This is optimal finance daily episode 1196.

Never Depend on a Single Income by Craig Stevens of Retire Before Dad.com.

And I'm Dan, I'm your host here on the podcast. I'm here each and every day reading to you from the best personal finance blogs anywhere.

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Never depend on a single income by Craig Stevens of Retire Before Dad.

com. Quote, never depend on single income.

Make investment to create a second source.

Warren Buffett.

Buffett quotes are usually more eloquent. My grammar checker hated this one, but it's one of my favorites because he sounds like a caveman, and it's one way I like to think about investing as a secondary source of income. It might as well be a quote from a

caveman because the concept is so simple and obvious. We're programmed to focus on our

careers as our only income source. Study hard, get a job, rely on the job for a salary, health care,

retirement savings, and social life. Maybe this way of thinking is left over from

our parents generation and their employer loyalty, pensions, and gold watches.

We do our best to stay employed, but lose a job and suddenly the government is expected to step

in and save the day.

When I lost my job in 2017, I didn't apply for state unemployment benefits. We lived

off of a $19,000 emergency savings fund and seven income streams I built before being let

go. One of those income streams is a side business I built while I was fully employed.

It produced a decent income and gave me something to do while I searched for my ideal job.

Americans often borrow too much money to buy the nicest house and car they can mathematically afford.

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