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

[Onachukwu]

It is not good to rely on a particular source of income. For everything there is always a down time, relying on a particular income source is like putting one's egg all in one basket with is a very bad option. There should be more than one cashing flow for everyone or rather a plan B

 

[mizzzlotam]

Why there is nothing wrong in having one source of income if you can diversify that’s good. Don’t let anyone tell you it’s a must to have more than one source. This has pushed people to invest in business they shouldn’t ordinarily.

 

[Edward2]

No, I would not say that having several revenue streams helps an entity to diversify the different sources of cash flow that are coming in. In the event that one dries up, other sources of income exist to reduce the loss. Only as long as it doesn't get too cumbersome for the time you spend having them and they deliver positive cash flow.

 

[Joseph555]

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?

It is not advisable to have one source of income all rely on one to make ends meet it is very very suicidal because anything can happen to it and you will become frustrated it is often advisable to have more than one form of income source so that in the process of associating or serious happening you would have had to fall back on

 

[Ub40]

From my experience, living on only a source of income is as risky as any thing. if anything should happen to that one source, then it is over. What source do you rely on? Using myself as an example, I am a government worker, and I still have some different investment here and there. And I am still working for bizdustry. This is because I don't want to rely on single income.

 

[Anas Chaudhary]

The best quotes from Warren Buffett on Earnings: “Never rely on a single income. Investment cage to create another source. On costs: "If you buy things you don't need, you will soon have to sell what you need."

 

[Sana Diyar]

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 it is not good to rely on a single source of income
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. The list below details a few reasons why having several sources of money coming in is important and how this extra cash can be used.
Here are ten simple reasons why building multiple income streams is so important. Each item listed below is an example of how alternative income sources can be used to lesson the risk of living on a single income

 

[Muhammad hussain]

I think nowadays the price has gone up so much that you can't run a house with one income. All the people at your doorstep have to work and then go and live a prosperous life.All the men and women in the house will work together, so you can run the house express and do anything if one person in the house will work.So your expenses will hardly be met, so it is wrong to say that one servant can bear the expenses of one of his servants.

 

[Mostee501]

Income is very a important source to solve and cater for ones needs,having multiple sources of income can go along way to making someone financially balanced. You can gmhave a job and a side business at the same time.

 

[Caali]

Not unless it is very secure with a large emergency fund. I can live on SS and expect it to always be there. Working age people can find another job when one ends but even then a working spouse or side gig is nice to back up unemployment. Keeping cost of living low so you can live on unemployment or delivering pizza is comforting as is an emergency fund.

 

[Bethel Victor]

Nothing in this world is constant, the only constant thing is change, relying on just a particular job could be very risky, if for instance you work in a company and due to recession the company goes on redundant, you could be layed off, and you'll start from the scratch again. But if you have another means of income it keep you for some time before you recover.

 

[Atiqurrehman]

The best quotes from Warren Buffett on Earnings: “Never rely on a single income. Investment cage to create another source. On costs: "If you buy things you don't need, you will soon have to sell what you need."

 

[Sanusi]

Its not good at all to rely on one income, if i may ask what do you want to use to survive? So its not good at all. Depending on one income reduces the earning of an individual and that person will not plan towards his or her future because he is depending on one income.

 

[Justin]

Life is uncertain, you never know what waits for you. Most of our problems are associated with lack of money. Therefore, we always need cash at hands. You main source of income may be feeding you well, buy you need secondary income source so that you never shortagea of money

 

[Saraali]

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?

single source of income is good but i think that if you work little bit more it make your money increase and money is a important in this fast world for easy life if anyone ability he need to do more work.

 

[eojo2401]

Man shall not really on a single source of income because if that source dry, how will he survived. There's a great danger in putting all your eggs in one basket of investment. Try and diversity your investment.

 

[Sotherefore]

I do not take it as any serious issue at all as far as the single source of income you are having is constant I will never feel you didn't obviously you can rely on it anytime even at old age as far as it is a trusted source of income,if it is not a trusted source of income then I will not rely.

 

[Bookwormlux1]

Normally this is not enough, in my case, I need my other siblings' input on the family's expenses because it is really hard to shoulder all the family expenses on a single salary (we use to do this when my eldest sister has the only one who has a job back then, and our families earnings are so small from crops). We need more than one income to sustain daily living expenses.

If one person is the only source of livelihood for a family, things are going to be really frustrating because such an individual won't be able to save money or Carter for some of his personal needs. It's good for families to not rely on a single source of income.

 

[Ahtsham]

people 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.

 

[Kunkun]

Relying on a single source of income is not the best thing to do. It's like putting ones eggs into one basket. Multiple streams of profit is not only important but necessary for survival because we don't know when crisis might arise