Never Depend On Single Income

Let me share you a story of one of my friend, i don't  share the name but will share you his professional life story and how he get trapped into it.

Me and my friend completed MBA from a very reputable institute in 2015, we both started our careers at a same time but in different industry. He started his career in one of a very reputable FMCG company in Pakistan, First two years of his career  was just like a rocket, he got promoted in just a two year a very short span of time. When ever we go for outing he always used to tell me that he is very happy from his career and company on that time his salary was more than Rs 100,000/=. 

After completed two years roller coster ride started and he was being transferred to a place which is very far away from his home town, but he managed this thing and compromise with his family, on that time when he was leaving his home town i suggest my friend that you are completely depending on your salary single income and you don't have any other option, this is a time you have to take decision and start some part time business from where you will generate your secondary income. However he was thinking that things will become easy, but the situation goes worse after three years in 2020, due to Covid19 Crona Virus his Company Fires more than five thousand employees and unfortunately he was among them, he came office in the morning and found a piece of paper and in paper it was written  that "THANK YOU SOO MUCH YOUR SERVICES ARE NO MORE REQUIRED AS COMPANY IS FACING LOSSES DUE TO COVID19" it was a heartbreaking situation for him. He was no where, He was trapped in single income Single identity,  he focused just on the job and never think about the situation he faced today.

Just like in a above picture you can easily depict the story of single income single identity trapped,  how initially employees think about the perks of job and satisfy himself from the income he get and think the situations will remain as it is, And after some years or time things will become worse and you have no any option have to go out from the situation.

So from the story it is a moral for us to depend on single income, always make multiple streams of income as one source stop you will have other option available to maintain your lifestyle and basic needs.

In last i want to share the famous quotation of Sir Warren Buffett He says "Never Depend On Single Income. Make Investment to Create Second Source"