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By Damilola Faustino

In a country like Nigeria, it is very difficult to get a job let alone to diversify your streams of income. But, the advantages of earning money from other sources cannot be overstated. However, if you have just one income stream, you will have certain fears which should prompt you to take action. In line with this, we share some of the fear of someone who has one income stream.

diversify your income

Losing their jobs

Even when there is no threat of retrenchment, you will always have the fear of losing your job. This is because you are worried about being relieved of your duties as you do not have any other thing to fall back on no matter how small.

Cannot meet basic needs

Shelter, food and clothing are the essentials of life. Without them, you are nowhere.  You will keep borrowing to meet these basic needs. We have not even mentioned the utility bills and other life appendages that make day to day living simple, smooth and easy.

Live from paycheck to paycheck

This is a normal fear for someone who has one income stream. They are really desperate, depressed, disappointed and disenchanted in case anything happens to that source.

Always in debt

They are and will always be in debt. Since they do not have money to meet their needs, their survival is hinged on being paid their monthly salary. To survive, they will borrow.

Can’t save

The responsibilities are so much that it is difficult for such a person to save money. So, when there is an emergency, they cannot handle it because they do not have the money or they are broke.

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