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

[Odebunmi ajewamiri]

It not always advisable to rely on just one source of income, because even our needs is not one and as we go by our daily life's our expenses grows with us, of any one wish for a comfortable life and secure his or her future then you have to have more than one source of income .
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It not always advisable to rely on just one source of income, because even our needs is not one and as we go by our daily life's our expenses grows with us, of any one wish for a comfortable life and secure his or her future then you have to have more than one source of income .

 

[Sotherefore]

For me I do not and I cannot rely on one source of income that is why I've been trying as much as possible to learn one digital skill or the other, I believe myself that if I have a digital skill I can do it as a side work while I still concentrate in my main work and earn in two different things
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For me I do not and I cannot rely on one source of income that is why I've been trying as much as possible to learn one digital skill or the other, I believe myself that if I have a digital skill I can do it as a side work while I still concentrate in my main work and earn in two different things

 

[Keibah]

Imagine your source of income is a very big company with branches across your country, it will be sustainable enough for you. So I feel like if you get to a certain stage, you'd only feel the need to expand and not diversify. That's not a bad thing.

 

[Bookwormlux1]

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.

You are not far from the truth, but do you think it is okay to just rely on those government jobs because they are permanent? Won't it be more appropriate to invest some of your income in something profitable?

 

[Planet408]

Relying on a single source of income can be so frustrating and disappointing. If anything should happen to the only source of income you have, it would appear as if the world has come to an end. It is always advisable to have multiple sources of income.

 

[Ltherman]

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 was having this same conversation with some colleagues of mine and one of them said something striking. Despite the fact that we may love what we do we can't simply depend on a single a source no matter how lucrative that source can be. One should have up to 4 to 5 sources of income.

 

[Ziki]

Even though your product is an experience. . I'm a huge fan of self-awareness. I'm a huge fan of not putting, I'm a huge fan of putting people in a position to succeed. Some people are just fabulous when they invite the neighborhood to their living room and other people want to lay on their bed with grainy light and just be like buy my product and people buy that that way.

 

[Bookwormlux1]

I was having this same conversation with some colleagues of mine and one of them said something striking. Despite the fact that we may love what we do we can't simply depend on a single a source no matter how lucrative that source can be. One should have up to 4 to 5 sources of income.

Absolutely, you should not use passion as an excuse why you do not want to consider an additional income source. You will definitely make it easy for your self if you even pay someone to oversee your business while you go to work.

 

[Setho]

No matter how you look at it the government or a personal individual, having a single source of income is never a right thing to do. Of recent we have seen many people including government employees stay months without being paid. Even in the pandemic, many people have list their jobs or seen their pay cut off in order to save the business. It is wise to have multiple streams of income.

 

[Ltherman]

Absolutely, you should not use passion as an excuse why you do not want to consider an additional income source. You will definitely make it easy for your self if you even pay someone to oversee your business while you go to work.

Thanks for this, you just gave me an idea on how to solve a particular dilemma i was experiencing in starting a new business that i have been working on. With having a paid hands watching over it i can have the liberty of doing other things i love doing.

 

[Bookwormlux1]

Thanks for this, you just gave me an idea on how to solve a particular dilemma i was experiencing in starting a new business that i have been working on. With having a paid hands watching over it i can have the liberty of doing other things i love doing.

That is what most wealthy people do, you see them as though they do not have anything doing to make money, but they are always having people running different businesses for them. Like politicians pay people to rear cattles for them.

 

[Ltherman]

That is what most wealthy people do, you see them as though they do not have anything doing to make money, but they are always having people running different businesses for them. Like politicians pay people to rear cattles for them.

One business births another and keeps birthing other businesses. That's even the template the rich are using to get richer. Having to create multiple sources with the right brains and hands to man them while the keep making the money.

 

[ranaabubakar263]

You never know when that source may falter. Perhaps the company goes out of business, or you get fired, or its product becomes obsolete. With a single source of income, you may find yourself without income.

 

[GIFTMICHAEL]

Single source of income regardless the size of the income is not something that is advisable because even if you save and didn't Invest in other businesses if the source stops you will be spending the savings till it get finished and you become cashless.

It never good to rely solely on a source of income. It is good to diversify and have multiple streams of income. Multiple streams of income protect one from the rainy days. Not all sectors will be rosy at all times. Multiple sources of income ensures one in case one source dries up the other is open for flow of funds.

It is a suicidal thoughts and baseless to rely on a single source of income.
Having a single source of income is very risky step because it will definitely cease and their is no back up plan.
How miserable it can be!

 

[springtech]

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?

Your guess is as good as mine. Depending on just a single means of income is not the best. It makes sense for one to have multiple streams if income.
Either online or offline, it will make sense for one to have other means to augment the primary source should there be any eventuality.

 

[Judee201]

salary is different from salary... Someone receiving anything 400k+ in Nigeria can live a very good n comfortable life... In as much he lives within his means!..
I am not saying side hustle is not good but the fact is we can't all engage in side hustle... It's the same side hustle that is sending some ppl back to the village....
The point is even if you want to go into side hustle please kindle know much about the hustle or the business... So you don't keep on incubating a spoilt egg!

Know yourself,
know your capacity,
understand the business,
And don't invest either your time or finance into something you don't understand!

 

[Kelvin7656]

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.

 

[Philip Omotayo]

Single source of income is not really advisable. However, it depends on the amount of the income the person earns weekly and monthly. Many streams of income helps a person to be financially stable. Without waiting and depending on a boss for the pay. To have many source of finance, one most have other business bringing in money for the person. A single source of income makes one to be dependable and one may not execute some projects on time.

 

[Adesuwa]

Because of the financial risks involved with relying on a job for all of your incoming cash, it is critical to consider having at least one additional source of income. Having multiple sources of income also gives you more flexibility for the future and helps you break the cycle of living from paycheck to paycheck

 

[Adegbindin Abdullahi]

Relying on one source of income is not good thing to do especially a man that is married. One source of income can't cover all your expenses in this time of the pandemic that the economic is shrinking everyday by day,very the one source that you depending on can fail at time but if you have 2,3 means of income then you still stand