What are the Disadvantages of having only one source of income?

[Suba]

Income is a person's financial source to meet their needs, but many of them are employees, traders, freelancers etc. who only rely on one source of income, of course they will become suddenly unemployed, so their finances become unstable. Are there other disadvantages if we only have one source of income?

 

[Shavkat]

One of the most disadvantage is it will make your life in misery. For the reason that you are trying to cope up and feeling depressed at the same time.

 

[SHAHID987]

Nowadays it turned almost impossible to survive for middle class people in one source of income, so we remain in search of more than one source of income. Previously here the head of the family used to be the only person who was working and rest of the members were enjoying the life, but now almost all family members are working to earn the living.

 

[nomad]

If you have single income source and if that source dies out, you will not have an income source.

 

[Bisolami]

Income is a person's financial source to meet their needs, but many of them are employees, traders, freelancers etc. who only rely on one source of income, of course they will become suddenly unemployed, so their finances become unstable. Are there other disadvantages if we only have one source of income?

The major disadvantage of having one source of income is that you will not make so much money like others.

 

[timewo]

It is very risky to have only one source of income, like Google Adsense, so it is better to diversify, invest wisely so that the savings can cover expenses for some time.

 

[Suba]

The major disadvantage of having one source of income is that you will not make so much money like others.

Besides that, we will also become restless, especially during a recession, it is too difficult to achieve financial freedom.

 

[Springtime]

Well, you never know when that source may falter. Perhaps the company goes out of business when its product becomes obsolete, or you get laid off. With a single source of income, you may find yourself without income.

 

[Hate2Wait]

This is why I'm also worried as I only have one source of earning and I'm doing my best to have more stable ways to earn.

 

[eldavis]

One major disadvantage in one word is pressure. When you live off one source of income, you can never be at ease. If anything goes wrong you tend to worry. Therefore putting a lot of strain on that particular source of income.

 

[cherry123]

it is glaring that having one source of income is financial limitations. one will not have much money.

 

[Edulady]

Very dangerous in this day and era to only rely on one source of income. I learned the hard way. Once that one source stops, you will be left with nothing.

 

[LoukiaCharilaou]

I think that it is very risky to have only one source of income because you never know what happens.

 

[cherry123]

Very dangerous in this day and era to only rely on one source of income. I learned the hard way. Once that one source stops, you will be left with nothing.

This is what we need to all know. A source is just like having a tap water stops flowing there and you die of thirst.

 

[averygirl]

I have 3 siblings and they are all earning money also my father work as a driver. If we only have one source of income life would be very hard for sure. With all our income we can afford travels and pay for car and save for building a new house. I don't depend on single source of income I have multiple source of income

 

[cherry123]

I hope people that needs this information will gets to read this. you do better financially when you have multiple sources of income.

 

[Bisolami]

Besides that, we will also become restless, especially during a recession, it is too difficult to achieve financial freedom.

Such a person will never achieve financial freedom so we should always try our best to have multiple sources of income

 

[Reedex]

The only disadvantage is that management of such companies will be more difficult because you have expanded to different areas.

 

[Hate2Wait]

Having only one source of income will put us in a peculiar situation and then we need to stay careful about our actions on job because the moment they kick us out of the we'll be without any source of income

 

[Bisolami]

Having only one source of income will put us in a peculiar situation and then we need to stay careful about our actions on job because the moment they kick us out of the we'll be without any source of income

Exactly
It is not even good to just depend on one source of income in this century. We need two or more