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Why Relying On A Single Source Of Income Is Bad - Career - Nairaland

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How Can A Single Guy Manage ₦‎25k Salary In Port Harcourt? / Steps To Create Multiple Streams Of Income For Yourself - My Experience / Why You Need To Find A 2nd Source Of Income After Your Salary (2) (3) (4)

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Why Relying On A Single Source Of Income Is Bad by Writercruze: 10:28am On Jun 24, 2019
Do you still remember how you felt when you got your current job? I mean the feeling of fulfillment that you are now financially independent.
I know you probably called your friends and relatives, telling them about your new job.

You certainly had a mental image of how your life will be so easy… Like buying a car in 5 months, getting married after a year… blah blah blah.
Smile (Shaking my head)! Things like that mostly work in Nollywood and Zee World...

What happened after the next three months? Reality dawn on you right? It became clear to you that your salary is just a chicken feed... Lol!

You are always broke before the month ends. You try to be as conservative as possible, yet you don't have savings after working for 5 months… The month you are able to save a little, unforeseen expenses will consume the savings… Boom! You are back to square one.

By now, you are thinking is Iya Silifa ( Your old stepmom) that is bewitching you. Funny!

Do you want to know the truth? You aren't living an expensive lifestyle neither are your village people disturbing you.

But your salary will never make you rich. It will only cater to your basic daily needs.

Don't be fooled by motivational speakers who told you things they can't practice.

Every salary earner lives a little above poverty life. But you can still be rich as a salary earner… Do know how? Relax, I will tell you, that is why I am here…

The only way you can become very comfortable as a salary earner is by having a side hustle….

What Is A Side Hustle?


A side hustle is any legal business you do outside your salary to give you passive income...

With the advancement in technology, salary earners can engage in side hustle without conflicting with their main job. You can decide to go into freelancing, dropshipping, internet marketing, Blogging, Affiliate marketing, Vlogging, to mention but a few.

If you have a side hustle, you will still be living comfortably, even if your employer decides not to pay your salary for months.

I sometimes ask myself - how do some states civil servants survive without being paid for several months If you put yourself in their shoes, you will know how dangerous it is to rely on your salary alone…

Let me ask you this last question ….

If Your Employer Sacks You Today, Where Will You Start From?


A side hustle is your plan B, start one now and insure your future forever…

Those Who Have Ears, Let Them Hear...

23 Likes 2 Shares

Re: Why Relying On A Single Source Of Income Is Bad by vintino(m): 12:53pm On Jun 24, 2019
Wow FTC for the first time... How I wish NL pays for FTC,.. I would have add it as side hustle grin .....
Now to the matter at hand, salary is different from salary... Someone receiving anything 400k+ in Nigeria can live a very good n comfortable life... In as much he lives within his means!..
I am not saying side hustle is not good but the fact is we can't all engage in side hustle... It's the same side hustle that is sending some ppl back to the village....
The point is even if you want to go into side hustle please kindle know much about the hustle or the business... So you don't keep on incubating a spoilt egg!

Know yourself,
know your capacity,
understand the business,
And don't invest either your time or finance into something you don't understand!

My 2cent..

We will all make it at the end!

49 Likes 2 Shares

Re: Why Relying On A Single Source Of Income Is Bad by DaBogu: 12:54pm On Jun 24, 2019
cheesy
Re: Why Relying On A Single Source Of Income Is Bad by Wealthierboy(m): 12:54pm On Jun 24, 2019
Yes o brother.. That's why I'm planing to do yahoo yahoo for side hustling

Once my woman pay I stop my government work instantly

What is 30k when my woman go fit pay 100,000 dollars

15 Likes

Re: Why Relying On A Single Source Of Income Is Bad by OzziOhinoyi(m): 12:54pm On Jun 24, 2019
Re: Why Relying On A Single Source Of Income Is Bad by tofolo(m): 12:55pm On Jun 24, 2019
Thanks OP,
Kindly assist I created a topic here once.


https://www.nairaland.com/5190763/what-one-engage-online-earn

cc:writercruze

1 Like

Re: Why Relying On A Single Source Of Income Is Bad by LOSKYXANDER: 12:55pm On Jun 24, 2019
This advice is not for multinational oil company staff grin. If my salary as a fresh graduate is 850k per month, any day that I complain that I am broke before month end give me beta beating angry

71 Likes

Re: Why Relying On A Single Source Of Income Is Bad by Desmondum: 12:55pm On Jun 24, 2019
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Re: Why Relying On A Single Source Of Income Is Bad by laurentium(m): 12:56pm On Jun 24, 2019
i will suggest all Nigerian youth should pay close attention to this post because it brings out the horn of our dreams towards the rough skin of a alligator pepper in other to lighten our building projects to the benefits of all citizens.

5 Likes

Re: Why Relying On A Single Source Of Income Is Bad by Whobedatte(m): 12:56pm On Jun 24, 2019
So what are the feasible side hustle?
Or you just another fela durotoye

18 Likes

Re: Why Relying On A Single Source Of Income Is Bad by kelvinUchiha(m): 12:57pm On Jun 24, 2019
What of those working abroad?

1 Like

Re: Why Relying On A Single Source Of Income Is Bad by Nobody: 12:58pm On Jun 24, 2019
95% of side hustles crash. The people you put there go chop and ruin u. Leave trash for lawma

22 Likes 2 Shares

Re: Why Relying On A Single Source Of Income Is Bad by djbamx(m): 12:59pm On Jun 24, 2019
#fact
Re: Why Relying On A Single Source Of Income Is Bad by Olayinka8793(m): 1:01pm On Jun 24, 2019
Excellent post. Unless your job is the type that pays decently well ,like say 200k upward, depending on a single source of income is not always good especially when you hope to get married soon. I am not trying to discourage anybody but fact remain that two or three sources of income guaranteed a better living than one especially in this shithole.

5 Likes 1 Share

Re: Why Relying On A Single Source Of Income Is Bad by pre4drums: 1:05pm On Jun 24, 2019
Joromi12:
95% of side hustles crash. The people you put there go chop and ruin u. Leave trash for lawma

I completely disagree with this comment. Multi million business men have employee that works for them year in year out and they are still in business and doing very well. This mindset would limit you brother. Please be guided!

28 Likes 1 Share

Re: Why Relying On A Single Source Of Income Is Bad by Acidosis(m): 1:07pm On Jun 24, 2019
Multiple streams of income is a better phrase. Side hustle sounds like what a visionless, tactless and unserious person would do.

20 Likes 2 Shares

Re: Why Relying On A Single Source Of Income Is Bad by goodswill: 1:08pm On Jun 24, 2019
quite enlightening
Re: Why Relying On A Single Source Of Income Is Bad by Ijawwomaninoyo: 1:09pm On Jun 24, 2019
Na person wen get one job dey find side one.

6 Likes

Re: Why Relying On A Single Source Of Income Is Bad by soleexx(m): 1:09pm On Jun 24, 2019
Mention the legitimate side hustle
Re: Why Relying On A Single Source Of Income Is Bad by onunwa21(m): 1:09pm On Jun 24, 2019
Nairaland blog, example of side hustle.

1 Like

Re: Why Relying On A Single Source Of Income Is Bad by Ijawwomaninoyo: 1:16pm On Jun 24, 2019
LOSKYXANDER:
This advice is not for multinational oil company staff grin. If my salary as a fresh graduate is 850k per month, any day that I complain that I am broke before month end give me beta beating angry

Don't say that, your demand will be high. Will you go and rent an apartment at Ajegunle? Will you still be hopping Okada? Will you still be patronising bend down boutiques? Will you still be eating at buka or eatery? Will your parents and siblings not demand? The more you have,the higher your demand and the more you spend.
Billionaires go broke!

52 Likes 1 Share

Re: Why Relying On A Single Source Of Income Is Bad by hugesrew: 1:18pm On Jun 24, 2019
true talk
Re: Why Relying On A Single Source Of Income Is Bad by Chukalemon(m): 1:19pm On Jun 24, 2019
I just need an internet businesse the one that I can feel comfortable at. I am tired of hustle

5 Likes

Re: Why Relying On A Single Source Of Income Is Bad by hahn(m): 1:21pm On Jun 24, 2019
Ijawwomaninoyo:


Don't say that, your demand will be high. Will you go and rent an apartment at Ajegunle? Will you still be hopping Okada? Will you still be patronising bend down boutiques? Will you still be eating at buka or eatery? Will your parents and siblings not demand? The more you have,the higher your demand and the more you spend.
Billionaires go broke!

Don't mind the dude. See as he said N850k like it is one kind big money.

I agree with the op. Even as a business person relying on one source of income is a sure way of setting yourself up for disappointment.

Trust me, I am speaking from experience

7 Likes

Re: Why Relying On A Single Source Of Income Is Bad by virginboy1(m): 1:21pm On Jun 24, 2019
Insightful thread...one of the worst side hustle is playing betting..bet9ja don chop quarter of ma salary already... cry

Lemme try that afflilate marketing if it will pay. smiley

On the contrary, Saving money in Nigeria is very difficult I swear..You will be jejely saving your money in peace & get a call from village saying *"Obinna,send money for
hospital, grandmama swallow razor"* embarassed cry

40 Likes 2 Shares

Re: Why Relying On A Single Source Of Income Is Bad by Ijawwomaninoyo: 1:26pm On Jun 24, 2019
hahn:


Don't mind the dude. See as he said N850k like it is one kind big money.

I agree with the op. Even as a business person relying on one source of income is a sure way of setting yourself up for disappointment.

Trust me, I am speaking from experience

Money wen no fit pay one year's rent for some parts of Lagos.

3 Likes 1 Share

Re: Why Relying On A Single Source Of Income Is Bad by sallazlee(m): 1:35pm On Jun 24, 2019
nice one op please what type of side hustle can you referral. it nor easy to save money
Re: Why Relying On A Single Source Of Income Is Bad by sammymama: 1:35pm On Jun 24, 2019
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Re: Why Relying On A Single Source Of Income Is Bad by Writercruze: 1:39pm On Jun 24, 2019
vintino:
Wow FTC for the first time... How I wish NL pays for FTC,.. I would have add it as side hustle grin .....
Now to the matter at hand, salary is different from salary... Someone receiving anything 400k+ in Nigeria can live a very good n comfortable life... In as much he lives within his means!..
I am not saying side hustle is not good but the fact is we can't all engage in side hustle... It's the same side hustle that is sending some ppl back to the village....
The point is even if you want to go into side hustle please kindle know much about the hustle or the business... So you don't keep on incubating a spoilt egg!

Know yourself,
know your capacity,
understand the business,
And don't invest either your time or finance into something you don't understand!


My 2cent..

We will all make it at the end!

How many 400k salary jobs are available in Nigeria? How many percent of graduates have such jobs? What happens if your employer suddenly ask you to go from that 400k job?

14 Likes 1 Share

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