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

[Zevin]

You should never rely on single source of income. If you rely on a single source of income and when that income source stops providing devidents, what are you going to do? Start again from zero? I had a job, a good paying job. Due to coronavirus crisis, the company laid off staff and I was just one of 10 people to lose the job. Once I was out or job, I did not have an income source.

 

[Kennysplash]

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?

Of course not. What happens when the only source hangs, so to speak? There should be an alternative just in case. Find ways you can invest in other avenues that can bring steady cash flow, not just one

 

[Kane]

Well, what ever amount you earn will never be enough, however, to play on the safe side you need to have multiple sources of income. If you cannot generate money through you should at leas have some money deposited in saving accounts.

 

[GeneBiz]

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?

An influencer from my country, well known not only for his career in marketing and in social networks but also for his success in the business, recently published an autobiographical book in which he says that he learned through failure that the only way to run a business is to have other income and not depend only on the business ... that applies to my personal experience because in the past I was only depending on the business and I had no other way to cover my expenses, and that o course,toke me to failure
...so, yes! whenever possible it is necessary to have two or even three sources of income

 

[MastetG]

Creating multiple income streams allows a person to diversify the various cash flowsources that are coming in. In the event one dries up, then there are other sources of income to lessen the loss. ... Do yourself a favor and take control of your finances by creating multiple streams of income

 

[Tayyabah]

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?

Being an ordinary citizen only job is not enough for us.we have to survive with ourself for our beloved family.we should have any part time job for to save some money and invest elsewhere u get reliable source.
Govt.and private sectors don't have any soft corner for their citizens.In bad timetime no body comes to you to solve your problems even your relatives.
So source of income should be multiple and strong.

 

[Nurudeen]

I don't even care how good the economy of your country is. Having a single source of income is the most deadly thing to do now. With current economic challenges all over the world, I think it's just better to look for more alternatives.

 

[Erik4150]

It is not safe depending on a single source of income. If anything bad happens like you loose your job, or a business fails and your single source of income is gone, it will affect you heavily.
It is better to have options, at least 2 sources of income to help you financially.

 

[Bookwormlux1]

Creating multiple income streams allows a person to diversify the various cash flowsources that are coming in. In the event one dries up, then there are other sources of income to lessen the loss. ... Do yourself a favor and take control of your finances by creating multiple streams of income

It's indeed a favour one does to himself if he expands his earning streams. There are just so many uncertainties in our world and it is going to be a risky thing relying on a single source of income.
Having multiple source of income makes you to be at peace even when things are not working well with your major source of income.

 

[Life drama]

If you're depending only on one income nowadays might lead you to bankruptcy and render you useless.there are many opportunities out there you can explore in and engage yourself with,that will definitely increase your income

 

[Richard92]

If a single business pays well you can rely on it but if it doesn't you can have other supporting business to make more profit. If your kind of business is seasonal, then you have to have other business to support, there are some business that only sell during festive seasons, if you operate such business then you have to support with other business when festivals are over.

 

[Abiodun omolayo]

It will be very advisable not to have a single source of income because as much as we like our high paying job so much we need to source for other means of making money legally just to be on a safer side in case an unavoidable problem like losing a job.
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It will be very advisable not to have a single source of income because as much as we like our high paying job so much we need to source for other means of making money legally just to be on a safer side in case an unavoidable problem like losing a job.

 

[Heatman]

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?

If you have no serious responsibilities to take care of, I don't see why you should be worried about having more than one source of income.

But in a situation where there lots of things that you need money for, then it's paramount that you have more than one income source.

 

[Gilead]

There's no problem in depending on one source of income if the source is yielding millions every month and you know that source is very secure for at least 10 years..there's no harm in depending on such source.

 

[Pirate]

It is not at all wise to depend on one sounds of income. Many successful people I've seen and the elderly around me who have made it in life do not depend on one source of income, at any point in time many things could go wrong and if that one source of income goes under how do you expect to feed and cater for your family.

 

[Jonaville1]

It is not advisable to have just one source of income. Most times, people's expenditures is way higher than their income. Therefore it is helpful to have another source of income to serve as back up.

 

[Maheen]

In this era you cannot rely on only single source of income...people are doing free lancing beside their job and work..now it's time to become multi tasker

 

[kayode10]

It's a bad idea to reply on single source of income these day, if the single sources refuse to function, someone will be screwed. These happen to those who have work offline only during the pandemic. They all all felt the pain of lockdown more before government comes to everyone aids. Nothing last forever the same goes for single source of income. If you have multiple stream of income you will secure

 

[Farhan Aslam]

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?

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 all depends on how much you save for one job. If you are saving more than one job, keep up the good work. If you are not earning a living, you should start more work to increase your income so that you can cover your expenses.

 

[CerebralCortex]

It is a bad idea to depend on a single source of income.
What happens when you get laid off?

Or your company folds up .
I think more than anything else, Covid 19 has re-inforced that anything can happen to us and jobs.

How do we meet our daily financial needs when our only source of income has been blocked.

You need multiple sources of income.