Breaking the mold: The risks of depending solely on one Income
Hello friends of Project HOPE, I hope your Sunday is going well. Today I want to share my opinion with that widespread aspect of depending only on one income, on a "Stable job", because it is evident that this is part of a culture, the detail is when for some reason this only income leaves to be present.
For me, to start by speaking clearly about this, depending solely on one income to survive can be a serious problem that affects a person's financial and emotional stability. Because this income typically comes from traditional employment, meaning that if the job is lost or the source of income is reduced, the person and their family may face significant financial hardship.
I think one of the main disadvantages of relying on a single income is the lack of financial security. If that only source of income is compromised, whether due to an unexpected layoff, illness, or economic crisis, one can suddenly find themselves in a vulnerable situation, without the resources necessary to meet our basic expenses.
Another problem with relying on a single income is the lack of ability to save or invest for the future. Unless it is a very good salary and we have developed the habit of saving and investing, but that is not what generally happens. When all the money that comes in is used to cover daily expenses, there is no room for long-term planning, such as for retirement, children's education, or unforeseen events.
Additionally, relying on a single income can limit opportunities for personal growth and development. If one is devoting most of their time and energy to a single job, they may not have the opportunity to explore other passions or interests that could generate additional income or even become a new career. Unless we make great efforts and sacrifice sleep to be able to do it.
To avoid the problems associated with relying on a single income, it is important to diversify income sources. Although in the first instance this may involve looking for a second job, starting your own business, investing in a project that generates passive income, among other things we can do.
I think that, even though the general work culture is changing, we still continue with having only one job, which is quite limiting, to tell the truth, don't you think so?, I would like to know your opinion.
Greetings, depending on a single income I would say is a global drama, although many of us have understood that this reality is fatalistic, there is still much to do. Diversifying our personal economies is an arduous challenge but it must be endless, good post, greetings.
Income diversification is very important, the act of relying on a single income source is very dangerous financially.
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You have said it all. It is highly actually dangerous to depend on only one source of income because anything can actually happen
hi there @josevas217
I think I spoke on that subject with my brother once. And if Im not wrong then he had a good come-back.
What if person has one source of income but has a set of skills which are in high demand? He is a great sales-man and at the same time a project manager.
In his opinion, someone who is a great salesman may easily rely on his/hers full time job. Because even if company will go down then finding new profitable job will not be difficult.
What is your take on that??
I think that trying to build multiple source of income have advantages, however it require tremendous amount of energy and may not be the most financially efficient.
I think that it is more important to understand how to protect our wealth and how to invest in assets than to build multiple source of incomes. Be good at one thing that gives you joy and bring money. And learn to protect those earned money by investing in different assets.
Thats my view
Cheers, Piotr
Hello @cripto.piotr, I think that a salesperson has many opportunities anywhere, in any job, even independently.
And yes, certainly, trying to create several sources of income can be very exhausting, especially in the initial stages, and it will depend on how much time the other source of income that is being created deserves.
For example, an investment in Hive savings, to earn 20% annually just by saving in savings, would not be a huge time consuming. It would just be investing and waiting monthly for the interest to arrive. But if we talk about an additional job or a venture that requires a lot of time to maintain or start, it could be quite complex.
And I totally agree that we should dedicate time to something that we are good at, that gives us joy and also money. Because it is not good to spend time on something that makes us unhappy.
I very much appreciate your comment and opinion. Greetings.