Is one source of income enough?

[Debashis]

Considering the job situation these days where layoffs keep happening from time to time in the name of cost-cutting, do you think having only one source of income is a safe choice? Or do you think we should have definitely more than one source of income? If more than one, then how many shall be enough to secure our life? Are you working towards developing some skills to get another source of income? Feel free to share your thoughts here.

 

[Jason]

We should definitely have other income streams, but it's usually not easy to make.

 

[Reverie]

I don't think one source is enough anymore really. I highly recommend at least having the one source of income but then use your money and make it work for you. Stock or bonds would be a smart thing to put your money into because at least it gains more interest typically.

I'm trying to figure out some side income but really don't have the time to invest! I would somehow like to turn my hobbies into a cash flow but I don't see that happening.

 

[Ravenfreak]

It's tough making it through with just one source of income. Right now my spouse isn't working and is staying at home taking care of their mother. My father in law and myself are the only ones working, but my MIL gets disability checks. We've been shopping at Aldi as of late since it's super cheap to buy food from there. I don't think I could make money off my hobbies, I do plan on focusing on my Youtube channel a lot more this year than last year so maybe I could make a little off that? I suppose it's up to the algorithm and time.

 

[Arantor]

And you wonder why I'm so bitter and jaded about the prayers to the capitalistic gods.

I remember when it was possible for a family to live reasonably on a single income - that thing you see in The Simpsons was something I've seen in my life time.

These days... well, both my wife and I work and as long as that's the case we'll be fine between us. She works in healthcare - so she's basically set, and I can pick up another job readily enough, as there's no shortage of PHP dev jobs out there.

 

[Jason]

Nowadays the cost of food has skyrocketed and childcare. For instance, I frequent this fast food place and often the kids of employees are there cause there's nowhere for them to go.

 

[Darth Cognus]

Depends on the job and the living of course. But for the most part you're not going to get that job I'm alluding to and it's really a luxury, so the answer is probably no unless your arrangements and sanity allow you to live quite thinly on the one, probably not glorious income. Certainly not if you're doing the fast food thing and especially are dealing with kids and other extra expenses.

I have erred to live more thinly and have little I need to directly support, and so I do get by on an inglorious silo supported by a couple breaks a year for when efforts pay off. But those are delayed gratification bumps to the war chest, or more likely covering a war chest deficit.

I'd rather a hobby pay off reliably, but it's hard to make money when I hate making it about money. I have an inconvenient moral aversion to for-profit attitude when it comes to forums for example.

 

[Debashis]

I don't think one source is enough anymore really. I highly recommend at least having the one source of income but then use your money and make it work for you. Stock or bonds would be a smart thing to put your money into because at least it gains more interest typically.

I'm trying to figure out some side income but really don't have the time to invest! I would somehow like to turn my hobbies into a cash flow but I don't see that happening.

Why don't you teach online? You love teaching anyway as far as I know. You're a great teacher. So, why not teach the rest of the world?
You know there is an app/website where you just speak in English to people who are looking forward to learn English by speaking to native English speakers. You can definitely try something like that.

It's tough making it through with just one source of income. Right now my spouse isn't working and is staying at home taking care of their mother. My father in law and myself are the only ones working, but my MIL gets disability checks. We've been shopping at Aldi as of late since it's super cheap to buy food from there. I don't think I could make money off my hobbies, I do plan on focusing on my Youtube channel a lot more this year than last year so maybe I could make a little off that? I suppose it's up to the algorithm and time.

As far as I know, if you are consistent with your content, you'll definitely start gaining subs and viewers. Like if you target to upload 3 videos a week, make sure you make it happen. It will definitely help. YouTube is a business. Initially, you have to put in a lot of work and money too (if you want to put ads about your content) but eventually, it will all become a lot easier once you build your fanbase.

 

[MrDawn]

Not if you're working a modern job that's not keeping up with inflation, no. It sometimes takes two to make ends meet.

 

[Dismal_Bliss]

Depends on the job and the living of course.

^ this. I can support my family. My wife didn't work for nearly 10 years and we were just fine.

However, if this is more about having multiple revenue streams, then yes, I think that is very wise if you can pull it off.

 

[NeoMetallix]

And you wonder why I'm so bitter and jaded about the prayers to the capitalistic gods.

I remember when it was possible for a family to live reasonably on a single income - that thing you see in The Simpsons was something I've seen in my life time.

These days... well, both my wife and I work and as long as that's the case we'll be fine between us. She works in healthcare - so she's basically set, and I can pick up another job readily enough, as there's no shortage of PHP dev jobs out there.

It wasn't capitalism that caused that, it was socialism. Do you think it's fair when you work hard for your currency(we don't have money anymore) when others get to create currency out of thin air to pay for stuff?

Every time currency is created from thin air, it steals from the poor to give to the rich, wealth redistribution. It's due to decades of deficit spending by the government that our way of life is worse. They spent OUR money decade ago and when they spend trillions they don't have now they are spending our great grand children's currency.

 

[Arantor]

As someone who lives in a more socialist country than you, I can absolutely confirm you’re wrong.

45 years of neoliberalism has utterly fucked my country putting money into the hands of the few at the expense of the rest, including all the sell-offs of all the nationalised services for pure profit. Not any of the socialist policies.

The UK had a perfectly functioning social healthcare system until the capitalists got in and started selling it off piecemeal. Ditto the water companies, the postal service, the rail system, the energy companies.

 

[Henrywrites]

Having multiple streams of income is very important for anyone looking at growing their income. I have always made sure that I arrive at a situation where I am financially buoyant to get the needs of life.

 

[NeoMetallix]

As someone who lives in a more socialist country than you, I can absolutely confirm you’re wrong.

45 years of neoliberalism has utterly fucked my country putting money into the hands of the few at the expense of the rest, including all the sell-offs of all the nationalised services for pure profit. Not any of the socialist policies.

The UK had a perfectly functioning social healthcare system until the capitalists got in and started selling it off piecemeal. Ditto the water companies, the postal service, the rail system, the energy companies.

Socialism can go both ways. It can be used for good intentions, like services to a poorer population or it can be used to make the rich richer. Hence socialism for the rich. Capitalism doesn't even exist on this planet anymore and why would those in power want it to be? It's much easier to socialize the profits of the many to make money and burden us with their loses when they fail than actually having to compete.


That aside, it doesn't negate the fact that deficit spending spends your grand children's money. If they hadn't spent more than they made in taxes for decades, we wouldn't be as badly off. That's why inflation exists, they have to create currency by borrowing it into existence, to pay for what they can't afford. That steals purchasing power from the public and only those close to that newly created currency benefit. They killed sound money so they could create as much fiat currency as they please.

If you want true change, you would be demanding that the countries of this world stop over spending and go back to sound money that has REAL value. Guess who granted private banks such as Bank of England and Federal Reserve monopolies over currency? The government. Granting monopolies is antithetical to Capitalism.

 

[Cory]

I'm only able to live off a single income because I live with my parents and they don't make me or my brother pay any of the household bills. If I had to pay for household bills, I'd probably need a second income coming in from somewhere because I still need my single source of income for medical bills, food/drinks, phone/car insurance bills, etc.

But to those who live alone would probably most certainly need a second source of income. Possibly even those with a partner depending on how much they both make. Of course, it all comes down to how much you make and how wise you are with your money, but I couldn't fathom living alone with consistent bills piling up.

 

[Reverie]

Why don't you teach online? You love teaching anyway as far as I know. You're a great teacher. So, why not teach the rest of the world?
You know there is an app/website where you just speak in English to people who are looking forward to learn English by speaking to native English speakers. You can definitely try something like that.

I don't think I have consistent time to teach online. Typically this requires an open schedule and the better times are early in the morning/late at night to go best with other countries. I had a coworker do this, but money wise it didn't seem to make enough of a difference. It's a good idea though!

 

[Yeti]

Things are changing fast in the modern world!

IMO, I feel it's kinda risky to put all your eggs in one basket. At the very least, I think continuously working on different skills is a good way to make sure you don't shoehorn yourself in one area. That way, if my current role becomes obsolete, I would potentially have another skillset / direction to pivot into.

 

[Cedric]

Things are changing fast in the modern world!

IMO, I feel it's kinda risky to put all your eggs in one basket. At the very least, I think continuously working on different skills is a good way to make sure you don't shoehorn yourself in one area. That way, if my current role becomes obsolete, I would potentially have another skillset / direction to pivot into.

I kinda agree. Focusing on one thing isn't enough nowadays. So the concept of having one job is slowly fading away imo.

 

[Jay™]

My wife has been in the same job for almost 20 years so that helps with the mortgage and my spending habits, if one of us lost our job that would change things for sure.

 

[Cedric]

My wife has been in the same job for almost 20 years so that helps with the mortgage and my spending habits, if one of us lost our job that would change things for sure.

No more testing forum scripts for the sake of testing.