“Millions wish for financial freedom, but only those that make it a priority have millions.”
― Oscar Auliq-Ice

Financial security is a universal desire. There is hardly a person on this planet who wouldn't want to be financially secure and stable. After all, who wouldn't like to be released from fears of an uncertain crisis and unpaid debts, isn't it?

If the pandemic taught us anything, it was to be prepared for just about everything that life throws at us. Even the most financially secure nations of the economy stumbled as COVID-19 trampled through our carefully laid out plans for the future.

As the global economy struggles to get back on track, with inflation and the possibility of recession soon, building a solid financial foundation has become integral. And in recent years, this has been a hot topic of discussion amongst leaders and experts at the international level, such as the upcoming finance and real estate event in Dubai, the MoRE 2.0 Conference.

Even on a personal level, people are slowly becoming more aware of the importance of having a financially secure life. In fact, studies show that the younger generations today are more inclined towards financial security and stability than their successors.

However, building a financially secure future isn't a piece of cake. Instead, it is a continuous process that requires discipline, dedication, and a few smart moves on your part.

Wondering what those smart moves are? Read ahead as our experts at the international finance and real estate event in Dubai share legit and exclusive tips to build your financial security.

Financial Security: What Is It All About?

Before understanding how one can build a financially secure future, let's understand the concept of financial security in depth.

Experts at the upcoming finance and real estate conference in Dubai, the MoRE 2.0 Conference, point out two different perspectives to understand the concept of financial security. These two are:

• Financial security as a state of mind
• Financial security as a state of finances

Financial security as a state of mind is simply the mental state of peace and confidence stemming from the fact that your and your family's needs are being taken care of. When you are financially secure, you can quickly meet your needs and desires without feeling guilty and hesitant while being bothered by worries about the future. It brings about a state of empowerment within an individual.

As a state of finance, financial security is a process that requires planning and methodical savings. Smart financial planning results in a financially secure future.

Combining these two factors gives us the meaning and understanding of financial security. There is a highly prevailing misconception that to be financially secure, you need to have millions stacked up in your bank.

However, that is not the case. It isn't unheard of celebrities, athletes, and other such famous personalities who have made a fortune and then lost it just as easily. This shows that financial security isn't only about making money. Instead, it is about making smart decisions regarding that money. In a nutshell, being financially secure means-

1. Being debt free.
2. Having control over your money.
3. Being prepared for unforeseen and future emergencies.

Why Do You Need To Be Financially Secure?

So, what is the need for financial security in our lives? Why do financial advisors across global events such as the MoRE 2.0 Conference, an international finance and real estate event in Dubai, emphasize making financial security a habit?

For the starter, any financial, emotional, or professional insecurity is a direct breeder of stress. And stress and mental peace doesn't quite go together. Apart from that, here are a few more reasons to be financially secure.

1. For Your Peace Of Mind

   The first and foremost reason you need to be financially secure is to have much-needed peace of mind. When you don't have to worry about debts or unpaid bills and can easily meet all your desires and needs, your mental state is automatically adjusted to peace and satisfaction.

2. To Have A Safety Net Against Unforeseen Emergencies

   When financially secure, you do not have to be bothered about sudden unforeseen emergencies and changes. The COVID-19 outbreak is an excellent example of unpredictable changes that could completely shift our lives. While uncountable lives and families were disrupted during this pandemic, many survived because of a robust financial foundation.

3. Gives You Time To Get Back On Your Feet

   Let's say you suddenly fell ill and are advised a good amount of rest to recover. Would that be possible if you are worried about your job, daily income, or your finances being affected? Being financially secure gives you time to get back on your feet instead of sweating about your finances.

   Experts at an international finance and real estate event in Dubai stated that income protection and critical illness cover could give you some breathing space, help you get back on your feet first, and determine if adjustments need to be made later. Having a policy to fall back on also means you don’t have to rush into making a decision.

4. Securing Your Family's Future

   The best benefit of being financially secure and stable is that you can also make your family's life safe. With the rising prices of essential commodities and extensive market competition, the importance of securing your family's future can't be undermined.

8 Legit Tips From MoRE 2.0 Conference’s Experts To Help You Build Your Financial Security

Here are some legit expert tips from the experts of the upcoming MoRE 2.0 Conference that could help you build your financial security from the ground up. Let's dive in!

1. Start Early!

   The first step to financial security is to have sufficient funds saved. Saving is a habit that takes time to develop, so it is always suggested to start savings as early as possible. Experts at the international finance and real estate conference in Dubai, the MoRE 2.0 Conference, emphasize making savings a habit as early in life as possible. The earlier you start, the less worries you have for your future.

2. Diversify Your Investment Portfolio

   Another legit strategy experts and professionals heavily stress diversifying your investment portfolio. But what do we mean by diversifying your investment portfolio? Simply, it means investing in different investment opportunities rather than sticking to one because there is no better way to churn your income than investing in various financial instruments.

   However, sometimes we tend to stick to one kind of investment rather than exploring other avenues to play safe. This habit prevents you from opening multiple income streams and strengthens your financial security.

3. Invest In Retirement Savings

   Retirement is not something we even consider, thanks to the hustle culture prevailing in our society. However, we need to understand that there is only a certain age until we can hustle and work. And according to Gallup, that's 66 years for an average American. Therefore, to secure your financial future, experts suggest starting to invest early in retirement savings.

4. Make Savings A Habit

   Savings is not a fun prospect. We all want to spend money on our heart's desires rather than controlling them and setting out money for the future. However, when it comes to building your financial security, savings is the foundation it stands upon.

   Experts and finance professionals of the MoRE 2.0 Conference, an international finance and real estate event in Dubai, stress savings as a habit that should be instilled from an early age.

5. Don't Save To Save!

   Sometimes we just keep accumulating money in our bank accounts in order to be financially secure. And while that serves the purpose to some extent, accumulating money in your bank isn't the most innovative way to achieve financial security. Instead, use some of your savings in investment opportunities to keep churning your saved income and continue to earn more. Savings in your bank wouldn't help you to grow that income. Instead using your savings to invest is the way to go.

6. Take Risks

   As Virgil said, “Fortune sides with him who dares.” Along with developing a habit of investing, it is also essential to establish a habit of taking risks. However, the risk doesn’t mean gambling out all your money. The aim is to invest in financial instruments that may be a bit risky but give you sound financial gains.

   Taking risks with your finances also doesn’t mean impulsively investing money in high-risk instruments to gain quicker and better gains. Instead, it is about exploring different ventures and making well-researched, informed decisions.

Conclusion

Financial security is not just a desire in today's fast-paced world. Rather, it's a need. Unfortunately, many are still unaware of the need to be financially secure. Because not only does it benefit us, but it is also integral for those connected with us, such as our families. While there are many misconceptions regarding the concept of financial security, it is simply the habit of making intelligent and informed financial decisions.

And with these few simple tips, as experts of the MoRE 2.0 Conference suggested, you can start your journey to building a firm financial foundation today.

So what are you waiting for? Start building a secure future for yourself and your loved ones right away!