Why a single income stream would keep a person broke and poor.

[Etini Willie]

A single stream of income is a situation where a person earns and sustains a living from only one source. That source could be a job, a business and so on. I stand to category state that a single stream of income cannot make any person truly wealthy. When I talk about wealth, I am not talking about being able to eat and live in a good apartment. I am talking about true wealth.

Life is full of uncertainties and relying on one stream of income can bring you down to your knees in just one swoop. If you factor in terrorism, natural disasters and all other uncertainties, you would agree with me that we live in truly perilous times. The key to surviving the harsh economic climate of this time is to have multiple streams of income. There are times that your business might experience a downtime or your job has issues, the truth is that you would end up in debt. If you had another stream, that stream could have sustained you while you were working on fixing the other one. You can easily save when you have multiple streams because you can dedicate one stream to savings and the other for self sustenance.

 

[Augusta]

I agree with you that life is full of uncertainties and relying on one stream of income can bring you down to your knees in just a split second . As such one needs to look for others means of survival.

With the uncertainties life brings relying on only a source of income is a bad decision, So the key pont to surviving the harsh economic climate of this time is to have multiple streams of income. the truth is that one would end up in debt if one business should experience a downtime or any job issues. So the best bet is to hustle in other area

 

[Kunde]

This life is about luck. What is the essence of having multiple income source but not able to manage them well. A source of income that is not managed well might fail. I agree that a source of income might fail and because there are others, those one will help. But still we can still handle a source of income and make it wide.
Mata only had a source which is Facebook and was very successful before acquiring other source. So managing a source of income well and developing it, is better than having multiple sources with poor management and which might lead to failure

 

[niche]

Making money from a business, especially online business is very risky, the tech and internet companies are extremely ruthless in destroying the finances and life of some hardworking small online business owners, who are not well connected. So it is better to diversify the income sources, invest savings carefully to make enough to pay for daily expenses, so that you do not have to depend on the online business for income. Most older people find it very difficult to get a job in some countries.

 

[saoussen5765]

If you are just working and getting a salary then it is the worst case because most of employees salaries doesn't let them even complete month expense and goes to working online to help themselves with extra money to complete month expenses.