Relying just on pay is risky. I’ll tell you a story about one of my neighbors who was a teacher, and I’m sure many of you can relate since it’s a true tale that might have happened to someone you know. My neighbor was the headmaster of one of the most expensive schools in my neighborhood, Surulere, Lagos State; he earned four hundred thousand (N400,000) per month, and his family seemed to be doing well; his children eat and dress well.

But something happened in the year 2020: the covid-19 epidemic, which forces everyone to stay at home; even the legislation could not be broken for the most important personnel. The covid-19 was a fatal disease that spread like wildfire, and suddenly my neighbor became unemployed, someone who eats three square meals twice a day now begs for food.

Although the covid-19 may have been removed at the time you are reading this, it does not rule out the possibility of something even more awful occurring in the future. Although my neighbor is currently doing well, after being laid off due to the epidemic, he grieved to me, and I suggested to him some internet abilities that may help him earn money. He is now operating an internet business that should bring him five figures within a year; after all, a house is not built in a day, and I am confident he will be making more in two years.

I’m not saying that working as a wage earner is wrong; if you’re employed, that’s great, but it’s not as beneficial as having a side job to supplement your income. My neighbor would not have been harmed by the epidemic if he had a side hustle, but what he did was give up one source of income. You have expenses to pay, therefore you must go above and beyond to make ends meet, especially if you are a family man or woman.

Reasons why you should not rely just on one source of income (salary)

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Having more than two sources of money is exciting, yet you may not comprehend the sweetness if you just have one source of income. I can’t count how many credit notifications I receive in a month, yet you still rely on collecting a cent each month. I produced this information so you may realize that the wage you rely on is not worth it, and it is not a promising one to bank on. Here are some reasons why you should raise your game and broaden your money source.

 

  1. You might lose your work for any reason.

What happened to my friend is an example, but it was due to the epidemic. Let’s imagine you lose your work for any reason, and you don’t have any other way to make money. This will affect you, but not only you, because you will become a responsibility to your family. No employment! … It is now up to you to look for another job, but you may have problems acquiring one if the firm interviewing you requires a recommendation from your prior employer.

  1. When you are old, your employer will fire you.

What most people don’t realize is that if you work for a private business in Nigeria, a good example is the banking specialization. You will be trash after you reach a certain age, so be wise, my dear! You will be fired since your bones are now weak, you are no longer productive, and you lack the power to perform what you did when you were 30.

So you get fired and return to the bottom level; this is the worst moment because firms will refuse to hire you since you are no longer strong enough. Even if you are fired at the age of 50 and believe you are still capable, it is tricky since some organizations have an age policy- there is a limit to the age at which they may hire new employees. It depends; some may tell you that they don’t want anyone above the age of 35, so you know this isn’t a positive for you.

  1. You become caught up in the rat race.
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The rat race is the 8am-5pm trap; you will not have time to contemplate, nor will you have time for yourself; you will return from work and experience the after-effect (tiredness) of work. You get up the following day and prepare for labor, then return and continue the process. This is more than psychology; your time is being purchased, you are progressively being exploited, and all you can think about is making sure you make money, and your family has a good time. You may not have any personal accomplishments to speak about at the end of the year since you don’t have time for yourself, and even the money you produce is continually disposed of too much cost.

  1. You are missing out on a financial breakthrough opportunity.

What do you consider to be a financial breakthrough? Is it because you work like my neighbor and make more money than he does? My concept of financial breakthrough is different; to me, it is a scenario in which you can work without being bound and no one can control you at any moment. You have time for your business even if it does not pay you N400,000 full-time, and a firm that you devote your time to will undoubtedly thrive if you follow business fundamentals.

  1. You will be in debt for the rest of your life.

I’m sure you can relate to this; before you were paid, you probably made a list of items you wanted to acquire or pay for. These might include food, clothing, rent, or even the purchase of a home… In this procedure, you spend everything you have on what you budgeted for, and before you realize it, your pay is done pretty immediately. So, whatever you buy will be on credit, and you will have a debt to pay once you receive your following month’s wage.

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