This is the conversation you need to sit back, relax, and assimilate every detail. Before I start, let me tell you this, having a single source of income is not a bad thing, but depending on a single source of income for a lifetime is something you don’t want to do. Today I’m going to talk about four consequences of depending on a single source of income for a lifetime.

Let’s roll…

YOU BECOME VULNERABLE IN TIMES OF CRISIS.

The current global crisis (COVID-19 pandemic) has a lesson attached to its occurrence, and that lesson is, “the importance of having multiple sources of income”. From country to country, many are those who have lost their jobs due to this very crisis. Recently I was talking to a friend of mine who used to work a 9 to 5 job but now has lost that job due to this pandemic. He told me about how life has become very hard for him for a couple of months now. That made me very sad. According to The Guardian, the unemployment rate is actually around 25% and is likely to reach 30% before it peaks in the US. Depending on a single source of income is as dangerous as leaning on a weak branch of an avocado tree.

FINANCIAL FREEDOM WILL NEVER COME YOUR WAY.

Who doesn’t want to be financially free? We all desire to have financial freedom at a certain point in our lives. I know that all of you reading this today, desire to have a life where there is an unlimited choice of options for you when it comes to the food you’ll eat, the car you’ll drive, the clothes you’ll wear, the house you’ll live in, the schools your kids will attend, the places you can travel to and many more. Believe me or not, most of these desires will fall into the pit if you hold onto a single source income for a very long time.

YOU BECOME A CLOSE-MINDED INDIVIDUAL.

Having a closed mindset is as terrible as being led by a blind man. No offense. Whenever people have a continuous single source of income, they tend to develop a closed-mindset. They don’t look for several ideas to create wealth, all that matters to them is getting that paycheck from their single job to cater for their living. Though this does not apply to everyone, most people living paycheck to paycheck have this kind of mindset.

POVERTY AWAITS YOU IN YOUR OLD AGE.

Poverty is a bad experience to have, especially in your old age. At this point, your health is on the line, maybe you might be feeding a couple of mouths and taking care of some bills at the same time. Your future wouldn’t look so good if you continue to depend on just one source of income. Do your best to search for multiple streams of income while you have a lot energy and intelligence at your disposal.