The danger of having only one source of income.

I don't always like it when people depend on only one source. It is very dangerous no matter the pay. I won't be okay even if I am collecting huge salary through only one source. I always think anything can happen. I prefer collecting meagre money on different places to collecting big one in only source. Most of the people that depend on only one source later regretted it during the Corona virus and the pandemic which led to lockdown of almost 5 months.

Kennysplash said:

No matter how much you make as your income in your job or business, you should not have just one source of income. It is risky, I have the experience of an older friend working for a company with good pay. When others tell him to invest in something else he will shrug it off and say he does not need it. He will say he does not like to stress himself and he is contented with his job only. The company had a financial crisis and had to let some workers off, he was among them. Although he has some money saved, he did not know how he spent them fast since he could not get another job for almost 6 months. So always try your best to have more than 1 source of income, have other investments that you can tap into if need be.

Click to expand...

Having one source of income is very dangerous any time things might go astray and end up bankrupt. You never know anything can happen so you must have another source that will support when you're down. Mostly being employed is very much risky anytime you can loose your job. The boss might wake up any day and decide to change all the workers or reduce the workers due to low economy.

Mostly during this pandemic of covid19 many people lost their jobs now just imagine if one was only dependent to the job what could have happened. Am sure many of them we're dependent to the job now are just hustling wondering what to do and regretting as to why they never started their own business or invested to have another source.

I strongly concur with your submission up here.

Kennysplash said:

No matter how much you make as your income in your job or business, you should not have just one source of income. It is risky, I have the experience of an older friend working for a company with good pay. When others tell him to invest in something else he will shrug it off and say he does not need it. He will say he does not like to stress himself and he is contented with his job only. The company had a financial crisis and had to let some workers off, he was among them. Although he has some money saved, he did not know how he spent them fast since he could not get another job for almost 6 months. So always try your best to have more than 1 source of income, have other investments that you can tap into if need be.

Click to expand...

No matter huge you earn from your business or employment, you still need another source of income. The other sources of income may not even pay up to the current one you have but grow it.

Lots of people get comforted once their business is booming and would not want to even try another businesses too to gain little or more profit.

Holding unto only one business or employment as a source of income is highly dangerous because of unforseen circumstances that could happen.

It's very right that we should not have one source of income in cases of jobs. As I have found with the case of my father, he always had two sources since the past few years. He always said that as he is in a private sales company that people like us can't be dependent on one job. Because as the company sees the employees are acquainted with the job, they put more.pressure on them and at the end they put a lot of pressure that it's worth it to live.

In these cases, if you have a small second job available that is related to the same field you are in or may be different depending on your choice, it's better.

In my opinion and from personal experience, having one source of income very risky. And enough statistics have shown that families that live totally on a single source of income are at a greatest risk of poverty. To provide a biblical backup for the idea of having a multiple stream of income, there is a verse that is worth deep meditating. King Solomon in Ecclesiastes 11:12 (NIV version), says invest in seven ventures, yes, in eight; you do not know which disaster may come upon the land. An average millionaire today does not have one source of income. For instance, as a government worker I depended on my salary for all my expenses untill I experienced the danger in it. So I now imvest my salary in different genuine online and offline businesses and investments. And it is paying off. I know that my job will be gone some day either through retirement or in whatever way. Then I will fall back on my investments. So, diversity your income today. Good luck!

I always tell people that having a single source of income is one of the worst thing you can do to yourself. Some people always come up with the excuse that their job is so demanding that it rarely gives them time for themselves not to talk of opening a business. There are others that will always say that they have the intention of starting a business, but they want to manage it themselves and doesn't trust leaving the business to someone else, but cannot do that now since their job is time consuming.

If your job does not give you time, and you are not comfortable with starting a business and handing it over to someone else to manage for you, you can look for good investments that will be giving you monthly returns. There's no law that said it must be a business, you can start with investments until you are ready to start a business, the most important thing is to have more than one source of income.

No

Bookwormlux said:

Relying on a single source of income is more like slavery, it could be more devastating if you do not get paid for a month or more, that is when you will appreciate the advice of people encouraging others to invest their money.
In my home, my parents ain't completely dependent on the government, they invest their money in agriculture and it gives them enough profits that helps them to carry out big projects that only their jobs wouldn't have afford them the opportunity to do.
Multiple income sources makes you feel more satisfied too.

Click to expand...

Matter how much you earn from your work/job o believe one shouldn't have just a source of income. There should be multiple sources of income not just to acquire money but to impact others too. You can become rich with just a source of income but you become wealthy with multiple sources of income

Relying on a single source of income is more like slavery, it could be more devastating if you do not get paid for a month or more, that is when you will appreciate the advice of people encouraging others to invest their money.
In my home, my parents ain't completely dependent on the government, they invest their money in agriculture and it gives them enough profits that helps them to carry out big projects that only their jobs wouldn't have afford them the opportunity to do.
Multiple income sources makes you feel more satisfied too.

Having one source of income might be good in the past but not advisable in the present.It actually dangerous to have one source of income because nothing is certain,you might be making lots of money today from something today and might not make the same tomorrow and there is also the issue of competition the best way of dealing with competition is having side hussles.If your only source of income is a job the issue of laying of staffs is much this days, there is no job security nowadays.If you are feeling that you are qualified for a job there are thousands of people with more qualification and experience outthere.so my advice to everyone is to make lots of investment.

For anyone that is business-oriented we will know that having one source of income is not acceptable. As a business owner or someone who works online, a part-time online gigs you will know that your profit must fetch you more profit. You must have investment almost everywhere that you know it's legit... So when one source crash another source will sustain you... That's is why proper enlightenment about investment should be mandatory for anyone who wants to make money in this life.

Having one source of income is not something that is bad, if your business is very large and you make the necessary saving I don't see how you will fall or go bankrupt
But the problem is that many people are engaged in the same business and if you're not stable you might fall from business, it becomes difficult for people to earn enough money when we have too many people who are into the same business
because of this people find it difficult to stick to one business in other to be able to earn more. That's why you see someone with just one business struggling at times and you wonder what's happening.

Normally it's not a bad thing to have just one source of income in the past, but as the year passes by things became difficult for so many people, you see a lot of people running the same business in the same community and it becomes difficult for one to earn because of the competition and no government regulatory to stop all these. So because of this people find it difficult to stick to one business in other to be able to earn more. That's why you see someone with just one business struggling at times and you wonder what's happening. I for one last year when I wanted to start a business I found out that the location I wanted to rent has like 8 shops running the same business I wanted to start and it was frustrating because I never expected it to be like that, I just have to move away from there and go to another location and ended up paying a huge some of amount for rent. So that thought me a lesson that if I want to succeed in starting a business I don't need to stick to one because it will be difficult due to competition.

Having only one source of income is very dangerous especially for a family person with lots of financial responsibilities. Take for example, if you are an employee in a particular organization and the company decides not to pay you salary for 3 months because of one reason or the other, how will you survive. It is good to always have plan B when it comes to finance so as to avoid disappointment. Having just a business stream is not also secured enough.