How do you make a sustainable income in an unstable economy?

Given the challenges of economic undulations (rise and fall) over the years, what are some of the ways by which individuals can improve their income to sustain a good living?

Best Answer

  • educative
    edited November 5 Accepted Answer

    Let us begin by defining Income.

    What is Income?

    According to the OL; Income is the money received for work or investment gains, usually on a regular basis. During unstable economies, it is difficult to ascertain income regularity.

    Sustaining a good living does not happen overnight. It is the outcome of enduring efforts towards starting a new job, business or investment and patiently working at it, for as long as may be required to achieve the desired results - good living. However, the steps to making sustainable income in an unstable economy depend on an individual's scenario.

    Scenario ONE: You don't have a Job, Business or Investment at hand:

    Here, you have more work to do. Here's a list of steps that could help you get started faster on earning income for sustaining a good living;

    1. Identify important needs around you (locally or globally)
    2. Find out what it takes to solve the needs. These are the gaps (knowledge, skills, funds, certifications etc.) standing between you and your ability to solve the identified needs.
    3. Create a plan to get you from your current position to the point where you are able to solve the identified needs. This might require you to:
      1. learn a new skill or improve on an existing one
      2. get more information about the need you intend to solve (say market research, surveys etc.)
      3. volunteer your skills to validate/test your mastery of the new skills (consider learning soft skills that complement your hard skill(s)).
    4. Execute: Begin to tackle the problem/identified need. Remember to start small based on available resources, but keep your eyes on the big-picture. For instance, if you intend to solve the problem of high infant mortality rates, you may begin by educating people in your area on the importance of child immunization. I know that sounds like community/humanitarian service, yet it can be a great social business when the act is driven with a motive of helping people as opposed to profit-first.
    5. Assess, Improve and Repeat: At this point, you should certainly take some time to reflect on your progress so far. Conduct a personal assessment in line with your initial plan in step 3. Identify areas needing improvements. Implement necessary changes. Keep on repeating steps 1 - 5 continually until you start having a sustainable income stream.

    This takes us to the second scenario.

    Scenario TWO: Assuming you have a job, business or Investment at hand:

    Working on a job, business or investment could be challenging. This requires adaptability, customer priority and a growth mindset. customers/consumers' needs and/or marketplace demands/technological changes.

    1. Adaptability: Be quick in adapting new processes, technologies and tools that can help maximize profit. Remember the story of Typists who failed to learn how to use Computers. They went out of business in no time, inevitably losing their income.
    2. Customer Priority: Pay attention to delivering services that consistently satisfy the needs of your customers. This might mean different things depending on the nature of your work or business. Also, go the extra mile in knowing more about your customers and how you can better serve them. Long before the commencement of home-delivery services, people would have to leave the comfort of their homes to purchase whatever they wanted. Nowadays, many businesses now see home delivery as an integral key to satisfying customers needs and retaining profits.
    3. Growth Mindset: When it comes to sustaining regular income in your job, personal businesses or investments, never rest on your oars. Life is like a spectrum. For everything you may be doing now, that looks insignificant to you, there are lots of other people desiring to have similar opportunities. This means you should resist temptations to relax your efforts. Rather focus on growing by improving on what you do daily. Every improvement you make in your work or business has the potential of increasing your income and helping you make more towards sustaining a good living.

    Thanks for asking @innoexcell. I hope this helps a majority of students or graduates raise a sustainable income for themselves and families. Cheers.

    OL - Oxford Language Dictionaries

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