Creating a stable source of income.

Creating a stable source of income is a goal each individual strives for, especially in our economy today where traditional employment is uncertain.

Being dependent on salary as an employee in a company or organization is not a stable source of income because uncertainties will occur, you may be sacked unexpectedly or the organization may experience a downturn which would make you lose your job because the owner could not continue hiring or paying employees their salaries. The worst thing for a man is to depend solely on salary because no one knows what may happen tomorrow. Your boss could decide one day to give you the shocking news that you aren't needed for the service anymore.

A man who has worked hard for some years and does not think of diversifying, and even has a family to cater for because he thinks his boss is being nice, thinking he wouldn't be stopped someday would live to regret if he doesn't think of having a stable source of income to himself which there wouldn't be any issue of being sacked, sent out or cheated because you are solely the owner.

Depending on salary isn't a way to make wealth financially, but to have other sources of income which are passive income. Your passive income might come from another source aside from your salary. It may be blogging or real estate agent. It may be owning a business of your own and managing it well. With this, there wouldn't be any problem because you are in control and the boss.

I believe if you are a salary-earning person while you are still single, there is still a chance to keep saving for emergencies so that when the worst happens, there would be funds to help you invest in businesses and earn passively while looking out for another job opportunity because the goal is not to settle for one source of income, but 2-3 while venturing into a stable source of income. But for a married individual, it may be difficult at some point especially when you need to cater for the family, pay bills, settle debts etc and by the time you are done with those, even if there would be something left, it would be little, but having so many responsibilities doesn't mean one shouldn't save. As the little amount you put or set aside somewhere safe, it would turn big at the end of the day.

What I am trying to say here is not to depend only on salary as that is not enough to build wealth. A rich man doesn't depend on salary but creates passive income for himself which enables him to invest and diversify in other places.

Another way to create a stable source of income is by building new skills. There are various skills one could start online like programming, excel, data analysis etc. Sites like Udemy, Coursera, Udacity, and Alison are great sites to get quality skills to start with as opportunities may arise anywhere for you. With this skill, you can work from home while making money and building your financial independence.

Above all, diversifying your income streams is another way to create a stable source of income. When you have different sources of income, even if one collapses or dies, it would be easier to fall on another and keep surviving. For example, you might have a freelance job and a side business alongside instead of focusing on just one source of income.

Networking is another great way too. Building solid and quality relationships with people will bring you job opportunities, freelance work, and potential clients for your side business.