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

[Keibah]

Some people earn a fortune from their day job. Six figures and counting, so they do not feel they need to diversify. They only work on their retirement plan. For others, however, income is very average, and adding another stream of income is very necessary.

 

[Psalmsavatar]

I sourced my capital through different means. One from contribution. Two from personal savings. Three from friends. Four through cooperative society.

 

[Jlife]

There is absolutely nothing wrong with having one single source of income but the single source of income you're having was never in any way for you it must be a steady source of income that provide you with money all the time for your daily need, that one will be the best

 

[Usman Sattar]

Agree you have so many desires in heart and eyes full of dreams.

That stays the dreams and desires… if we keep relying on the single income. All we need is to understand the benefits of multiple income streams and take action accordingly.

Everyone has their own life perspectives.

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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Agree you have so many desires in heart and eyes full of dreams.

That stays the dreams and desires… if we keep relying on the single income. All we need is to understand the benefits of multiple income streams and take action accordingly.

Everyone has their own life perspectives.

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.

 

[Yewande]

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.

Lol. Let us end the argument. By the way I no lawyer one bit. But you know I have some solid point. More over, other sources of income does not necessary have to be an online source.

 

[Taiwoayan]

It's not advisable, anything can happen

 

[Olamide wealth]

Millions of Americans 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.

 

[Psalmsavatar]

This business is best situated in a new site where structures are springing up on a daily basis. To run it successfully, get first grade machines that you can use for long. Use adequate materials to make your products strong and that will gain you recognition and more patronage.
This business is best situated in a new site where structures are springing up on a daily basis. To run it successfully, get first grade machines that you can use for long. Use adequate materials to make your products strong and that will gain you recognition and more patronage.

 

[unhappy triad]

While it is not a crime to have just a single source of income. However if you can please do have as many alternative source of income you can manage. This way you can share your responsibility between the different sources will growing financially

 

[Kelly5]

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.

How will somebody rely only one source of income? It is not a good strategy at all to practice. But it is also a dangerous way of doing things. We are a very rigid economy following the covid19 pandemic effect on global economy.

 

[btaliat]

Lol. Let us end the argument. By the way I no lawyer one bit. But you know I have some solid point. More over, other sources of income does not necessary have to be an online source.

I really appreciate sharing ideas with you. Your intelligence and the way you argue without resorting into a fight or something else is what I commend the most. Once again nice meeting you. And I learnt from your points as well.

 

[Keibah]

Well, some people are very satisfied with their single source of income. However, man is an insatiable being. He wants more. If you can diversify or venture into another line of income, it can be a plan B for your business. If you can't diversify, you can expand on your existing platform.

 

[LaylaG]

In today's world I do not advise you to have only one source of income because a lot of people who are making so much money have a lot of sides work they have been doing and they don't really rely on their main source of income, it is even better to start a side work to increase the financial status.

 

[Kiwi]

It is not advisable to rely solely on a source of income. Income drives household expenses If there is no source of income, household expenses will not run. Therefore, it is important to have a source of income so that our every need can be met. Moreover one source of income can’t cover your expenses, you need to have a business or anything that’ll generate passive income.

 

[Frank]

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?

No matter how much you earn in the job that you are doing at the moment, I don't think that it is okay to rely on the income that comes from it. Find ways to develop multiple streams of income and focus on how you can be able to improve on that. There is no need to depend on just a single source of income to live life to the fullest.

 

[Samzii]

Relying on one source of income is totally bad. What happens when that source of income goes dry. That's why it is advisable to find other sources of income aside the Normal offline job. Diversify your sources of income to be happy in life.

 

[Prettyjanie]

It is totally not adviceable to depend on one source of income due to the current economic dispensation. All over the world, particularly as a result of effects of covid-19, it is advisable to have a passive income. Cost of food currently is alarming and the needs and demands of the home is growing daily.

 

[Bholozy]

It's just like putting all eggs into a basket and risk getting it all vanish with one single mistake.. Relying on a single source of income will put you in a risk of getting broke later.. If it is a business, any downfall in sales will put you in risk of eating up your capital. If it is a played employment, this pandemic period is a good example on that as many lost their source of income because of that

 

[Hdre3m3n]

This is the reason why planning is very important,. If someone has planned his future well, he would never rely on a single source of income. The lockdown during the pandemic is a living example

 

[Zubair]

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?

I think it depends upon which type of income source do you have. If you are getting enough from it and saving money from it too, then you can relay on it. Government Jobs are also permanent sources of income. So you can relay on them. But it is good to have multiple options because you have more than enough to use anywhere.