Relying solely on one source of income leaves you vulnerable to financial instability in the event of job loss, market downturn, or industry disruption. Diversifying your income streams protects against uncertainty and ensures long-term financial security.
Should you focus on just one source of income?
- Thread starter Kennysplash
- Start date
It is dependent on the individual.
However, given that I have a family to support, I would prefer to have multiple sources of income.
However, given that I have a family to support, I would prefer to have multiple sources of income.
Personally, I think it's a good idea to have a few different streams of income. That way, if one source dries up you still have others to rely on. But again, everyone is different and what works for one person might not work for another.
I try to have at least three sources of income but I do find that if I try to focus on too much I can end up feeling very overwhelmed and confused and it can lead to burnout if I end up feeling overwhelmed. With me having at least three sources of income I try and plan a routine so that I can focus on them all without feeling too overwhelmed and so that I do not end up feeling burned out. Everyone is different though and it all depends on what you feel yourself you can deal with and handle.
Probably, once you start making money from something you can start searching for another. you should not do different things simultaneously if you have not started making money.
