Things You Can Do For Financial Stability

[Maria]

Financial stability means...

• You have money for emergencies, for example, you encounter an accident and you have money to pay your hospital bills.
  
• You have multiple income sources and if one income source stops, you will still have income to pay your bills.
  
• You have passive income source and even if you lose your active income, money is regularly coming.
  

So, how can you become financially stable?

• In order to become financially stable you will have to do the following things:
  
• Save money in emergency funds. You can save 4-12 months of your monthly requirements, i.e. f you need $1000 in a month to pay your bills, you need $4000-$12000 in your emergency funds.
  
• Buy life insurance, health insurance, auto insurance, home insurance, etc. When you are insured, you will get coverage for accidents, losses and damages.
  
• Build investment portfolios. If you have invested in the market, you will have assets that can help you make money passively.