by Stanley Courage Dugah

Created on: June 28, 2009   Last Updated: July 10, 2009

With most of the big economies of the world on the brink of economic Armageddon, and the unpredictable nature of our own economy, the need to make money is more necessary than ever.

You and your partner may be employed, having a fully paid home, together with the basic necessities of life and the needed luxuries. You may be of the mind that you are in a comfort zone, and for that matter don't need to think about making more money. If you go around thinking you're financially stable, then you're sincerely wrong!

The term "financial stability," is now an ambiguous term in this times of economic meltdown. Does it mean to have a stable job and a nice house or to own a multinational company? It's quite a tricky question isn't? Get ready, however, to become clear about what it means to be financially stable and why it is necessary for you to make more money.

I used two examples above to illustrate what people generally think as financially stability, and they are both off target. Having a stable job and an already paid home doesn't guarantee anyone eternal financial freedom. You may get laid off at any time, and even if you're self employed there is the possibility of your business busting.

Owning a multinational company, even doesn't count much if you don't have the requisite money management skills. An unpredictable fall in the value of you're shares could render you poor in no time, and make you helpless overnight, if you don't have any other sources of income. Thus, you can only call yourself financially stable if you have two or more sources of income, and have in place the necessary money management skills such as saving, diversifying of your investment, and cautiously putting your money to work to earn more.

If you're still not convinced about the need to make more money then consider the reasons outlined below.

1. Saving for Retirement
Know that a time will come when you'll no more have the strength to work with anymore. During this time there is no way you can survive if you haven't saved anything for retirement. The need to save for retirement is the main reason why you need to make more money. Your day job may probably not allow you to save enough for your retirement. Thus, there is the need for you to possess two or more sources of income to save for your retirement.

2. Saving for Emergencies
You may be wondering why you should save for emergencies when you're already saving for retirement, but it's also necessary. Life is full of uncertainties. You or your loved ones may be taken sick at anytime, and a lot of money may be required for treatment. Dipping your hand into your retirement savings account to handle this situation is not a good idea. Put in place a separate savings account for emergencies and avoid sabotaging your retirement savings.

3. Avoiding Debt
Since debts only arise when your expenses exceed your income, there is the need for you to make more money. Have in place two or more sources of income to prevent your expenses from exceeding your income again. Be careful, however and make sure that you don't increase you're expenses after putting in place two or more sources of income (this is what most people to and are never free from the vicious circle of indebtedness).

4. Helping Others
To paraphrase John McCain, I'll say nothing brings greater satisfaction in life than helping others in their needs. It's really good and makes sound social sense to help others in kind or cash, but you can only do that if you're financially stable yourself. Thus, it's imperative you make more money to be able to help the poor and the less privileged in our society.

NB: I hope you're now clear about the need to make more money. If you're however wondering how you can do that then click here.

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