Topic: Food for thought - page 5. (Read 963 times)

If it was as easy as it sounds, everyone would have ventured into this side hustle to make an extra income but unfortunately this calling isn't for everyone.

I do agree with you this is the way to go, but unfortunately having to start an extra business depends on alot of factors that will make it difficult for many to start because some jobs don't give you the time for one or two errands and some leave you drained to the point of just wanting to rest the second you leave work..honestly it all depends on how labour intensive your job is...

You make this sound like it's retirement when it's not, besides  when one door closes another will open...keeping a positive mind is very important!

Definitely it's good to have a business on your own, without depending on employment job because the contract might terminate anytime.

Definitely the result is to be emotionally diverstated if there is no other source of income generated from any other source.

Sometimes it's not our mind not to have self employment business, but just that the financial system of the economy I not good. People hardly feed 3 square meal per day talkmore of saving money for business. Emagine when some citizen of a country recieve $40 or $50 as there salary and there family responsibilities depends on it, how on Earth would such person save money to start a business?

What is often not mentioned in such threads claiming that financial independence comes only by creating something of your own is how time- and life-consuming it is. No matter how many employees you have, your contribution is always necessary. No one knows your business better than yourself, and nobody cares about it more than you do. It's your creation, after all. You can't leave a business unmonitored in the hands of your employees; it won't end well.

I'm not saying to stick to 9–5 for your whole life, but having something of your own isn't always ideal and certainly not for everyone. You need to find what works best for you. The COVID-19 pandemic has opened immense capabilities with remote working and start upskilling. Times have rapidly changed.

No one is hoping or expecting a sack and depending on one source of income will be the big mistake you can make as a person. Most of the government work has time elapse that your services will no longer needed whether you are ready or you’re not, whether you are still strong and hardworking or you’re not, before that time approaches, it is necessary that you get an alternate source of income that you can depend on even after your work ends with the government entity. Inflation and many other factors that are affecting the economy of the country makes it hard to live your life on one source of income.

Most people can actually fall upwards, and benefit from losing a job, especially if they are skilled. There is high demand out there for workers at the moment, but it's very easy to become complacent and stick with one company. This can often lead to your wage not keeping pace with inflation, so unless you're getting good wage increases each year, you might find your salary is below what else is being offered out there. However we do live in a world of hustling, so you should always seek to put your money to work and look for extra sources of income. Ultimately you want to build a source of income outside of your job, that can maintain the lifestyle you want and build a big buffer in your finances.

If one door shuts there will be another door that we can open but an average man's mindset will be something that gives guaranteed payslips every week/month and increments every year and promotions whenever available but that era is over and this is different and there is no more job guarantee whether it's government or private job, we have to stay above the expectation if they don't want us to cut loose.

Before the pandemic, having only one income source might still be viable, but after the pandemic, with the price of commodities and goods increasing and continuing to increase, having one source of income is not an option anymore "UNLESS" that only source of income gives you 6-digits per month then that might be an exception.

Overall, building a business isn't the "ONLY" way for us to become rich. Building a business isn't the only way for us to be financially free because there are many ways for us to achieve it, and not all of us can build a good and sustaining business. TBH, I don't want to work for a BOSS, but for me to learn even more, I need to because working for them means you are learning as well, but not all are like me which is quite unfortunate. Business isn't the only way but there are still some other ways, and one of them is being a freelancer. I know that being a freelancer means you will still work with different bosses, but still, it can be another source of income aside from your day job.

Having one source of income might be a good thing to do, but even if you still build your own business, it might fail if you don't have the knowledge that will help you. You pinpoint business in your post like it's the only way for us to be financially free, and I disagree. Having an investment that gives you dividends every year can be a big source of income as well. That is if you invested.

I agree with you. At any time a company of any size can go bankrupt and start mass layoffs. And if you have only one source of income, you can be left with no livelihood at all. So it's always wise to have multiple sources of income, even if each one is quite small.

And with technological advances that can be used by everyone within a certain scope as well as a very general scope, it has also provided unusual job opportunities for everyone who cannot find work in any agency at the moment. So some people don't get a job because there is a lot of competition in every agency or in every open opportunity, which has made most people think differently so they can get a job that will lead them to become more independent. Examples include becoming an influencer, news and television reporter and news site developer today which is still widely consumed by the wider community.

People who worked smarter will have more chances of having a better financial life. I'm working irl for a company and I know that if I want to be financially free, I can't just rely on one source of income. Cause imaging spending 8 or more than of your hours per day and yet you're only earning this certain amount of money based on your salary. While the company you work for, could earn 100x more within those working hours.
If you're contented and want to just stay in the same status you have with working for other people, you can continue doing that. But if you want to achieve more, you gotta start finding other opportunities for you to increase your income. Investments and side hustle that doesn't require much time can be a great way as your other source of income. That's why even if I already have a work irl, I didn't stopped being here in this space

Op you are quite right about your post which I see as an advise not for only government employees, private or those that are independent, it is an information for everyone on the need to diversify our income or source of revenue. To depend on a source of income is now a thing of the past or for only the man to provide for the home no longer viable because the economy is now difficult to survive on, their is high cost of living of which only a source of income will not be able to take care of the home front, even singles don't find it easy to live a balanced life.

So no matter how difficult it is to establish more sources of income, it is worth it and not to depend on one job because when that fails, it is usually a problem to get up back.

Job security depends on a country, type of work, and personal skills (both hard and soft). Some people find it hard to find a job, and if they are fired, it's hard for them to replace that source of income. But that's not the case for everyone, as some jobs are simply in high demand, and some people find themselves in high demand. So if a person is confident that finding a different job won't be an issue, then there's no need to overwork and try starting a business while working full-time. Moreover, it's not like starting a business is an easy thing, and it's also not a guarantee of income. So someone might try to follow the op's advice but end up actually losing money because of issues with business instead of securing a source of income.

Exactly, they get too comfortable and doesn't think about the long term future or their retirement plan, also the advancement in technology lead to the less number of employees required to do the jobs on the contrary population and potential candidates for the jobs keep increasing which means only less portion will get the opportunity while others need to find their way to make money.

the world has grown past that stage when a single source of income will be enough to sustain someone. For you to effectively take care of yourself and not run Into always being without funds, you need at least three active streams of income which should comprise of your online earnings, the job you're doing and a business or investment you are making to fall back to in the even of unforeseen circumstances happening.

Apart from enduring that your have multiple streams of income, you also need to have several skills that are very relevant so if one isn't paying you at the moment, you can easily switch to the next one.

The covid has thought me a lot of season that anything can happen to anybody if proper plan is not on ground. Some rich persons became very poor because the covid disrupted their means of livelihood and they had to literally start from scratch. Depending on a single stream of income will only put you in a condition of borrowing to offset most of your bills and it gets even worse when your source of income is from the civil service angle that are very good at owing people.

I experience the opposite situation few years ago, I worked in a company then I start freelancing and then I start getting many clients and think I could survive by freelancing and quit my job, and hopefully starting my own agency. But seems like I quit in a wrong time, not long after that, the pandemic hit, and then tech winter happened, and then crypto market falling, most of my client were from crypto company so I start losing clients. Now I am working in a company and doing freelance, I do both of them. I realized that it's better to just grab every chance we can get, and not taking reckless decision.

Those who work in a private company already have to live under a lot of pressure and then again there is always a tension in their head that they can be removed from the job at any time. Different officers or employees work in different private organizations with this kind of tension. Apart from the job, we should definitely try to find a permanent address. By permanent address I mean we should try to build our own organization in the field we are good at and try to take that organization forward. There are many such people in our country who have established their own companies by working in other companies and have created employment for thousands of people in that company. People's propensity to take risks and willpower are the biggest weapons, if people have strong willpower and if people can take risks then they will surely succeed in any work.

Personally, what is important is to have a safety net. People should have the emergency fund rolling when they get in trouble, specifically when they don't get any income. Another problem that arises is whether can people save and not spend paycheck-to-paycheck on their monthly expenses. Just simply judging people only need to add their sources of income is insensitive, a lot of factors must be considered.

It is ideal to have extra sources of income so anyone does not have to rely on a single entity. But sometimes a factual reality may prevent people from doing those things, be it time constraints or pieces of knowledge.

In this life of course everyone will think about how they can live their life better than today of course they will continue to try to work diligently in order to realize what they have dreamed of and in achieving the goals they want they need to do it consistently so that the targets they have set they determine that they can achieve it, when they have achieved what they want, of course they will be happy with the achievements they get.
Continue to learn and develop the potential that exists within us so that we can get what we have targeted to achieve financial freedom.

Everyone always tries to achieve financial stability and independence by looking for work outside their main job. Having a side source of income outside of your main job can reduce dependence on one source of income. Some people have a lucky life because they can combine two jobs at once, between their main job and a side job to create stable income.
In the midst of increasingly difficult economic conditions, it is necessary to have additional sources of income to stabilize finances so that we can obtain savings for the future. People always try to live a better life, but there are certain times that require a person to live in poverty because luck is not on his side.

Living life is not all about the present but you should also live for your future, that is thinking for long term, if you can still keep your job forever or you need some alternatives that will also provide you a source of income. That's why having another source of income like establishing your own business while you are still working would be a great idea, that will give you double benefits in time. The important thing is you start building on it, with courage and determination, you will make a good reward that will create positive changes in your life.

This is not just a sort of plan but we should start adopting mindset like this. Learn to be resourceful as much as we could. In time, we will build financial freedom and live our life at its best.