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

[Koldej]

This is a very good question , having a single source of income to me is not really a good thing, atleast to be guaranteed of yiur finance you need to have atleast 2 to 3 source of income, so that if anything happens to one you will always have something else to fall back to

 

[Godleads1]

Placing your gains or profit in one source most times fails. For instance, money should have a tangible backing. The partner is better

 

[Olahab]

, if anything happens to that source of income you become helpless. The best thing anyone can do for himself/herself is to try as much as possible is have more than one source of income in other to live a more productive

 

[Xerryl]

It is not advisable to rely solely on a source of income. If you want your business or investment to thrive please have more than one source of income so that if one crash you can easily make profits from the other

 

[WhiteHouse]

If you depend on only one stream of pay, it's a lot simpler to stumble into difficulty. For instance, say you lose your employment and it's your sole type of revenue? On the off chance that you don't have huge money in reserve funds, you will rapidly be placed into a place of pressure and perhaps monetary hazard. Nonetheless, on the off chance that you have various floods of pay, an occasion, for example, a work misfortune won't be serious.

Having various floods of pay gives you choices. It gives you the choice to leave a terrible work, it gives you the alternative to dismiss an awful customer, it gives you the choice to live where you need and invest your energy in manners that are significant to you.

 

[Thosynho]

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 matter how high and good you earn, it's not good to have a single source of income. This is because what you never prepare for could happen suddenly which can make you to loose the job or your business. However, when you have multiple means of income you can still get going when one is having problem.

 

[Ruthyfizy]

Its really not advisable to rely on one source of income, especially salary earnings because unexpected situation may occur and the person may loose his or her job and without a backup plan or another side business,the needs of such person will not be taken care of...

 

[Onachukwu]

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

 

[Alogakho Esson]

I think everything in business life required diversification of income and expenses so as if there is problem you can switch

 

[Tollytee]

Its not good to rely on a single source of income because when one breaks down ..you will have another source of income to rely on...having multiple source of income is the best.
[automerge]1612127912[/automerge]
Its not good to rely on a single source of income because when one breaks down ..you will have another source of income to rely on...having multiple source of income is the best.

 

[Felixko]

Relying on a single source of income is life threatened and also good time for employees. If one depends on a single source of income most especially this era of disease of corona and so many disease it can lead to lost of jobs or low market which can cost a lot in human life. But also if you have or rely on a single source income it helps you have enough time to rest .

 

[Seyesystem]

It is not good to rely on one source of income because one source of income can never be enough. There's nothing bad in having so many sources of income when you have multiple sources of income you have rest of mind in term of financial issues. In the world people that I have multiple sources of income they are likely to end up having more than enough cash. Money is always needed to meet the day to day needs and in other to meet your daily needs you have to have various sources of income.

 

[Adetayo100]

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.

When you've managed to acquire multiple streams of income, your job security isn't tied to a single source. If the economy changes therevenue of one stream, you can rely on your extra income for a while. Diversification is key whether it's real estate, rental income, the stock market.

 

[Doradorwa]

Relying on one means of getting money is not meant to be as a business person you must always invest your profits to yeild more profits.... When one go down least there will be a backup saving business

 

[Draysongz]

Depending solely on one source of income isn't a good idea, have you ever paused to think of what will happen if that source of income crashes, then what becomes of your financial status. It's advisable to have multiple strings of income.

 

[Milz]

Relying on a single source of income is a one way ticket to financial problems. If your source of income falls short of the expected profit output,things can go south. One is expected to strived to gain multiple source of income for better financial plan.

 

[Quert]

Millions of Americans today follow that path, depending on a single source of income, but that strategy is fundamentally flawed in today's economy. It might set you up for tough financial times, longer periods of employment before retirement, and, in some situations, utter financial failure if you pursue it strictly.

 

[Shahid Abbas]

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?

We should not rely on single way of earning , because now a days budget of every hime has become more and more And always we should also give importance to part time buisness and put it together which can be best for us.

 

[Mandypaul]

The human need is completely unsatisfiable and it also depends on the individual, if you think that the current source of income you are having will not be able to take care of all your needs and wants then obviously you need to switch to another source of income or if possible you have two.
[automerge]1612128863[/automerge]
The human need is completely unsatisfiable and it also depends on the individual, if you think that the current source of income you are having will not be able to take care of all your needs and wants then obviously you need to switch to another source of income or if possible you have two.

 

[idhans]

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 the richest people in the world are still looking for money I don't think there is any amount of money that would be enough for someone to stick to one source of income. Whether you are a government worker, or a company worker , it advisable you put your hands in so many investment.