Is it good to rely on a single source of income?

[Kelly5]

Money is needed to meet the needs of every home. There are people who only rely on their salaries as the only source of income. If the government doesn't pay, they don't have any other way of making money.
Is it good to have only one source of income?

Over time and again, it has been proven that relying on only one source of income is not really a wise decision and way to live in this our 21st century economy we are living in today. Diversification is and has always been the way to go and to cope .

 

[Chibson]

This hugely depends on your level of income. Even at that, it is not advisable to depend on only one source of income. If you are an employee, your boss may sack you tomorrow, and of course, if you don't have another way of making money or income there is no way you can run in your family. So, depending on one source of income is not good at all.

 

[Psalmsavatar]

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[Olahab]

Millions of Nigerian follow that path today, relying on a single source of income, but in today's economy, that approach is inherently flawed. If you follow it strictly, it could set you up for hard financial times, longer stretches of work before retirement, and in some cases, total financial failure

 

[singlej007]

A single source of income is not really healthy at all especially when you are married, it will be a bad news if the source of income get issues. Multiple sources of income remain the best, it will help if you have issues with one of your sources of income, you will rely on the other one and try to fix the other that has issues.

 

[Bookwormlux1]

This hugely depends on your level of income. Even at that, it is not advisable to depend on only one source of income. If you are an employee, your boss may sack you tomorrow, and of course, if you don't have another way of making money or income there is no way you can run in your family. So, depending on one source of income is not good at all.

Sure, so many people think that because they have got a fair pay they do not need to invest in anything to generate money, some of them succeed though, but most of them regret the decision later on.

 

[btaliat]

Don't say no matter the pay. Of course it's not good to rely on only one source of income but what if it's a family business that is well established and brings in hard currencies daily. It's a single source of income but it enough to more than get you going. Sometimes a good single source of income is better than low paying multiple source

I don't believe in your conclusion. We are in the world that's not predictable. Anything can happen to the one source that's why I said no matter the pay. Let assume, the company liquidate or get razed, what will happen to the person.. That's what I am saying.

 

[Sotherefore]

There is nothing wrong with having one single source of income but if you have one single source of income let It Be a word that will never fail you everything that the work you're doing will fail you anytime soon then that is not suitable as a one source of income

 

[Yewande]

I don't believe in your conclusion. We are in the world that's not predictable. Anything can happen to the one source that's why I said no matter the pay. Let assume, the company liquidate or get razed, what will happen to the person.. That's what I am saying.

If anything can happen to one source, it can happen to two sources as well. Note that most people having two sources of income can't really beat their chest and say the two are having same revenue. Most time, one is used to run the other.

 

[Obaterof]

Some work for the money while on the other hand some work for the knowledge. But when you have so much desire in own self, just a single way of money comes in, is not possible.
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When you have different income sources, you can effectively plan a future of yours and your family as well. As now we have multiple income streams, we can allocate that for specific purposes.

 

[btaliat]

If anything can happen to one source, it can happen to two sources as well. Note that most people having two sources of income can't really beat their chest and say the two are having same revenue. Most time, one is used to run the other.

Lol, you just be a lawyer by profession. But if we continue like this, I may win you. Just imagine what happened to many people with one source during the lockdown. Everything was shut down. But it is rare or not possible for like thread sources to be closed at the same time.

 

[Robrown83]

It is not good to rely on only single source of income because if that means close what is going to happen that is why I prefer my own business so that I will time to do some other things especially online business to make money to add to your income.

 

[Highflyer]

It is a very bad idea to rely on one source of income, as the saying goes you shouldn't put all your eggs in one basket, same thing applies to having one source of income, what happens if that source of income gets blocked, you go broke.

 

[Sucrelove]

Is not good to rely on one source of income money is not always enough to meet our needs what if you are dropped from work how can you cope? Is good to do business along side with work in case because no one knows tomorrow

 

[DEXTERFIDEL]

It is not good to rely on a single source of income, the reason is, if you rely on a single source of income, when it collapses, you’lol be left with nothing to fall back to.
But, if you have several sources of income, when one fails, you’re sure of compensating with others

 

[Blue house]

It is very bad to rely on a single source of income
Amazing Quotes by Warren Buffett On Earning: "Never rely upon single pay. Make speculation to make a subsequent source". On Spending: "In the event that you purchase things you don't require, soon you should sell things you need".

 

[Hamza1]

Not at all. As we get older we get more responsibilities and to fulfil those responsibilities we can't rely on single income. Atleast I can't, I do need to find a part time work in order to earn more so I don't have to worry Bout the cash.

 

[Kehinde]

For the average millionaire, seven sources of income may be the sweet spot. But given my own experience, I believe that seven may not be enough.

 

[Saba54]

Money is needed to meet the needs of every home. There are people who only rely on their salaries as the only source of income. If the government doesn't pay, they don't have any other way of making money.
Is it good to have only one source of income?

Yes may be but all depends on if a single income is satisfying your needs and you are spending on all your requirements equally so then single income sy okay but if it is not satisfying your needs so you should opt for online earnings to fullfil your needs. That is i guess best way to earn form digital currencies these days especially.

 

[Bookwormlux1]

Yes may be but all depends on if a single income is satisfying your needs and you are spending on all your requirements equally so then single income sy okay but if it is not satisfying your needs so you should opt for online earnings to fullfil your needs. That is i guess best way to earn form digital currencies these days especially.

You are right though, if the money one is earning is enough to Carter for their needs, then it is completely okay to manage it like that so that you won't over stress your self and then channel your energy into something more appealing.