Relying On One Income Stream Is Risky

[Nomad]

One of the main reason why people are having financial difficulty is they rely on single income source. As prices rise and the cost of living increases, relying on a single source of income is very risky. Even when you are earning well, one paycheck may only cover basic expenses, and you might not be able to save and invest to build long-term wealth. Therefore, start creating multiple income streams based on your skills and interests.

 

[Kross]

I have seen many people become wretched simply because they relied on a single source of income and it failed.

 

[eLdavis]

Relying on a single source of income is risky, during the COVID-19 period, a lot of people came to realize the effects of having a single source of income as so many of them lost everything.

 

[Augusta]

Relying on one income stream (usually a job) puts your financial well-being in the hands of a single employer, market condition, or industry trend. If that source fails—due to layoffs, illness. you risk losing everything at once

 

[freelancermaria]

It really is risky to rely on just one source of income. Anything can go wrong in an instant. For instance, today my father was rushed to the emergency room after hitting his head. He was bleeding and needed to be admitted, especially since he is also a dialysis patient.

 

[Augusta]

Yes this is really is. Because the one source can fail even if it is your personal business. The unexpected can happen

 

[Springtime]

Yes, relying on a single source of income is risky. Even you think you have a stable job, but you never know. When there is war, pandemic, the economy turns bad, your company may not earn as much, and you job can be at risk. If you have no other sources of income other than your job, once you lose your job, you'll be in financial trouble