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

[Seun4luv]

Relying on a single income is not good in my country reason been that there is no job security for you anytime you can be sack or relief your job. Getting multiple ways of income is better and secure.

 

[Ibrahim1]

It's really bad if you really on a single source of income because it's can't solve everything you want and moreover just a single source as income can only solve little of your problems so you really need to get another job as another source of your income my brother​

 

[Josemendez]

It is not quite ideal for one to depend on a particular source of income because things can happen ,like the pandemic and the person will be left with no other source of income . It is better to diversify out business ,so that we can have different sources of income

 

[Ridorz]

Relying on one source of income is not good at all. As a salary earner there must another way of generating money for you incase of any issue with salary. So, as for me I can never relying on a one source of income either salary not salary.

 

[Bookwormlux1]

I think it is some difficult to only a single sources of In com as we need for every thing, so it should be many sources of income.
I am doing a Government job, but that is not enough for me. So, I am doing online jobs as a part time job.

That's nice. Where u live, a lot of government workers involve in farming. This helps them to not spend much on food, thus having extra money to take care of other things.

 

[Ralphjoe]

Yes it's good having multiple streams of income but make sure the other sources of income should not clash with your career, the other streams of income should be investment.

 

[Adeyoola7]

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.

 

[Shaffy]

For me, it's a life lesson to never depend on one source of income, especially if it's salary.

I saw my parents go through tough times because of it, so I won't do it.

Even as an entrepreneur, I practice diversification of income.

 

[chalcedony8]

It's not a good enough to rely on a single source of income, what will such a person do if that one source should fail, the person will go back to been poor again, so having many source of income is the best

 

[Dubai]

It is never a wise decision to rely on a single source of income. You will be mostly stranded and may not be able to save adequately. If you have more than a source, then you may like become an investor.

 

[Maliha]

Now a days it is quite difficult to manage expenses of daily need.so no one cant just rely on one source of income.you must have to find another source of income o meet the needs of daily routine.also there becomes less risk of losing job or income because you always have satisfaction from another side.

 

[Sotherefore]

Let me ask you a question, do you think it's really nice to have only one source of income ? To me I don't think that is the best option but there are some people like government workers who may not have an opportunity to establish a business and they are paid very well then in that situation there is no need for other source of income but if you are low paid in a business you are into then obviously you should consider having another form of side hustle.

 

[Anelka]

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...some people fail to acknowledge that

 

[Nimra Saeed]

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 a good idea to rely on a single business. A wise person always chooses more than one businesses to survive. It is wise also to adopt more than one businesses and all the businesses should be highly paying

 

[Eminence]

Its very bad idea to rely on one source of income, as much as you have opportunity or chanced why would stay in s lane wheres many other people are engaged themselves in many ways to earn more money daily then usual.

 

[Aniwhyte]

It is not in anyway advisable to rely and depends on just one source of income as life is totally unpredictable as anything can happen at any given time, which also means you could loose your job at anytime and when that happens it won't be easy for one to survive at that period in time knowing that he or she has just that single source of income.

 

[Nasir Shahbaz]

No it's not a good strategy in life you can't rely on one source of income. We saw people working on multiple jobs and works at the same time and gaining earning from multiple sources and I think they are the successful persons. So keep doing work all the day and Earn much as you can..
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No it's not a good strategy in life you can't rely on one source of income. We saw people working on multiple jobs and works at the same time and gaining earning from multiple sources and I think they are the successful persons. So keep doing work all the day and Earn much as you can..

Yes, You are Right. I am Agreed with You not Relay on one income stream. Because in one work and one domain You expert after 3 to 4 years if your income did not increase its not benefits for you change your skill and enhance your working with new domain other earning .

 

[WhiteHouse]

If you rely on just one stream of income, it’s much easier to get into trouble. For example, say you lose your job and it’s your sole source of income? If you don’t have significant cash in savings, you will quickly be put into a position of stress and possibly financial peril. However, if you have multiple streams of income, an event such as a job loss won’t be a big deal.

Having multiple streams of income gives you options. It gives you the option to walk away from a bad job, it gives you the option to turn away a bad client, it gives you the option to live where you want and spend your time in ways that are meaningful to you.

 

[Adexgrace]

It is not a bad thing to have a single source of income but it is very advisable and very good to have multiple source of income, because this will help to meet ones need and acquire all necessities of within a little period.

 

[Bookwormlux1]

No it is not a good idea to rely on a single business. A wise person always chooses more than one businesses to survive. It is wise also to adopt more than one businesses and all the businesses should be highly paying

That's true, we should not involve ourselves in businesses that won't let us earn much money. They should bring us enough money that would meet our needs.