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

[mcjerry]

But the question is that one will the Fate of that person when the business crashed or something take them out of the business. The person we have nothing to fall back on because that's the only single source he has.

It is better to operate a business than managing more business and moreover a business man should not think like that. And that is much of a reason to do a business that is fetching lots if money, because you will be able to monitor it well than having more business

 

[kayode10]

It is better to operate a business than managing more business and moreover a business man should not think like that. And that is much of a reason to do a business that is fetching lots if money, because you will be able to monitor it well than having more business

It is only naive entrepreneur will rely on a single business. Most of the super rich people of the world own more than one business.

Dangote has sugar refinery, cement company, flour company and he is still proposing to establish crude oil refinery.

Mark Zuckerberg owns Facebook, WhatsApp and Instagram. Each of them is generating billions of dollars every year.

Elon Musk spaceX, Tesla, Nuralink etc. Another example of multiple streams of income.

Bill Gates has Microsoft. He also has large shares in Berkshire Hathaway, UPS and FedEx.

Larry Page Google and some other subsidiaries under ABC group.

Mike adenuga has Global com, conoil, real estate properties and some other private companies.

The list is endless. These people understand the power of multiple streams of income.

If you rely on one source of income you are doom, anything can happen to the business, as an entrepreneur prepare for the worst and hope for the best.

 

[Jsoliu004]

Millions of 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

 

[mcjerry]

It is only naive entrepreneur will rely on a single business. Most of the super rich people of the world own more than one business.

Dangote has sugar refinery, cement company, flour company and he is still proposing to establish crude oil refinery.

Mark Zuckerberg owns Facebook, WhatsApp and Instagram. Each of them is generating billions of dollars every year.

Elon Musk spaceX, Tesla, Nuralink etc. Another example of multiple streams of income.

Bill Gates has Microsoft. He also has large shares in Berkshire Hathaway, UPS and FedEx.

Larry Page Google and some other subsidiaries under ABC group.

Mike adenuga has Global com, conoil, real estate properties and some other private companies.

The list is endless. These people understand the power of multiple streams of income.

If you rely on one source of income you are doom, anything can happen to the business, as an entrepreneur prepare for the worst and hope for the best.

Talking about the successful business men that you mentioned. They don't just start the business at once. They became successful with a business before going to another. Mark Zuckerberg became successful with facebook before buying instagram and whatsapp. and moreover it is still same line of business. likewise Bill gate and others. The man with more than 2000 investment was successful with his first business before he ventured into another.

 

[Setfragil]

There is nothing wrong with having a source to earn money. Once the source fetch lots of money. For example a person that has a business that he earn up to OR more than $100,000. There is no need for a second source. But if you can manage the two business then you can go ahead

There is nothing wrong in relying on a single source of income if what it pays is enough to takes care of your basic needs but one have to be safe in case the source of income has problems.

 

[btaliat]

I do always say it that no matter the amount one may be collecting, depending on one source is a bad idea one can ever find oneself because of anything happens to the source, it will affect badly.

 

[Sariana23]

That is true if one is a businessman who is financially able to live a very comfortable life does not need other ways of income. In our country you also need up to three kinds of work in order to live a comfortable life. Some of my countrymen really work abroad in order to send money for their family back home.

Currently this is what is happening in my country, many have gone to other countries to support their relatives who are left here surviving. This is happening maybe 4 or 5 years ago, previously we were very well off economically and we received foreigners looking for a better life for themselves and their families.

 

[Ralphjoe]

In our country each and everything peices are raising day by day so everybody has to meet their expenses that's why everybody is looking for part time job to run their family life a d for themselves as well

This is also the same thing with my country and their prices of things are increasing every day without any possibility of their prices ever coming down and so the only way that we can augment all these implications is by looking for other passive way of getting income.

 

[Setho]

No matter how reliable it is it is actually not a good thing to rely on one source of income because it might fail you one day and you might not have a way to go back.

 

[Good-Person]

I will never accept or support the idea that a person should rely on single source of income. You should not rely on a sole source of incomes until or unless that one single source of income is perfect and long-lasting. Unfortunately, nothing is perfect or long lasting in this world.

 

[Chibson]

dependent or relying on a single source of income is not advisable because a time may come where companies will decide to lay out their workers in the case you are working in a company.

 

[Solutionav]

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?

To me is not advisable for one to have one source of income looking at the way price of things are getting high every day even the government is not even reliable when it comes to paying of salary a time

 

[Senator]

One can say he can rely on a single source of income if that source is actually a perceive income type of source. But if it's not, it is not a good thing to do at this economic times we are in in the world

 

[Mayox25]

In countries where the system is not working as intended the people are forced to have more than one stream of income.

 

[Kvngsammy]

It is encouraged to have more than one stream of income to ensure that one source isn't affected. Besides it is necessary to prepare for the rainy days. A lot of wealthy people didn't have one street of income. Diversifying funds is the answer

 

[Kingstone]

No one on earth will recommend having just a single source of income. That is why I work offline too even though I work at home as a freelancer. Money is needed daily and so the income must be coming from different sources to outweigh the need.

 

[uforwealth]

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?

Don't ever try it. Having only one source of income is like working hand in hand with abject poverty. That is what is affecting Nigeria today. At least, a person must have three reliable sources of income.

 

[Bookwormlux1]

Don't ever try it. Having only one source of income is like working hand in hand with abject poverty. That is what is affecting Nigeria today. At least, a person must have three reliable sources of income.

Sometimes people try to focus on one source of income due to the stress that present from trying to work multiple jobs, so you can't blame them.

 

[uforwealth]

Sometimes people try to focus on one source of income due to the stress that present from trying to work multiple jobs, so you can't blame them.

Yes, they should not be blamed because that is what they feel they can manage but at the same time ,it is advisable to try plan B if not plan B and C in order to prevent potential financial risks.

 

[Senator]

It is not too good a plan to be relying on a single source of income. But if this single source of income is something that is perceive, then one can say he can rely on a single source of income