Topic: Be careful and don't rely on one source of income. (Read 115 times)

Sometimes the problem you have @EluguHcman is that your grammar can confuse someone of not even knowing what to reply you. But anyways you are right, there is a popular saying that says " a child carried in the back does not know how far the journey is" if I get you correctly that is what you mean In This context. The reason most people are so much attached to there bread winner or stick to their parents inheritance is because they grew up becoming lazy as it pleases their parents. because most Africans believe they have suffered enough before becoming rich. and as such they must not allow their children to suffer, and that is the reason why some children grew up as an adult and yet they still act like children, and depends on there parents wealth for survival, to the extent of being misled by their friends to lavish their parents money. Anybody that want to succeed must work effectively by associating with other successful business people to gain an insight of how to manage business than to depend on already made. And Morover an African proverb says " that a man driving his father's car is not worthy to attend the meeting of councils of men that owns bicycle" your father's property is his own and yours is yours. So you can't make boost of your fathers property so hustle smart

It is only a fool that will allow himself to be brought down by his spouse. What I understand about that is that if you haven't succeed before getting married or going into some expensive relationship you may end up regretting because some partner don't come to build up your dream with you. Rather they only come to quench the little fire 🔥 you have in you. And blame you for your incompitency. So when making choices of partner you must make sure you know the one that want to support your hustle because many men has been brought down by their spouses all because of some blind love.

Anybody that has a wealthy parent should take advantage of that and Invest in their life by diversifying into different business than relying on inheritance otherwise after the Demise if the parents, selling the property becomes the alternative because I have seen several situation like that.

The suggestion of civil service worker (s) to consider alternating their source of income to Bitcoin is a very viable ideal.

We in the country are aware about how we are straggled with inflations and devaluing of our naira, some times there would even be excuses of the dependent salary structures where payments timing is not authenticated unfailingly because sometimes the civil servants could work in couple of months without being paid and as they are left with one income sources, things of life becomes frustrating for them but if they could diversify their incomes to Bitcoin, they would in a different dimension boycotts the national inflations, profits more when the naira value is dropped down as it has been and while their salaries is not saved in the traditional naira savings bank account where It is not potential to bring income, having some percentages of it to be invested in Bitcoin would really do them so good as much that the Bitcoin investment would bring them alternative to earn more income aside their primary source of income.
The Bitcoin alternative source of income can as well give hope to a well unconditional retirements

Normally we are really facing hard times here and it is very difficult for one to expect that one source of income will sustain him or her but though it depends on the income, there are jobs that's are sustainable it doesn't mean that we shouldn't diversify, diversification helps in terms of business or jobs collapse, when we are into any business or job we ahoudnt expect good all the time, nature must take it cause and it is normal that's why we should make provision of plan B, there should be an alternative, if this hapeens what will fall back to, nigeria has happened to nigerians and thats why we should always be smart in anything we are doing in other not to go back to where we started from, I have always live with the mindset of spreading my tentacles for more opportunities and hustle.

Very interesting topic,is good for someone not to rely on one source of income ,maybe two is very okay ,like a woman I saw today is a teacher and also has his own private business she do on her own ,this is perfect, because money should be make in different ways so to have it more, because we do everything today with money, it shouldn't be just one ,but if one business is fetching more money for you ,you can also reason to make it two to have more money and Money will not scares in your pocket.

Many times people are advised on the need to create another source of income that will stand as an alternative incase the principal source fails. One of the reasons why most people fail is their over dependency on just one source of income with the idea that they will continue with it till lifetime, even if you have a job that have a lifetime guarantee, it doesn't mean you shouldn't have another source or better still make investments with part of your income.

 I know of a family that was living large because the man of the house was working in an oil company and earning huge amount of money but this family spends money extravagantly and the wife was not established in any business neither do the man own any business, the only investment he made was to buy cars and build a living home, a day came when the man lost his job and things began to fall apart so he borrowed money and used his house as a collateral. He started a business but since he was now under pressure of home needs and other things, his business crashed and when the loan was due, the bank he borrowed money from had to seize the property he used for collateral and that was how this man and his family went back to the village to start from square one.

No matter how much you earn in a particular job you are doing, make sure you have an alternative like another source where income will be flowing as well so that you don't tell stories that touches the heart tomorrow. Another advice I will like to give is that no matter how difficult you find yourself, never sell a landed property to solve a problem except you have many and don't always result to habit of selling landed properties or using them to take a loan because landed properties are very good assets that last for a long time.

Depending on one source of income will only endanger you financially because one source of income will not be able to sustain you financially and with the increase in price of commodity so the money will not really help you especially with bills everywhere. 50k won't sustain you especially if you are a family man. With children for emergencies how to you keep up. Like you said it will be much better to add a side hustle and the fifty can be used for contributions or savings and then the money from your side hustle to sustain you for the month there a lot of things you can go into for side hustle. And its a free world now and we can make money from different sources of income depending on which one you want to try out. Everyone is looking for ways to improve there financial state. Not adding up extra hustle does not pay anymore.

It is good that you don't depend on one means of income nowadays, due to the high inflation rate in the country. Depending on one means of income shows that you do not have the insight of increasing your income, and to work for your future. Those that have government jobs can simply save some portion of their salaries, and use it to invest in a business, that they can grow to an extent that they don't need to depend on their salary anymore, because they have another means of income.

It will help you grow in future. It is the same thing with using 10% of your monthly income to invest in bitcoin and follow up with regular DCA weekly or monthly to keep on increasing your bitcoin investment portfolio for the future. As time passes on and bitcoin price increases in value your investment will also increase it value.

This shows that no matter the hardship in the country, you are saving your money in bitcoin and I flatiron will not be able to devalue for savings. People who have various means of income, are the ones that can cope with any kind of hardship in the country, as long as they are not lavishing their income.

Yes I agree with you on this common sense will tell anyone that having different kinds of income flow will put more money in to our account, and it will help you to buy an asset and save for the future because no man should intend working all the days of their life, so having more than one source of income will definitely prepare you for the future and has a lot to do with proper planning.

My brother no be lie wey you dy talk, most of the major problem wey we dy face for this country concerning finance na because say we depend too much on a single income, we know say some people one income na times three or times four of some people own, but that one no mean say you go put all ur hope there, because as a right thinking person, you surpose ask your self, questions like, what if that your single source of income fail you? If you can be asking urself that kind of question, to me, na the beginning of finding ur feet in this modern economy.

To me oo, I no know of other people, I prefer to dy earn like 100k for two different source, than to earn all of that in a a single source, because if na two different source, even if one fail, the other one go keep you afloat till you get another one, so in essence is that, that single source can fail you at anytime, so e dy very important to get two or more source of income, so as to fit withstand the current economic pressure going on in the society.

You're replying on one sources is never a smart move , because we all are aware of how things is going in this country (not getting any better ). In such situation depending on one success won't be smart at all . Like for instance a salary earner earning 50k monthly. This 50k so nor fit sustain that individual for a full months seff, so is better to try and do other stuff that may help you in earning some good amount of money that will also help you in handling expenses. And this space dun make easy for us to have good multiple sources where we can earn nice cash . So those of us wey get the previlage of knowing about this crypto space should be grateful because this space has serve as a nice sources forus .

Why most persons get rich and falls even up to bankrupts is because sometimes they gain those riches by opportunities where things are just working out so well and flexible for them probably due to backups from their backgrounds.
So even when they are at the fits to fall, there is always that someone behind to weigh them to keep standing.

These set of persons may not know how tough the labour markets of survival in securing those riches could be as they just sitted in that formality positions  while the huge earning is sure.
Such individuals are easy exposed to fall in due time if they do not adopt to be innovative and creative on where and how they can alternate the diversification of their sources of income.

They just fails to understand that sometimes those behind pushing and holding that one source may not be there for them til eternity and to some points they ruins themselves by being attached to slayers who only came to subtract and not to multiply their incomes.

I have heard of many testifying that their partners in union relationships are responsible for their falling predicaments.

If you are surrounded with those who knows about the values of your treasure, it would be tempered with cares, especially to with the lucrative ones who can play the roles of utilizing your funds to provide more incomes since the first party does not have the initiative idea to create alternative source of income in diversifications.

Warning: Do not accept that felling to had sitted on an inheritance throne or staying comfortable that you have secured long term riches when you have not alternated your Source of income to investments.