This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
The Power of Two Income Streams
The Key: A second income source.
Mortgages get expensive when you lose your job or experience a catastrophic financial emergency. Suddenly, your “affordable” mortgage is a pain in the a**, and you still have 28 years of payments unless you decide to sell it.
Things People Don’t Consider When Buying A Home
Maintenance
Upkeep matters. Have you ever noticed people who have technically lovely homes, but the homes are in shambles because they’re not cared for properly? All this means is that they couldn’t afford the house they bought.
Fees & Taxes
The expenses that come along with a house add up. If you don’t budget correctly, you will quickly be in over your head with unexpected housing bills that destroy your emergency fund and credit card limits.
Mortgage
Rent goes away after the contract ends. A mortgage lasts 10–30 years unless you sell the home. As long as the home is in your name, you must pay the bill. Many people are not ready to manage this type of financial obligation for such a long period.
Force Selling
Homes typically take 1–12 months to sell, depending on demand, price point, and home features/characteristics.
If you decide to sell your home because you can no longer afford it, you might be willing to take the first offer because you’re desperate.
The Second Income Source Saves You
You can eliminate placing yourself in stressful situations (mentioned above) by having a second income source. No, I’m not talking about a partner, roommate, or family member’s income.
I mean having two of your own income sources.
If you live with a partner and are in a committed relationship, then you can have two income sources, which equates to four total, which will make you bulletproof from economic recessions and housing bubbles.
You two will always be able to afford your mortgage payment if you don’t buy too much house.
While You’re House Shopping
Solidify the second income source before you sign the documents. Make the second income source steady and ensure it can cover your mortgage if you lose your primary income source.
Better yet, make your second income source robust enough to cover your mortgage and your expenses. When you do this, you will decrease your reliance on income source #1 and relieve yourself of unnecessary stress.
Never worry about losing that precious home you bought; that’s what multiple income streams are here to cover.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.