Danger of a single income

Sat Nov 9th, 2019 - Nationwide

“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. 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 is payday. You have residual bills, why not have residual incomes?

Our conventional career path has led many on a journey of financial frustration and 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 flawed. If you follow it strictly, it could set you up for hard financial times, longer stretches of work before retirement and in some cases, total financial failure.




source: Guardian