Campus Connect || FINANCIAL STABILITY [Club75]@daprado1999

Financial Stability is success acquired when it comes to acquiring wealth and meeting basic needs as an individual comprising of food clothing and shelter. Financial Stability can be attained when you possess investments assets valuables and a steady income source which is not altered due to climatic change or other factors that impede financial growth.

FACTORS THAT ENHANCE FINANCIAL STABILITY

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• MULTIPLE SOURCES OF INCOME

As an entrepreneur to sustain finance there must be this element of diversity in sources of income. It is crucial to note that multiple sources of income enhances financial stability. I would be using instances

scenario;
^{Adewale is a civil servant paid 40,000 now needs in the home supercedes the wage. He is smart enough to have a fish farm and a provision store where inome floods in. He would attain financial stability because profits realised can manage his expenses}

• SAVINGS

This is very crucial too. You need to have savings before expenses. The savings weather's the storm during financial crisis. You could always reckon to savings during emergencies. Save today to avoid financial hiccups and attain financial stability.

scenario
^{Mr. Akin is paid 50000 and he writes an email to his bank to take 25% of his earnings into a fixed deposit account and annually he earns 150000 from his savings alone}
source

• PREFERENCIAL SCALE

In business choosing the needs over the wants Is very vital. Do not try to live a flamboyant life all in the quest to gratify selfish desires. Preference scale of investment too is very key to attaining financial stability.

scenario;
^{Dele needs a piece of land for a business of pigry and his friend Kunle just got a car and is inviting him for his old school reunion party, he feels the quest to buy a car and forfeit his investment choice. Scale your needs over want}
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• OUTSTANDING SERVICES

As an entrepreneur dedicate yourself to being outstanding . Try to bring out the best in products you manufacture and brand. The best always attracts a profitable market. Branding the best o products would certify your financial stability because you would beat all competitors in the same market.

scenario;
^{Daniella produces her cosmetic brand with quality and expensive raw materials, Mrs Okon enters the same market and with less quality raw materials tries to beat her rival. Mrs Daniella has outstanding product with great branding qualities, she eventually beats Mrs. Okon in the market and gets digital or online orders as well as lots of customers trooping}

I believe we all have learnt from my blog