The danger of having only one source of income.

Chibson

VIP Contributor
Having only one source of income is not recommended at all, if you're working or you are a government worker it's recommended you have at least another source of income.
The online world has provided the opportunity for many of us to have numerous sources of income, you can take this opportunity and make money for yourself. I have seen people who went from being rich to being very poor because they depended on only one source of income.
 

Rna001

New member
If one must be successful or financially grounded then putting your head in one source of income is not ideal. Diversification should be encouraged for it is ultimately necessarily. No matter what you get in a particular job or business, I want to say it's not good enough for anything can happen, crashing might come your ways if financial challenges don't. Having more than one source of income gives you stability and financial capacity
 

Seyesystem

Active member
For every individual whether you have full-time job that you are making money monthly it is always good to have other sources of income because of fear of the future various sources of income boost your financial capacity especially when you have a lot of responsibilities taking care of family children paying bills and house rent when you have multiple source of income you will never feel the the pressure of financial needs. Having only one source of income sometimes effect you in meeting your various responsibility and this may directly or indirectly affect your progress. Having one source of income may not make you to achieve a lot and you may end up saving nothing from your monthly salary. Every individual must always in search for various sources of income that will be added to your source of income so that you can easily how financial stability.
 

Georgeadawara

Active member
There are many dangers of having only one source of income.more importantly is the fact that individuals working with private sectors such as companies which at anytime may lay off their workers due to advancement of technological appliences etc.which replace human labour.this lead such individuals that are fired into frustration,because they only depend on one source of income,and these lead to criminal activities like arm robbery, kidnapping and all sort of criminal cases.
But if they had more than one source of income they would tend to relay on the available ones for survival...
 

Olajidey

Active member
People are now aware that having one source of income is not a good thing, we have learned our lesson in a hard way by the help of pandemic coronavirus that put us on lockdown for some months, only those who have side hustle especially online job are able to single-handedly sustain themselves trough out this hard time. So for workers who are employed should not depend on the company or organisation he or she is working for he or she should plan on how to have a side hustle.
 

IamDozzy

Active member
Having one source of income can lead to depression, this is because one would always be in a race to meet up with bills payments, family needs, personal needs and a lot more. It is advisable to have a main source of income and if possible 2 or more side hustles. At least with this, you can save a part of your main income and use the other part of main income and proceeds from your various side hustles to support yourself and meet family needs. In a third world country, having only one source of income is disastrous due to constant increase in inflation.
 

Johnnyb4btc

Let love and light leads. .
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.
You are correct sir. One most not dependent only on one source of income. It a must to have even more than three sources of income must especially when you are married and have children. Even the bible encouraged us to have 7-8 sources of income. Investment and side hustle should be a thing everyone should start looking into. With the way this country is going, one must not depend on your salary job alone of only one business alone. One must learn to invest both for the short time and long time. Imaging buying Bitcoin when it was just like $100.
 

Mataracy

VIP Contributor
Have only one source of income is as bad as the one with a small light on his/her hand walking beside a river in which any mistake could be disastrous.
What am saying in the essence is that one should have more than one source of income should in case anything happened you will vr able to lay hand on the remaining and still stay strong.
 

Lyrrex

Member
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
 

Janiya

Member
Spending life on Only one source of income is very difficult because all are dependent on one person and they can not complete their all desires and wishes just because of one person who has burden of whole family.
I have seen that depending on one person is hard we should try our best to help them and do some work extra to earn and complete the requirements of life.
 

Profwriter

Active member
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.
The way the world is going, it is risky to have only one source of income, multiple streams of income is the key to survival. If anything happens to one stream you can rely on another one. Take a lesson from the aeroplane, it flies with two working engines just in case one packs up in the sky, the other should safely land the bird, whenever there is a plane crash it's because both engines failed. Just like the plane crash, if you don't want to experience a financial crash, then you should get another means of earning money.
 

Maks25

Active member
it is dangerous to have just one or two sources of income. if anything goes wrong you cant fall back to any other means of income. i think it is advisable to have multiple streams of income in case of necessity.As at now, i have one stream of income which is my business. Still looking for another source of income through a form of financial investment. I'll use the Return On Investment to create another stream of income into my reservoir this in turn will generate another until i achieve incomparable size multiple streams of income
 

Ralphjoe

Active member
Having one source of income is quite a big risk for anyone to take because that only source of income is not guaranteed, anything can happen just like the story you just narrated. I have been having just one source of income before now, and to make matters worst, the source of income is very low in earning. I found myself struggling to feed, buy my basic needs, and most times I found myself begging people for money just to go to work, most times I wouldn't eat not because I don't want to but because I don't have money to buy any foodstuffs or buy food. Now I have other sources of income which I juxtapose with my offline job.
 

Joseph555

New member
Is very dangerous and as well not advisable to have one source of income, you could see during the lockdown people with one source of income suffered a lot, it is pertinent to have more than one source of income because an adage says that we should not put all our eggs in one basket hence we might fail.
Anybody with one source of income is not stable financially it is bound to lose and the bloke that is why it is advisable even as a government worker to have a private business that you can fall back on the days of famine.
 

Ummigal

Active member
There's only one evidence that proves you are rich and that is when you are making more money than you spend. You might have five alternative sources of income bringing in a hundred thousand Naira monthly but there are folks earning above a million naira per month, so they still have more money than you both in the long and short term especially when the spending rates and cost of living remains the same. Am not saying a an alternative source of income is not good, but the fact is we all cannot engage in alternative sources of income before we succeed.
 

leejay

New member
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.
 

Sammyesx

Active member
The fact that life is so unpredictable is enough reason for people to look for other means of income to add to their existing source of income, most especially for people working under someone, there might be some circumstances that lead to loss of job and if that is the only source of income then there will be a problem. Different source of income helps to cover bills most especially for someone that has alot of bills to pay.
 

Kennysplash

Verified member
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.
 

Janetoje

New member
Having just one source of income with the growing economic melt down, is indeed a dangerous scheme. It is very wise for someone to have another source of income so as to meet up with the growing demands of financial needs. currently in Nigeria food stuff is very expensive and there is no increase in the salaries as such, it is necessary not to depend on one source of income.
 

Nii41

Member
It is not advisable to have only one source of income. Most people are poor because they rely on job security, which is obviously not guaranteed, if you have only one source of income and you get fired in your workplace, what do you do after that, it would even be worse for a family man. One should be diverse in thinking, sort for new opportunities and ways to earn not just from one source, that way you will be financially secure and also independent.
 
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