Should You Only Have One Source Of Income?

This week a lot of things have been swirling in my mind. When thinking about all the crazy at work, I always have to reflect on my plan for the future. In that time, I plan contingencies and think about my backup should something happen and I do not want to stick around. While I have things in place that will see me through such decisions, not everyone does. That begs multiple questions, but the main one is should you only have one source of income?

It Depends

This question and the answer depend on your personal situation. There are a number of reasons why one income is good. Not everyone wants to partake in the hustle mentality. It’s ok to have one job you enjoy and go home at the end of the day. It’s even better when you have money in the bank and you are not tied down to one position. It’s really great to have options. If you are in a profession where work is always available should you want to leave your employer, you are also in good company. However, if you are struggling or your job treats you any kind of way because they know you can not afford to leave, it’s something to consider.

My Personal Situation

I work multiple jobs but not because I have to. I could drop at least three roles and not bat an eye or miss out on anything I love to do. I work multiple jobs because I need things to do, and I love adding to my retirement without hesitation. It’s a personal decision to have multiple sources of income, but I genuinely believe in being financially free. In my yearly goal worksheet, at the top, I wrote as my why, “To work because I want to, not because I have to.” Working hard in the short term will ensure, in the very near future, I embody this.

What do you think? Should people have multiple sources of income, and when is it okay to let that mindset go? Let me know your thoughts in the comments.

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