have any debts right now and I can afford to pay for most of my expenses and bills. Sometimes back, I had so many debts and my financial condition was so poor. I had to increase my earnings so as to pay off all debts and start being able to pay for my expenses.

One should take time and assess this important aspect of persons financial management. The good thing is that on a personal level, it is easy to assess it alone. But for businesses and companies, they may hsbe to hire a professional.

 

[Good luck]

My financial condition is not bad at the moment,it is just that the economy is not stable and things are quite expensive beyond what one can imagine due to high rate of dollars.It keeps increasing and it is affecting the market everyday.It is not even easy to save money at the moment because what you earn is not even enough for you to take care of your needs.Especially when you are family man and you have a lot of bills to take care of apart from your immediate one ranging to your extended family.It will really affect the condition of your finance.

 

[Kingsley]

Hmmm, this is indeed a tough question for one to be sincere about as many will not want to disclose the true position of the I financial situation publicly. To be candid the financial situation generally in my country is very bad, as we have been hit by recession twice in this current administration alone, couple with the covid19 pandemic that is ravaging the whole world and world economies. This thing about the covid19 was really tough on businesses here in Nigeria and the government here did not even helped the matters here in Nigeria as they hid the food and cash stupid thay was suppose to help the people to at least manage themselves during the trying times and there was virtually no hope for the people. Many resulted to stealing and ill other negative social behaviours.

Infact it was very hard on the people and they had no hope what so ever coupled with the police harassment and killings here and there, which lead to the end scars protest and lives were still lost in the process. But at the long run people are just struggling generally, Twitter was ban and crypto was also ban this really affected alot.

 

[Good luck]

My financial condition is not bad at the moment,it is just that the economy is not stable and things are quite expensive beyond what one can imagine due to high rate of dollars.It keeps increasing and it is affecting the market which makes it almost difficult to have good savings and to also have good financial state of one's income.

 

[Alexandoy]

I have no business and what I can share is my personal financial condition. This is not to brag but I received a big sum from the employer of my late wife for her benefits. The money are all my 2 bank accounts and I am at present searching for a good investment. With regards to my wealth my lifestyle has not changed and I have no intention of spending the money for luxuries. I am a simple man with simple wants so I will continue to be like that. In my rough estimate I could live in this lifestyle for more than 30 years with my money in the bank. It can be longer if I can invest the money and earn some interest to fight off the inflation.

 

[moonchild]

I'm in debt at the moment around $100, it's a debt that I can't escape because it involves my education and because of that I have to take a loan from a family to offset, even though there isn't any pressure to pay off the loan, I don't just like staying in debt, I have some payments lined up and as soon as they land I'll clear it, I think this is the first time I got in Debt.

Even though I know I've squandered money unreasonably through buying expensive things that I clearly can't afford but that won't repeat itself anymore we live and we learn.

Right now, I don't pay rent and I don't pay electricity or water bill, my only expense is food which is very expensive especially the kind of food I consume mostly organic vegetables and protein, then gym membership which stands at 20$ monthly.

It's not easy thought, finances are very important in life because they are the core difference between living and merely existing, that's why grinding hard is a most no excuses at all.

Henceforth, I wouldn't let myself get into that kind of debt, I've taken some measures that will ensures it never happens again