Why do you need multiple sources of income when you have one source that pays well?

[Min George]

People always have second and third sources of income to supplement their earnings. But what if one has one stream of income that can fund his life's expenses? Does he or she still need an additional source of income?

 

[magnus2022]

Diversification is very important because it can be of immense help in case of emergency. In situation, where the only source of income have challenges, the person will definitely depends on others! This is one major benefit of mutiple source of income!

 

[eLdavis]

It's more like having a safety net to fall back to just incase anything goes wrong with that single source of income, then again having multiple sources helps you live a more comfortable life.

 

[Augusta]

For financial security, as it provides a safety net if one source disappears due to job loss or economic changes, and for wealth building, as it allows you to save and invest more

 

[King Belieal]

There is no single source of income that is fail proof. Even that sure income source that pays well can also fail. That's where the alternative source of income steps in to help.

 

[Sanjeev]

It helps to increase your savings. I won't mind if I have a good paying job but still have two other sources to increase my earnings

 

[Springtime]

There's no harm having multiple sources of income. Even if you have a highly paid job, you never know if it is stable for how long.

 

[Min George]

There's no harm having multiple sources of income. Even if you have a highly paid job, you never know if it is stable for how long.

As far as the additional sources are not too stressful to the person, I would agree with you on the need to have multiple income sources.

 

[Suba]

Even if someone has a single source of income, they still need additional income, especially to accelerate their path to financial freedom, such as investing in a business or stocks.

 

[neku]

Can you share the source of income which you feel is sufficient to pay all expenses, and is so reliable, that the investor does not require any other source of income?