If we check our finances most of us are operating on mono- economy, that is depending only on one stream of income.
I read about the Irish famine that occurred in the 18th century and a bitter lesson was learned on why you should not depend on one stream of income. The Irish were a great dealers of Potatoes, there whole economy was dependent on it for survival.
Potatoes was the Irish only means of generating revenue and they totally depended on it, they were not interested in growing other crops. Something bad happened to them, a blight happened and all their potatoes and staple were all wiped off.
This potatoes blight resulted to a great disaster, millions of people died because of the famine and another millions had to migrate to other countries for survival.
Depending on one stream of income.
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The Irish famine story has taught us a lesson on why it is very dangerous to depend on one stream of income. You can be putting your life at risk by doing that because life is always unpredictable.
You can earn a big salary, but there is no assurance if it will last forever. No matter how important you think you are in your workplace, you can be layed off at any given time or the company you worked for might just go bankrupt, and you can be frustrated. This is not a bad wish but it is the unpredictable nature of life.
What happens when you are sick and there is no one to work for you? Where will you get your survival funds. You really need multiple streams of income.
Get your salary and wages, meet your needs, then use the cash left to learn a side hustle, invest in the markets, or start up a business no matter how little it is, sell something. Find something to generate incomes for you apart from your work.
Avoid the mono-economy lifestyle, it is very risky, get multiple streams of income so you don't bring disaster on yourself like the Irish in the 18th century.
