For those seeking to generate a monthly income of $100 through dividends, the key lies in a diversified investment strategy. Could you elaborate on the steps involved in achieving this goal? Firstly, what types of dividend-paying stocks or investments should one consider? How can one assess the stability and potential growth of these investments? Secondly, what is the ideal allocation of funds to ensure a consistent monthly dividend income? Would it be advisable to invest in both blue-chip stocks and higher-yielding but riskier options? Lastly, how can investors monitor and adjust their portfolios to maintain a target dividend income of $100 per month, considering market fluctuations and economic changes? Thank you for your insights.