Third income in household mandatory?

In olden days ...one income was sufficient to meet the needs of living a life of average standards... later came 2 incomes.... no luxury but thats what is need of hour with higher interest rates / standard of living.

Ok, Now..as the standard of living is increasing as ever..limited high hike in salary..greater responsibility

Debate : In today's world is third income is no more ambitious but a necessity for future, an mandate? think about 5 years down the lane....

3rd income as in rental property or business... I know obviously its good but what are the cons...will add more views once I read related views..

Originally posted by: raj5000

In olden days ...one income was sufficient to meet the needs of living a life of average standards... later came 2 incomes.... no luxury but thats what is need of hour with higher interest rates / standard of living.

Ok, Now..as the standard of living is increasing as ever..limited high hike in salary..greater responsibility

Debate : In today's world is third income is no more ambitious but a necessity for future, an mandate? think about 5 years down the lane....

3rd income as in rental property or business... I know obviously its good but what are the cons...will add more views once I read related views..

Don't know about 3rd income but it is as good as any income if willing to become a landlord..😊 As they say , the first million is hardest to make and take the longest, after which with the power of compounding the time to make subsequent millions gets shorter and shorter. As long as one lives below their means, they will feel rich no matter how much they make. 😃

Originally posted by: lighthouse

Don't know about 3rd income but it is as good as any income if willing to become a landlord..😊 As they say , the first million is hardest to make and take the longest, after which with the power of compounding the time to make subsequent millions gets shorter and shorter. As long as one lives below their means, they will feel rich no matter how much they make. 😃

Absolutely!! I hear a millionaire speaking here.. can understand the calue of first million..😳... right but people tend to ignore the value..hardly any con in 3rd income other then more effort or time ...unless someone throws cons..saying when not needed why to cut family time for unwanted 3rd income lolsss

don't know about others Raj but for me, second income is more for the safety net than anything else. the extra savings with another income, equivalent to what is primary income for many other households so not calling it 'second" income, simply mean we can sleep better in the night. no worries about what will happen if one of us gets laid off as we keep our expenses with in single income limit 😊

as far as third income, i am with LH there. living within your means is the best way to live 😊 it's not bad but one shd manage their expenses in such a way that they do not feel they "require" it to pay the routine bills.

Originally posted by: Gauri_3

don't know about others Raj but for me, second income is more for the safety net than anything else. the extra savings with another income, equivalent to what is primary income for many other households so not calling it 'second" income, simply mean we can sleep better in the night. no worries about what will happen if one of us gets laid off as we keep our expenses with in single income limit 😊

as far as third income, i am with LH there. living within your means is the best way to live 😊 it's not bad but one shd manage their expenses in such a way that they do not feel they "require" it to pay the routine bills.

Sooo hear yaa Gauri..and LH too living within means.👏..my point...things changed from one income to two...isn't it right time to seek neccessity of third income..before hand..keeping in mind ever increasing cost of living...children's future wants...and never ending want of living a x-factored lifes...

Originally posted by: raj5000

In olden days ...one income was sufficient to meet the needs of living a life of average standards... later came 2 incomes.... no luxury but thats what is need of hour with higher interest rates / standard of living.

Ok, Now..as the standard of living is increasing as ever..limited high hike in salary..greater responsibility

Debate : In today's world is third income is no more ambitious but a necessity for future, an mandate? think about 5 years down the lane....

3rd income as in rental property or business... I know obviously its good but what are the cons...will add more views once I read related views..

Yes 3rd Income is always good.....I always advice my friends to do something other than your profn.......Like Shares...I always interested in to shares n real eastate like these kind bussiness, and Getting good profit too,...Profit / Loss its not a matter...Stick with only one profn is not good...We should try different fields in life......Bussiess main profit or loss not a matter...Kuch Paane ke spirit keep karna zaroori hey....Some people dont like to do these kind of things....but I feel good..to make busy myself in different things...and mingle with all kind of people.....aaj kal if you need or want to do anything..you want to give/ bribe money/commission....so why should we stick on one profession!!😳

huh!! 😛

we stll live in a society where even 2nd is not mandatory.
women live off of their husbands, even make him pay for tuition and what not! then when time comes to sart becoming useful in the monetary sense, some of them even leave him dry 😆 😆 😆 ..
such is the world! 😕

moreover, how many can afford such investments for sheer sake of income benefits? we are obviously not speaking of low-priced real estate in certain states here, cos the ROI is as negligible as housing prices..
One can get a mansion in Ohio /TX / Pennsylvania / AZ, but of what value as a steady source of income would it be?

Originally posted by: raj5000

Sooo hear yaa Gauri..and LH too living within means.👏..my point...things changed from one income to two...isn't it right time to seek neccessity of third income..before hand..keeping in mind ever increasing cost of living...children's future wants...and never ending want of living a x-factored lifes...

like i said above, people can make out their own minds how much efforts they want to put in for earning that third income by investing some of their savings from other two incomes first. managing a RE or a portfolio yourself is not easy and returns are always not guaranteed.

as far as double salary, anyone with kids will tell you how important it is to provide a safety net for the family and kids😊. As u mentioned above, college tuitions etc cost a lot. brilliant people and kids get scholarships and manage just fine but there still remain the boarding and lodging and then kids' marriages to be taken care of as most parents want to celebrate the kids' D-day with them in style😊 then, there are activities that one wants to take their kids to and they all cost money. any parent can tell u that right away😊

agree with mermaid_QT to some extent on mentality of some now a days. it's not gender specific, imo, but have seen cases where people just cool off their heels, pretend to be between jobs and shamelessly live-off their spouse's salary until they r practically shown the door😆 😆 bahar nikaal phenko tab job milta unhey😆 😆extreme measures are needed for extreme people. similarly, extreme hardwork needed to provide a safety net against extreme conditions and both spouses working while raising kids is a lot of hardwork😊. I feel , now a days, double income is absolute neccessity for middle class households with kids😊 . third income depends on how much more time and money one is ready to devote after both spouses work. rest depends on outlook😊

Originally posted by: raj5000

In olden days ...one income was sufficient to meet the needs of living a life of average standards... later came 2 incomes.... no luxury but thats what is need of hour with higher interest rates / standard of living.

Ok, Now..as the standard of living is increasing as ever..limited high hike in salary..greater responsibility

Debate : In today's world is third income is no more ambitious but a necessity for future, an mandate? think about 5 years down the lane....

3rd income as in rental property or business... I know obviously its good but what are the cons...will add more views once I read related views..

I thought you meant "pati, patni aur woh" 😲

Originally posted by: SholaJoBhadkey

I thought you meant "pati, patni aur woh" 😲

'Woh' cheap & free of cost hey.....suna hey doosare profn tho very expensive hey....😆😉😛