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

[Profuk57]

speaking from a personal experience I don't think it is advisable for you to have only one source of income even if you are the manager of your own business, check most of the wealthy men in the world have more than one source of income. You should have at least 3 or 4.

 

[Sarfraz Ali123]

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.

 

[Veetos12]

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?

Having just one source of income is not really advisable most especially for a man who is the bread winner of a family. Imaging what happened in year 2020, i mean the pandemic period that affected the whole world economy, people who rely on salary had worse time of their lives.

 

[LaylaG]

I don't see anything wrong with that at far as they one and single source of income you are having can generate a constant amount of profit for you then there is no problem with that,it all depends on what you need in life and how you can be satisfied with what you have

 

[jay]

It's never advisable. If Jeff had stick to his one source of income you think he be worth what he is today? Check the life and investment plans of these well top 10 richest people in the world and you will notice that all of them have at least 3 source of income.

 

[Bookwormlux1]

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.

Are you sure seven is not too much? Things like this are easier said than done. It is not all about having a business at hand, but your being able to manage it properly matters a lot. I think 3 should be the most.

 

[Kingsley]

Having a single source of income is not a good idea at the present time due to the economic hardship all over the world, looking at the economic reality it is best to have other sources of income to be able to keep up with the ever high cost of living. The best bet is to have other sources of income in other to survive I this trying times.

 

[Sariana23]

It is not good to rely on one source of income reason be that ba failure in that source can collapse you and weigh you down but if you have different souurce of income you remain financially buoyant no matter what

You are right @Damismiling , it would be a total disaster and collapse to lose the source of work on which we depend, when there is only one source of income. I had not thought about it since I work for a government entity and in these cases it is very difficult to lose your job.

 

[Donolatunji]

Millions of Nigerians 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 work before retirement, and, in some cases, complete financial failure if you pursue it strictly.

 

[Klismannm12]

No sane person would rely on a single souce of income except that person is an entrepreneur,any thing aside that then the person is typically playing with his life and source of income,one should be able to diversify.

 

[EMMANUEL]

With the situation, things that going on in this country, relying on a single income could good only if the payment is huge and it can cover up your expenses, but a single source of income can be disheartened when payment is not coming forth as dated or when there is a delay in the process.
It will be of great advantages if you can have more than a single source of income.

 

[Obaterof]

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.

 

[Yewande]

No matter the pay, it is not always good and advisable to be depending on one source of income. Anything can happen to the source. Man should always have backup plan and prepare for the worst while expecting the best.

Don't say no matter the pay. Of course it's not good to rely on only one source of income but what if it's a family business that is well established and brings in hard currencies daily. It's a single source of income but it enough to more than get you going. Sometimes a good single source of income is better than low paying multiple sources

 

[Sehrish]

Because of our nations (The US) high inequality and the fact our society puts so high social value on money and wealth.

This forces normal people to have to play a game of making themselves look like they are richer than they actually are. They buy homes, cars, and clothing, endless consumer goods, and education they can’t afford as status symbols to make themselves look like they are higher up on the inequality ladder than they actually are (and to keep up with the rest of society playing the same game). When we are made to feel we never have as high a standing as we should, we always overspend and are left with too little for savings and “fun” money.

 

[Obaterof]

We are getting a good salary at the month-end, that’s good. But not for the long. Because the prices of the products increase faster than their incomes.

So in order to fulfill our needs, and not to leave the things by checking the price tag, we have to find multiple income streams and not to rely on single income source.

 

[Peppul]

The conventional career path in the world as a whole is like this, you pick a job, advance in the job, draw a higher and higher salary and eventually retire, preferably with pension plan. Millions of people follow these path, relying on one 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. That's why it's not a good idea to have just one source of income but multiples of income so that you won't experience financial failure on the long run

 

[Youngdee]

Well putting your egg in a basket isn’t an advisable thing to do when it comes to getting an income or doing a business. If you can have more than one source of income I advise you do it. A source of income can’t cover all expenses and with the rate of inflation it would be great to get a business that can fetch a person more money to add up to your savings.

 

[Abbas ali]

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.

 

[Clara]

I think it depends on the level of your needs and wants. Single source of income is enough especially of you are still single and do not have a responsibility but of course let us not ignore the advantage of having another source of income. Single source or not, we must make sure we are not over using our body and healthy. Health will always be the number one wealth.

 

[Abbeyola]

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 is not a good thing to have one source of income. The reason is that if the business collapses it will affect such a person greatly, because of the dependant on the only source of income.
That is why it is always good to diversify.