Is your Salary your only source of income?

Foysal Mahmud Niloy

If salary is your only source of income, you are close to poverty- here’s why.

Our life is filled to the brim with materialistic things, and to quench the thirst of this materialistic way of life, we need money. People have always strived to make the best out of their life with the available money he has from his salary or income.

Regardless of that, whether it’s a job or a business, if you only have a sole earning source & if the source of that money to bear all the costs of your life gets reduced to nothing, it could be the case of you hitting rock-bottom. Losing a job or getting bankrupt will always get the best of you if you don’t have a safe option to cover the fall.

Our lives are not constant, even an unceremonious single decision can change the scope of everything. If you actively spend all your money on inefficient things and don’t save or invest, you will have nothing to back you up if your primary source gets dried up. Making sound investments in stocks, bonds, or property or just leaving it in the bank will accumulate some sort of income for your money. If you have skills, resources, and a suitable environment to use that money yourself to construct something yourself, you should actively look to diversify your income portfolio through that.

Nevertheless, even if you don’t spend all your income and a certain amount from it, but don’t do anything with it, it will dry up as well. There is no assurance of when you’ll get a new job or even earn your way back into society. So, it is better to keep your investment and income source diversified in an effective way. Otherwise, the uncertainty of life will always keep you on the edge of Poverty.

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