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

[Briangsam]

It is not a good thing to rely on a single source of income. It is not advisable. You need that second and even third streams of income in order to be financially comfortable and bouyant.
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It is not a good thing to rely on a single source of income. It is not advisable. You need that second and even third streams of income in order to be financially comfortable and bouyant.

 

[Adventurer]

Not at all, in the present state of the economy it is better to have 2 to 3 streams of income and that why these days almost everyone is selling something on Instagram or have ecommerce stores.
Just to ensure you meet up with your daily needs.

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?

 

[Adetayo100]

Relying on a single source of income 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

 

[mubinadaddy]

Is not reliable or advisable to stick to one income alone you need to have atleast 7 different types of source of income before you will be able to meet up in this 21st century if not it will be hard for you.

 

[Emma Aneni]

Relying on one source of income is not a very good idea, as long as you have the chance and opportunity to get another job and both is not affecting each other, you have nothing to loose, just go for it, at least you will still have one if another one fails.

 

[Klismannm12]

You just answered the question yourself,how on earth would someone who is working depend soley on one means of income,if it were to be a business man then it's understandable but for a worker to soley depend on salary I think it is not feasible.

 

[Goodday]

No, it's not just good to have one income stream whether offline or online. Income diversity is very important and it really gives an individual wide range of income sources. With this when one of the income sources failed you, you will get support from the other source and that is the most important thing with diversity.

 

[KvngMurphy]

Its not good to rely on a single source of income anywhere around the world and even if a person should or can it definitely isn't in Nigeria because all forces works together against someone. It's even worst if the source of income you rely on is a white collar job and not your personal business or establishment.

 

[Folaham]

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?

I have a good example of those that leave life with the scenario you painted above.
below is how he scheduled his monthly salary. Once he received the alert for his monthly pay, deductions commenced immediately in the order below
(1) monthly savings through contribution
(2) provision for family upkeep
(3) little savings on children education
(4) little as charity to family (aunt/in-law)
And all he will be left with can't last him the next 30 days before the next payday and he will be hoping on his other allowance weekly (weekend allowance) to maintain himself. Should there be health issues, he will sweat over it before settling it.
Above scenario is scary and I can say for anyone who is one paid job/wages/salary should try to fashion out an alternative sour e of income. The benefits are beyond what we see now. Should such a person lose his job, he can at least sustain himself on the little from that alternative income source though the standards will drop but at least they can sustain themself

 

[Janita]

Most of the people in the world don't have extra source of income so they face difficulties and lots of problems in the world.
I feel pity whenever I met those people who has only one source of income who is alone to complete the all requirements of life.so there must be another one who earn extra .

 

[Praizee]

Money is very essential to meet the needs of human. Money received from a source of income is good, but the when money is flowing from different sources. It gives the owner a peace of mind in precautionary incidents.

 

[Ifective]

I guess the answer to that question will always be NO. It is very difficult to always get the same result out of a business. Sometimes, business may be good and it might be the other way round. It is very important to make sure that one doesn't really on a particular source to earn. You might explore other options in case of decline in the first source of income.
However, some people who are confident about their business rely on just one source and are making it till date

 

[sam386150]

It is not advisable to rely on one source of income, I took example of myself when I was doing on tailoring work, at times I use to find very difficult to cope with my bills like house rent, shop rent, electricity, children school fees ,infact I don't support one source of income despite the amounts you received monthly make sure you find something to attach to it.

 

[Shayo]

It is neither good or bad, it depends on the type of work or business one owns and the money coming in.
Personally, I think it is more wise to have two or more source of income because anything can happen unexpectedly. Nowadays, there are ways to make your money work for you so having multiple source of income doesn't have to affect your your business. Investments are a good way of having a second source of income.

 

[unhappy triad]

My candid response to this is No, I believed having a single source of income to is just the same as having a car that is meant to embark on an unknown destination without a spear tire, you know eventually if anything happens to one of the tires on the road where there is no one to help, the situation of things may get out of control. Hence, having a plan "B" in life is very important to serve as a back born or alternative which we can fall back to should in case any thing happens suddenly in the long run. Having other source of income in this modern world is highly Germain to stand the test of time and be buoyant enough to compete with some basic numerous endeavors of life.

 

[mizzzlotam]

While it is not a crime to have just a single source of income. However if you can please do have as many alternative source of income you can manage. This way you can share your responsibility between the different sources will growing financially.

 

[Chizfab]

It is good to spread your wings and fly because you can never tell where it will land you that is green. Also the adage which says that we should not put all our eggs in one basket. From all these, it is advisable to have more than one source of income, should in case one business is suffering, the other can sustain it

 

[Damscooguns73]

Concerning if it is good to rely on one source of income. Well, I totally think it is not okay to rely on one source of income especially with the way the economy is presently. Multiple ways to make income or earn money is advisable,even if you earn big on a single job, you never can tell what may happen to that job of yours, back up should be necessary and not optional

 

[Psalmsavatar]

Abomination! Gone are the days when man relies on only one source of income. The current economic condition does not favor such again. God bless our women, apart from their businesses, the man at home is another source of income.

 

[Obaterof]

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.