Serious Dangers of a Single Income

  “There is no security in a job, even a high paying one. Be smart and don’t rely on just one source of income”

-Ray Higdon.

Dangers of single income

One of the wisest millionaires in the world, Warren Buffet, said: “Never depend on a single income.” Building multiple streams of income is no longer a luxury, it has become a necessity.

The first step to building your financial strength is building your revenue strength. If the high rates of unemployment and mounting job losses have taught us anything, it is that nobody’s job is safe.

Unfortunately for most people, their only source of income is from their job, which can be a risky way to live. You must become so financially secure that you forget that it’s payday; you have residual bills, why not have residual incomes?

Our conventional career path has led many on a journey of financial frustration & insecurity. It goes thus: you pick a job, advance in that job, draw a higher and higher salary, and eventually retire, preferably with a pension plan. Millions of people follow that path today, relying on a single source of income, but in today’s economy, that approach is inherently defective. If you follow it strictly, it could set you up for hard financial times, longer stretches of work before retirement & in some cases, total financial failure.

Believe me when I say that – Families that live totally on a single source of income are at the greatest risk of poverty. Your salary shouldn’t be your only source of income. Complementing your main salary is one of the most sustainable ways of surviving. Good for you, you could get a very good business plan and coaching from me at a very minimal price. 

Someone once said that JOB is the acronym for Just Over Broke! I always tell people that having only one stream of income will continually keep us broke. In my bid to provide a biblical back-up for the idea of having a multiple streams of income, I discovered a verse that is worth deep meditation. King Solomon in Ecclesiastes 11:2 (NIV version), captured the idea of multiple streams of income succinctly by saying: “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.” Millionaires have several sources of income. 

The tools to create multiple streams of income are all around us in the 21st century. We have more access to information, people, and opportunities than ever before. Unfortunately, people use all these to insult the Government & peddle lies. You have the capacity, time, gifting & talent to create multiple streams of income. The more income streams you can create, the more secure your financial house will be & the more wealth you will create.

You know the saying “never put all your eggs in one basket?” Putting all of your eggs in one basket by being dependent on one stream of income is risky. It is so crucial to the continuation of cash flow that you have another income stream that you can rely on if one fails. The richest people are people with multiple streams of income. Bill Gates, Jeff Benzos, Sir Richard Branson, Elon Musk, Aliko Dangote, and Mark Zuckerberg, started with one stream source but have grown their businesses to meet varying needs over the years.

The biggest factor preventing many people from adding extra streams of income to their life is the misconception that to earn an extra line of income, you need to devote an extra full-time job’s worth of time and energy to a different profession. That’s simply not true. You can earn streams of income while working on your present job. You just need to be more digital, flexible, tactical & dynamic.


PUT YOUR GIFT, PASSION AND TALENT TO USE

Using your gifts, talents, passion and special abilities to help others solve problems can be a good way to earn extra income. Myles Munroe said, ‘’Wealth does not come from your job; it comes from your personal gifting.” Real wealth is discovering your gifts & talents & making your life better through it.

Monetize Your Hobby

There is so much joy in getting paid for what you love doing. The reason I love my work. There is tremendous joy in earning income from doing something that you might happily do for free. Making money from your hobby is not just only sustainable; it brings you deep satisfaction & excitement.

In the book, “Rich Habits, Poor Habits: Discover why the rich keep getting richer & how you can join their ranks,” co-authored by Michael Yardney and Tom Corley, which I will recommend for anyone seeking financial freedom, co-author & self-made millionaire Michael Yardney explains how he helped hundreds of ordinary individuals become self-made millionaires by creating multiple streams of income. One of the habits of the rich is creating multiple streams of income.


Having multiple streams of income will help you live above the financial uncertainty that has bewildered a single-sourced income. Because of the financial risks involved with relying on a job for all of your incoming cash, it is critical to consider having at least one additional source of income. Having multiple sources of income also gives you more flexibility for the future and helps you break the cycle of living from paycheck to paycheck. If you desire to protect your family from the unknown, having multiple streams of income is non-negotiable!

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