Food for thought

[LogitechMouse]

~
In this current economy, it's suicidal to have only one source of income.
If you must live well you must be ready to grab the bull by his horn am make life changing decisions by having more than one source of income.
Don't put your financial destiny in the hands of your bosses, you might not know the importance of having your own business till you have been sacked. think about it.

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.

[jrrsparkles]

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.

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.

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.

[Fortify]

For those working for government or an entity, try  to  start a small business and grow it gradually while still doing your 9am- 5pm job.

We might not feel the importance of it until we have been lay off from the job.
I have a question for those working for an entity or government, if you are being sacked today, what will be your faith? Will you still be financially strong, can your other sources of income keeps you going or you will be devastated by the loss of your job.

In this current economy, it's suicidal to have only one source of income.
If you must live well you must be ready to grab the bull by his horn am make life changing decisions by having more than one source of income.
Don't put your financial destiny in the hands of your bosses, you might not know the importance of having your own business till you have been sacked. think about it.

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.

[Jegileman]

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.

[Ultegra134]

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.

[Samlucky O]

For those working for government or an entity, try  to  start a small business and grow it gradually while still doing your 9am- 5pm job.

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

I have a question for those working for an entity or government, if you are being sacked today, what will be your faith? Will you still be financially strong, can your other sources of income keeps you going or you will be devastated by the loss of your job.

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

In this current economy, it's suicidal to have only one source of income.

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?

[Woodie]

For those working for government or an entity, try  to  start a small business and grow it gradually while still doing your 9am- 5pm job.

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.

We might not feel the importance of it until we have been lay off from the job.

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...

I have a question for those working for an entity or government, if you are being sacked today, what will be your faith? Will you still be financially strong, can your other sources of income keeps you going or you will be devastated by the loss of your job.

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!

[Wakate]

For those working for government or an entity, try  to  start a small business and grow it gradually while still doing your 9am- 5pm job.

We might not feel the importance of it until we have been lay off from the job.
I have a question for those working for an entity or government, if you are being sacked today, what will be your faith? Will you still be financially strong, can your other sources of income keeps you going or you will be devastated by the loss of your job.

In this current economy, it's suicidal to have only one source of income.
If you must live well you must be ready to grab the bull by his horn am make life changing decisions by having more than one source of income.
Don't put your financial destiny in the hands of your bosses, you might not know the importance of having your own business till you have been sacked. think about it.

Having different sources of income is very important for us to make money rather than depending on just one job to pay our bills and carter for our needs. Cryptocurrency is another way for us to make money from the market and we don't have to lose guard or do something that is going to affect us in a long way. Even though we have a job, it is also good for us to look for ways we can create businesses so that we can start making something reasonable from what we are doing. Having a skill is another way we can build ourselves and businesses to florish and being us money.

[famososMuertos]

People tend to think about a conventional job, that's fine, but the best way to evolve is to ask for income, conventional jobs are not necessary, earning money through any legal means is a way to escape from routine and becoming master of your time, something invaluable, it is not just about money to live, it is about having time to live, it is a part of the whole.

Nowadays, with access to information and opportunities to start businesses like no other time in contemporary history, it is a good time to ask for various incomes, forget the adjective work, change it to earning money.

[JoyMarsha]

I've been thinking about this for the last few years.

Having a formal job and a single source of income is something that I have to adjust in my life. I've thought countless times about opening my own business, but the question is: what to do? exactly which line of business to go? Sometimes I think a lot about finding a partner, because alone it's very complicated.

Though there are many lines of business that one can consider, one should first consider what kind of products or services are in great demand in their local area. It could be a food supply business, a provision store, a boutique, a retailer, etc. All of the aforementioned businesses have the option of someone starting it small with minimal money, and before the person realizes it, it has grown big over time.
Therefore, survey what is demanded most in your area, and start up with it as a side hustle. You must not start it big amount

[KingsDen]

For those working for government or an entity, try  to  start a small business and grow it gradually while still doing your 9am- 5pm job.

We might not feel the importance of it until we have been lay off from the job.
I have a question for those working for an entity or government, if you are being sacked today, what will be your faith? Will you still be financially strong, can your other sources of income keeps you going or you will be devastated by the loss of your job.

Someone doing a job of 9am to 5pm, will not have time to manage or supervise a business unless they have to quit their job for their business. This is a way to draw a balance. Starling a business is not an easy thing, business needs attention and more attention to be nurtured in the early time. I am not discouraging anyone from doing business but I want to tell us that business needs attention.

In this current economy, it's suicidal to have only one source of income.
If you must live well you must be ready to grab the bull by his horn am make life changing decisions by having more than one source of income.
Don't put your financial destiny in the hands of your bosses, you might not know the importance of having your own business till you have been sacked. think about it.

People who has a secured government job should be somehow stable and plan their lives while depending on pension for retirement. By this they won't be scared of being laid off at anytime and plan their lives very well.

[GbitG]

For those working for government or an entity, try  to  start a small business and grow it gradually while still doing your 9am- 5pm job.
 
We might not feel the importance of it until we have been lay off from the job.
I have a question for those working for an entity or government, if you are being sacked today, what will be your faith? Will you still be financially strong, can your other sources of income keeps you going or you will be devastated by the loss of your job.
 
In this current economy, it's suicidal to have only one source of income.
If you must live well you must be ready to grab the bull by his horn am make life changing decisions by having more than one source of income.
Don't put your financial destiny in the hands of your bosses, you might not know the importance of having your own business till you have been sacked. think about it.

 
I have seen most people say that when they quit their job, they have nothing to do and their lives are more difficult than before. All your words will be very useful for people in this forum. Owning a business is a very good idea, but doing business also requires capital and experience, and not everyone can do business. Businesses also require a lot of running and hard work, and many people have a tendency to live a quiet life. Owning a business is good, but if all people start their own business, then who will do the government job or people's job? So it is a distribution of nature where everyone is working according to their ability.
 
People who have talent don't look for jobs, but jobs find them, and they never face failure in life. Whether one is doing business, skilled, or a servant, if one is an expert in his field, he will be successful everywhere. However, there is no doubt that one should never depend on one source of income.

[salad daging]

Working in the government is usually guaranteed so that they want to keep working there, there is also the matter of dismissal, usually from bad behavior, the government can fire them.

Whereas work in a private entity is certain to be subject to layoffs if the company is collapsing, this happened during Covid-19 where many workers were terminated because the company's operations were declining, but for the government, they are still working until now, there are no mass dismissals except for salary cuts, that I know.

Starting a business is not easy sometimes many people don't want to fail so they don't want to try it, from failure we can know about business plans that will continue to be developed but there are many constrained by capital, they don't have time because they are spent working.

Yes, with a single source of income for now it is not enough, maybe you can say it is mediocre for a month's needs, by starting a business we can increase our finances, there is also a failure that has become commonplace, the most important thing is that when you fail you can improve again.

[|MINER|]

Keeping up with the current market is very challenging.  If one has no accumulated capital and if he is suddenly fired from his job, it will be very difficult for him to survive.  No one should sit down for one job and be involved in business along with the job. Because no one can tell when trouble will strike in one's life.  A jobber can also invest a portion of his salary in BTC to help him in times of crisis.

[oktana]

I saw a thread that asked if you’d prefer the salary job or owning a business and many people picked the salary job. I find it crazy that we have come to the point where we prefer to be slaves than to become masters. It is very important that one should be build something while working their salary job because your salary depends on the success of the project. If the company dies tomorrow, so does your job, and then what? You start searching for another? But if you start building something, it can grow over time to a point that you can have your own business and run it in your way. Without the fear of someone firing you at their will.

[JunaidAzizi]

Yes in today's time relying on a single job is very risky and will cause many problems that will be long lasting. We saw businessmen having a lot of money and when something happened to the world economy they did not take any fear of it and their daily life, while on the other side an ordinary person who had a single job when any bad news came to the market or if he is a government employee and when the prices of goods increase he is the first one who gets affected by it and the reason is less capital earn through that small and single job. The reason behind this is that a businessman diversifies his investment not only in one business but in many and when something happens to one of them the rest are going smoothly and give him profits. So I think we all need to take a step and start something new with our first job and earn double per month.

[coupable]

We might not feel the importance of it until we have been lay off from the job.
I have a question for those working for an entity or government, if you are being sacked today, what will be your faith? Will you still be financially strong, can your other sources of income keeps you going or you will be devastated by the loss of your job.

We must realize that this is subject to the psychological makeup of each person. This type is what is called "good servant but bad master."
Just as not all people are qualified to run a business, just as there are people who are not qualified to work full-time in a routine job. This requires exceptional skills that are not available to the majority, and as we see in the international economic fabric today, employees are much more than entrepreneurs.

In this current economy, it's suicidal to have only one source of income.
If you must live well you must be ready to grab the bull by his horn am make life changing decisions by having more than one source of income.
Don't put your financial destiny in the hands of your bosses, you might not know the importance of having your own business till you have been sacked. think about it.

Diversifying sources of income is one of the basic principles in the globalized capitalist economy due to the spread of the culture of consumption and rising expenses. Therefore, an existing source of income cannot be sufficient, no matter how large it is.

[3kpk3]

Problem is that starting a business and maintaining it is far easier said than done op. Furthermore, only some people have proper business related skills while the rest lack them due to which this is a risky proposition.

Instead, I advise investing in low-cap altcoins with great potential and HODL which could lead to a great secondary source of income in the future if they explode.

[Eternad]

For those working for government or an entity, try  to  start a small business and grow it gradually while still doing your 9am- 5pm job.

If you are working 8hrs a day then how exactly you will manage your business at the same time? This will not gonna work unless you have a partner who will handle the business management for you.

I get the point because I plan to do this after saving enough money from my current job but I will not do business while I’m still working because that will be a waste of investment. You should commit yourself on business if you want to become successful because there’s now way to grow it without your actual input on managing it.

[doomloop]

In this current economy, it's suicidal to have only one source of income.
If you must live well you must be ready to grab the bull by his horn am make life changing decisions by having more than one source of income.
Don't put your financial destiny in the hands of your bosses, you might not know the importance of having your own business till you have been sacked. think about it.

It's not always about what a person thinks or wants about their future, it's about what they are capable of doing. Not every person doing a 9 to 5 job has the financial capability of starting a side business that they can grow slowly until the time they leave their job or get retired or sacked, etc. Besides, it's not easy for someone doing a 9 to 5 job to also manage a business even if it's small because there is a personal life one needs to take care of, and a family to spend time with. You can't just keep working 24/7.

Indeed, a person cannot just rely on a single source of income in the world we are living in because you can't do anything without money these days, and who doesn't want to have a business of their own? But, it's only a few people that can do things like that and have the capacity to manage two things simultaneously.