For Gloria, financial security is the people that secure the finances of a company i.e. the security men that protect thieves from getting into the building of a company. Without the security men, anyone can just walk in and steal from the company. This is why every company should have financial security, because, if no one protects it, the company will lose all its money to thieves.
While the above perspective would elicit a chuckle from any knowledgeable individual, Sola’s opinion of financial security proves quite hilarious. Nevertheless, it makes some security sense, in a way.
According to her, financial security means keeping your money by yourself because the banks and insurance companies are not that secure.
“What I do is to keep my money in a savings box in my house and hide it in a safe place,” she says. “Once I put money in there, the money can’t come out unless I break open the box. With this, I know where my money is and I can have it all whenever I want – no commissions, no hidden charges. To me, that is financial security.”
Akpan, however, has a different opinion of financial security. To him, it means putting all your money in one place and saving it in a bank that won’t “fall your hand”.
His reason is that, in times past, there have been too many cases of banks becoming distressed and people losing their money afterwards. He, therefore, advises that to have financial security, you should put your money in a bank that is old and stable. That way, you are sure that your finances are secure.
Needless to say, these perspectives, as funny and reflective of the layman’s opinion as they might be, are laden with loopholes and are far from the true facts.
So, what exactly is financial security?
Quicken.com defines financial security as the peace of mind you feel when you aren't worried about your income being enough to cover your expenses. It also means that you have enough money saved to cover emergencies and your future financial goals.
What this means is that when you are financially secure, your stress level reduces, leaving you free to focus on other issues.
Are you financially secure? Are you enjoying the peace of mind that comes with knowing your money is safe?
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That is what financial security truly is.