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

[Setho]

You rightly said that it is not bad having a single streaks of income but for me and the type of country in which I leave in, it is a very big risk to have just one so I suppose to have at least two more other streams outside my main source to bring in more money.

 

[Patrik]

Sometimes if one source is enough, then it can be kinda okay, but you always need to have a plan B in backup, so if anything goes wrong, you can rely on your plan B, you can't guarantee that your only source will be living forever

 

[chicnthin]

I don't think so. You'll be short on budget and probably will take loans because of all the expenses that needs to be met for daily living. It is still better if one has another source of income outside of their job.

 

[Alexandoy]

It is a standard for an employee to rely on his job and his salary because it is forbidden to have another job. Usually it is business that the employee would turn his eyes on because it is not against the policy of the company that he works for. However, I believe that having one job affords you the focus that you need on your job so that promotion or a raise can be achieved faster. Dividing your focus is not a good idea for it may jeopardize your job which is your main source of income.

 

[Mary]

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 it isb followedstrictly,it could set one up for hard financial times

 

[Sincerem]

If you ask me I will disagree with relying on salary or one stream of income to make a living. It is not recommended, I prefer to have surplus investment, businesses, where steady passive income flows steady. And not dependent on government so called salary that never comes by early.

 

[maventiger]

To rely on a single source of income? For me, It's a NO. Looking at how fragile the present economy is all over the world and how things including government policies can affect businesses. For example, during the first of lock down caused by covid 19, imagine yourself as a business owner whose only source of income is through the aviation industry.

 

[Grant]

That depends on your income. If your source of income can pay for everything, you essentially don't need anything more. You're, of course, free to work another job, or find other work, but many people make a living on one source of income. It just depends on how much income you're getting.

Sometimes you may need multiple sources of income to get by, but for me currently, I just combine it all under one umbrella as freelance work I do for myself.

 

[Trexxxy]

I'm sure a lot of people would have said it is a bad idea. But in reality most people living in the world today are overly reliant on a single source of income. Personally it is not reliable in an event that something bad happens that would mean the sole means of livelihood is gone. It is not advisable.

 

[Kaindio Agnes Wanja]

It is not good nor advisable to depend on one source of income.
It is rather advisable to have as many sources of income as possible whereby incase one fails atleast you got another one that will help you cater for your needs.
So as humans and we know very well money is needed in everything ,we should not rely on one source of capital

 

[Snobar Bilal]

Every person need money to fulfill his needs and in these days the prices of everything are so high that single source of income can't fulfill it.So part time work is necessary to meet the needs of daily routine life.

 

[Kinglegend01]

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's really not good to rely on jus one source of income no matter how rewarding it is. Take a look at the rich they never invest on just one business alone. They always diverisfy
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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's really not good to rely on jus one source of income no matter how rewarding it is. Take a look at the rich they never invest on just one business alone. They always diverisfy

 

[Bookwormlux1]

no it's really not good to rely on jus one source of income no matter how rewarding it is. Take a look at the rich they never invest on just one business alone. They always diverisfy
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no it's really not good to rely on jus one source of income no matter how rewarding it is. Take a look at the rich they never invest on just one business alone. They always diverisfy

Truly, when you invest in only a single thing and then things don't go as planned, the frustration would be too much and it would be difficult for you to plan up and start afresh. Diversification is the way to go especially in an uncertain world as ours.

 

[Amazon2005]

Relying on a single source of income in this 21st century is like a suicide attempt, what if your single source of income cease to exist, I will advice one go for multiple source of income, and when investing always endeavour to take calculated risks so as to be on a safer side

 

[MizzLala]

Cmon, I'm sure even you know the answer to that question! These days it's always prudent to have a little side hustle even if you have a reliable income. The pressures of modern life, stagnant wages as well as the soaring price of commodities, clothes and food are such that gone are the days of sticking with one income earner. Diversifying your income streams also serves as insurance in the event you lose your main job.

 

[Efficient5713]

Having one source of income is a very bad something. Be it a business or even being employed on a government Enterprise. As in the case of Nigeria government that stress employees before paying them their entitlement, in a scenery where the government refuse to pay you as an employee, how will you do as a family man to Carter for the family's need.

And in the case of a business, you are not suppose to have a business as the only source of income because the probability of the business to crash is still there.

 

[Ltherman]

Depending on one source of income is like standing on one leg economically. Its definitely not advised at all, we should always supplement our main source of income with some thing by the side no matter how little.

 

[Harisstech]

In life one need to be very hard work if you what to make it , especially in country like Nigeria, so depending on one source of income is very risk and can't make you achieve your goals, either enterprenuer or a salary earner still need to look for other ways of making money.

 

[Nma]

It is not wise for anyone to rely on just one source of income... Since the year began and the pandemic hit... it has really affected the world economy and goods have become really expensive... some families which relied on one source of income to pay their bills lost their it and are left struggling..... The importance of having multiple streams of income can't be overemphasized... it gives us the opportunity to live a comfortable life

 

[giddy]

I don't really advice that
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