Why You Should Never Settle On A Single Income


It's easy to feel safe when you have a good-paying job in a well-known company but what happens when there's an unexpected event that could jeopardize not just your future but also your loved ones? The current pandemic with COVID-19 made this point even clearer. 

When I was a kid, I used to think that when I grow up I would either be an employee or a businessman but my mom asked me: "Why not both?" I asked back why and I couldn't agree more with her answer. Having a fixed income from your salary is good but having an additional way to earn money is even better. I guess moms really know best.

Business owners and employees are both affected in unprecedented situations. Employees can lose their job and business owners can go bankrupt. That's why It's important to always have a backup plan. Death of a spouse or a family member is also an undeniable fact that can affect one's life. The more ways you have to earn money, the more secure your dreams will be.


What are back up plans that Employees can prepare:

1. Start your own business! It doesn't have to be a big one. It can be from selling food, clothes, handcrafted items, or even providing services. Filipinos are known to be resilient and hard working. While the rest of the world is panicking, a lot of Filipinos are online selling different kinds of products and offering their services like food delivery.

2. Have a part-time job! It's common that most of us only have 1 full-time job and that's probably because of how hard it is to commute from one place to another. Most of our extra time is consumed when traveling to work but if you do have the opportunity then you might want to consider applying on a part-time job. It would not only provide you with more opportunities to earn but can also serve as your fallback measure in case something happens with your full-time job.

3. Avoid overspending! You might be thanking yourself in the future by not buying a bag worth 10,000 or having Starbucks daily. Make sure that you have an emergency fund for well... emergencies! A good amount of emergency fund is your monthly salary multiplied by 6. You'll never know until when you'll be stuck with certain situations so the more you save the better.

4. Consider getting life insurance. There's a wide selection of life insurance right now and even some that offer investment. I personally think of it as an additional saving that has the opportunity to grow more than having your money on a bank account. It can be used for your retirement, education, emergencies, or basically anything you want. What makes it even more beneficial is the peace of mind that your family or loved ones will still have the support they need in the event of accidents or deaths.

5. Learn new skills. Learning never stops and neither should you. It can be online, enrolling yourself in a class, or simply asking someone you know to teach you new skills that you can use to make a living. Everyone eats so learning how to cook is always a good idea. Video and Graphic editing is also a popular skill that you can use anywhere as long as you have a computer. 

If you're one of the employees who's job is affected by the current pandemic then you might want to consider looking for a part-time job. You can read this to learn more about how to get started with an online job.

Post a Comment

16 Comments

  1. It's so important to have more than one income source, especially now. I know a few people who are in bad shape rigth now due to the pandemic.

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  2. I like to make sure I have multiple streams of income, that's for sure!

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  3. My wife and I both have different income sources, and it's been a huge benefit to us throughout our lives.

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  4. It all depends on your circumstance. I personally have multiple streams of income and when I get married, if my wife wants to work, then great, but if she just wants to be a stay at home mom, then that is great too.

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  5. I somewhat agree with you but then not all have the option of both partners working .

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  6. This is so nice, it helps me a lot. I'm actually in need of other income source.

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  7. It is really beneficial when we don't put all our eggs in one basket. It's important to also map out your lifestyle and spending type and. Would also be good to work towards consciously setting aside parts of your income to investment buckets, whether for passive generating businesses or your self growth.

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  8. Great post! I have to do more research on life insurance that you can borrow from. I totally agree with everything you said. Your Mother was a smart lady!

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  9. Having a side income can make the burden lighter. The only challenge comes with finding or starting up one.

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  10. wow. cannot imagine having a part time job on top of a full time job. that is tough especially if you have a family you want to spend time with.

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  11. Yes i agree with this. Never settle on single income. I have 4 part time works and looking for more. We need to be more competitive this pandemic days.

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  12. This article is spot on. I am in a slightly more difficult situation because I was not as prepared as I thought I would be. I am fortunate that I will be able to recover well and be better than ever though!

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  13. Great advice. I wish I had learned this when I was in my 20’s. So important to have multiple
    Streams of income

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  14. I think it depends on your earning power. It doesn't hurt to have another source of income though. That is for the future!

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  15. I agree with this nowadays you don't need to settle in a one income especially now were in Pandemic that all people suffering financially crisis awesome tips!

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  16. this is such great information. it's almost impossible to survive on one income. i have 2 and it's just me as a single mom.

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