Why we shouldn't rely on one means of making money

[WATFORD]

There's this saying " A wise man doesn't sleep one sided on bed". Do you understand that saying? It simply means that as a hustler, you cannot be sleeping one side or having one means of generating income. Having one means of making money or relying on one means of making money is not really advisable. Why? There are several reasons why relying on one means of making money is not advisable:

Risk of losing income: If your sole source of income is from one source, any adverse changes to that source (such as losing your job or a business failure) could leave you without any income at all. Diversifying your income streams reduces the risk of losing your entire income.

Limited growth potential: Depending on only one source of income may limit your potential to grow financially. Diversifying your income streams opens up opportunities to earn more and achieve financial stability and independence.

Market fluctuations: Markets are unpredictable, and industries can experience fluctuations that affect income levels. Relying on a single source of income could leave you vulnerable to these changes. Having another source of income won't be your problem if such case arises.

Opportunity cost: By relying on only one source of income, you may miss out on other opportunities to make money. Exploring other income streams can lead to discovering new skills, interests, and income opportunities.

Financial security: Having multiple income streams can provide a greater sense of financial security. If one stream of income decreases or disappears, other streams can help to offset the loss and provide a buffer until the situation improves.

In conclusion, it is important to diversify your income streams and not rely on just one means of making money. This can help you achieve financial stability, security, and independence while reducing the risks associated with relying on a single income source.

 

[moonchild]

It is not advisable to rely on one source of income because if you lost it what will you do, it is important to be aware that you can loose your source of income especially if you rely on others, like a job or freelancing, being aware will force you to make plans of exiting or creating a more reliable source of income that do not rely on others.

There are different buffers like, getting a new job in a stable industry or starting a new business, or learning an in demand skill with low competition it all depends on you and your motivations.