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

[Gilead]

Exactly my point..where i come the category of people who earn millions as monthly salaries are basically those in the house of representatives and house of senate..aside that the next set of people you will see that earn as much are probably some vice chancellors of universities..just a small percentage of average people can earn millions in my country aside from this category of people have mentioned

 

[Nimra Noor]

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?

Nope it's not good to relay on only one income because now a day's people are more active and dedicative.We have done online as well offline job to make our life more esay

 

[Ojonuyo]

It is not advisable to depend on one source of income for survival no matter how much you are earning from that business.

The life we live cannot be predicted, emergencies and unexpected will always happens. Therefore do not put all your eggs in one basket.

 

[MizzLala]

I had this online friend I met on a paid forum posting site who's a classic case study for why you should never ever lean too heavily on a single source of income. So, my friend got a fantastic offer doing remote translation work for this huge American company. It was only 20 hours a week, yet she decided to ditch all her beer money sites because quite frankly, the translation gig paid very handsomely. I tried to discourage her from doing that but she was too far gone in her excitement. Within three months, she was back slumming it with us because the job ended. Needless to say, not many people were sympathetic.

 

[haider00]

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.

Single income is not enough now a days .Mostly people earn from their jobs but job can lose any number of reasons so it is not good to rely for single source of income

 

[Niftyyem]

The answer to that is NO especially if you live and work in a country where the minimum wage is too shameful to mention in a global community. If you cannot do more than a job due to time constraints, then investments is your next sure bet.

 

[Arslan]

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?

Everyone has their own life perspectives.
Some work for the money while on the other hand some work for the knowledge. But when you have so much desire in own self, just a single way of money comes in, is not possible.
Concept of multiple income streams, focusing on developing more income source instead of relying on a single income

 

[Nicklas22]

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

 

[Life drama]

It's a very bad and dangerous idea to put all your eggs in one basket, you must be doing research and improving your skills every blessed day as not lack behind.source for multiple business plan and engage yourself on them.

 

[ahmedo24]

Single source of income regardless the size of the income is not something that is advisable because even if you save and didn't Invest in other businesses if the source stops you will be spending the savings till it get finished and you become cashless.

 

[shakky2]

relying on one source of income by an individual is not a good decision because the only source of income can fail at anytime due to unforeseen circumstances and this may lead to a breakdown of the complete system

 

[Akinwale701]

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 there is any mistake a person should never attempt to make, it is relying on a single source of income. It might pay those days but now it's as dangerous as anything else. The effect of corona pandemic has made a single source of income to be useless, imagine people who are into well paying jobs bring laid off.

 

[Bookwormlux1]

If there is any mistake a person should never attempt to make, it is relying on a single source of income. It might pay those days but now it's as dangerous as anything else. The effect of corona pandemic has made a single source of income to be useless, imagine people who are into well paying jobs bring laid off.

The pandemic instance you used is a classical illustration. A situation like that is better imagined than experienced. A lot of government employees are into this category, though they have got better job security.

 

[Rimsha kanwal]

We’re programmed to focus on our careers as our only income source. Study hard, get a job, rely on the job for a salary, healthcare, retirement savings, and social life.
Maybe this way of thinking is leftover from our parent’s generation and their employer loyalty, pensions, and gold watches.
We do our best to stay employed. But lose a job, and suddenly the government is expected to step in and save the day.

 

[Greatguy1]

It never good to rely solely on a source of income. It is good to diversify and have multiple streams of income. Multiple streams of income protect one from the rainy days. Not all sectors will be rosy at all times. Multiple sources of income ensures one in case one source dries up the other is open for flow of funds.

 

[Axad. Mrb]

The conventional career path has historically, in the United States, gone something like this: you pick a job, advance in that job, draw a higher and higher salary, and eventually retire, preferably with a pension plan. 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.

 

[arrain3786]

My call on this very straight - NO.

Every Industry is bound to get disrupted in every 5 years or in near sometimes, you just cannot rely on that single skill that gets you your livelihood.
Having multiple tricks up your sleeves to get your world going.
Earlier side-hustle was a thing for productive 1% but now its a reality for the common to sustain in this cut-throat competitive arena

 

[Nathaniel]

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

 

[GIFTMICHAEL]

Single source of income stream is very wrong it was before that people always depend on their salary alone. Today it has been shown that when you depend on a single source of income it will definitely fail you one day. I could remember when teachers are owed for several months those who only rely on salary turned begger in the street.

 

[Eyiteepraise]

Relying on a single source of income is a very bad idea. It is just as bad as not even having any source of income. A single source of income might crash in times of challenges and there might not be any way to get out of it
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Relying on a single source of income is a very bad idea. It is just as bad as not even having any source of income. A single source of income might crash in times of challenges and there might not be any way to get out of it