With no doubt, majority of people suffered financial constraint and breakdown in this time of covid-19 pandemic simply because they do not have any additional source of income to backup their financial strength. It is no news that it is quite dangerous for anyone to have a single source of income in this current period. The following discussed are some of the losses of being dependent on single source of income.
Monetary Protection
Depending upon single source of revenue can lead to monetary meekness and debt. As in such case if you lose the solely source of income it becomes very difficult to generate new immediate resource and finally dependency arises towards the personal savings and life becomes tougher.
Insufficiency of malleability
Depending on a single source of revenue can lead to shortage of self elasticity. It is good to show devotion towards your work but it is very much common to see that if you are prone to a single job you decline to see any new ideas of generating revenue and never interest to take part in other life activities. You are less flexible.
It is well said “Never risk putting all eggs in one basket”. You could tend to lose everything in one shot.
Inadequate revenue prospective
Depending on single revenue source could lead to generate less investment opportunities. You are always gripped under monthly expenses and other major debts, don’t have any option left to enjoy your life or live your life in a different way.
Example- You can hardly find someone who doesn’t like to live life to the fullest, party with friends, hanging around, planning a vacation, try different things but with single source of income what bothers you always is the unnecessary expenditure.
Risk of Impoverishment
There is enough statistics to show that people who live in a single source of income are at the greatest risk of poverty. No matter how much your job puts into your pocket, it cannot eradicate poverty completely if it is the usual single income source. Complementing your main salary is one of the most sustainable ways of buoying up your financial baseline.
Liability
No matter how huge the pay is, your job will not adequately cover all your expenses now and in the future. In person someone coined an acronym that the word JOB stands for “just over broke”. For instance a person who relies on only one stream of income which usually comes at the end of the month would have spent all of his money on the expenditure before the month ends. You would do well to look for what else you can use your spare time to do in order to generate income and avoid spending rest of your life paying debt.
Finally we can say that no one should rely upon a single source of income. It could give only debt, worries trauma and financial disaster. Try to explore new micro investments and financial opportunities. That would definitely for sure, bring peace and harmony to your life and moreover good health because we very well know that only a healthy mind can think positively.