Top 5 Reasons You Should Have Another Source Of Income Apart From Your Salary

Having Doubt On Either To Go For A Degree Or Skills

I’ll tell you a tale about a neighbor of mine who was a teacher to illustrate how risky it is to depend solely on one’s salary; this is a true story, and it might have happened to you or someone you know. All seems fine with his family; his kids eat well and have nice clothes; he earns N400,000 per month as principal of one of the most expensive schools in my neighborhood of Surulere, Lagos State.

In 2020, however, the covid-19 pandemic forced everyone to stay indoors, and not even the largest workers could get the legislation changed. Everyone was terrified as news of the covid-19 sickness spread like wildfire, and suddenly my neighbor lost his job and began begging for food.

Even if the covid-19 has been eradicated by the time you read this, something even worse could happen in the future. My neighbor got laid off because of the pandemic, and he complained to me about it. I suggested some internet skills that could help him make money, and now he’s doing fine. A year after launching his online firm, he should be making six figures. Of course, Rome wasn’t built in one, so I have no doubt that in the subsequent two years, he will be making even more.

While I do not deny the value of a steady paycheck, I believe that having a supplementary source of income, such as a side business, is preferable. My neighbor might not have been harmed by the epidemic if he had another source of income, but instead he had to give up on that possibility. Especially if you have a family to support, you will need to put in more effort to meet your financial obligations.

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Arguments against relying solely on a salary

It’s intriguing to have more than two streams of income, however those who have never had more than one source of income may not appreciate its delicacy. Every month I get so many credit notifications it’s hard to keep track, and yet you count on a steady paycheck to get by. I wrote this to help you see that your income isn’t worth counting on. Here are some arguments in favor of upping your game in order to diversify your income.

That job of yours could be gone tomorrow.

My guy is a good example, but what happened to him was the result of the pandemic. In the event that you suddenly find yourself unemployed for unknown reasons, you will become a burden on your loved ones as well as on yourself. No job!You’re on your own to look for a new job, but if the prospective employer requests a reference from your former employer, you might have a hard time landing the position.

Your employer will fire you when you are old.

People don’t realize this if they work for a private company in Nigeria; the banking industry is an excellent example. You will be sack once you reach a certain age, so use your wisdom. You’ll be fired because you can’t do the same work you did when you were 30, your bones are weak, and your productivity has dropped.

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Now that you’ve been fired and are starting over from scratch, it’s even harder to find work because no one thinks you’re competent enough anymore. Some organizations have an age policy, meaning they won’t hire anyone over a certain age, which might make things difficult if you’re fired at 50 but believe you’re still in good shape professionally. It’s not a guarantee, but some places specifically state that they do not accept applicants over the age of 35.

The rat race becomes unavoidable.

You arrive home from work and feel the after-effect (tiredness) of work; that’s the rat race, the 8am-5pm trap; it won’t allow you time to think, and it won’t give you time for yourself. You get up the next morning and get ready for work, you come back and continue the same thing, this is more than psychology, your time is being bought, you are being used gradually, and all the while, all you can think about is making money so that your family may live comfortably. There’s little time for you, and your earnings are continually being spent on other things, so by year’s end you might not have much to show for yourself.

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You are not living through the moment of your financial breakthrough.

When it comes to money, how would you characterize a major advancement? Is it because you share an occupation with my neighbor and earn more money than I do? To me, a financial breakthrough means being able to work without being in bondage and without the constant fear of being controlled by others. Even if your firm isn’t bringing in N400,000 per month at the moment, you’re still devoting time to it because you believe in it and know that it will succeed if you follow sound business practices.

You will never be debt-free.

You can probably relate to this because you made a list of items to buy or pay for before you even got paid. Expenditures like groceries, clothing, rent, or even house-hunting all fall into this category. In this method, the income is depleted practically immediately after it is received as you spend every last cent on the things you planned to buy with it. Therefore, everything you buy will be on credit, and you will incur a financial obligation once you receive your next paycheck.

 


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