Personal Finance Experts Weigh In On One-Job Model

The traditional mantra of financial advice seems to revolve around four core points: get a college degree, get a job, borrow little and save more. Within those categories you’ll find tips on investing and budgeting, and even complex guidance on how to diversify your investments and expand your credit mix for a tip-top credit score. 

Most of this advice, however, revolves around a one-job, one-career mindset that many of us are taught in high school and college. 

The results? 

Americans are staying on the credit card merry-go-round longer. Many don’t have the savings to cover a $1,000 emergency. 

The burgeoning growth of side-hustling in America may be evidence of what comes down to simple math: Two or three (or more) incomes are better than one in today’s economy. Knowing how to make the jump from a single-job lifestyle to a more entrepreneurial one could put you on the path to less debt, more savings and faster wealth accumulation. 

If you know what steps to take before you jump. 

If millionaires have at least three income sources, why doesn’t everyone else?

The Warren Buffett quote, “If your salary is your only source of income, you’re one step away from poverty,” got me thinking: How many sources of income does the typical millionaire have? The answer seems to range between three and five.

If that’s true, why is there still such a push for high school students to pick one major to get one job for one career? Is that a relic of a bygone era when corporate jobs came with a clear path up the ladder: multidecade tenures, generous pensions and gold watch retirements? 

Education — both formal and at home — reinforces the solo-employment mindset

One challenge to adopting a multi-income approach to income is it conflicts with what students are taught in high school and college. Bernadette Joy, a nationally renowned personal finance expert, has seen this firsthand.

Unfortunately, most financial literacy courses may not help change that message. “I’ve personally been frustrated that many high school financial literacy programs are sponsored by large banks who are trying to groom future customers rather than teach financial fluency,” Joy adds. 

Rita Soledad-Fernández Paulino is a money and self-care coach dedicated to helping people achieve financial security. Paulino thinks the starting point for an income diversification conversation has to start with doing a better job of teaching kids about money before they graduate from high school.

“Right now, only 28 states mandate personal finance education for high school students,” Paulino says. “Before we can expect young people to think entrepreneurially, we have to equip them with foundational money knowledge: how to budget, how to maintain a high credit score, how to plan for retirement, and how to increase income.” 

Is it really possible to shift to multiple incomes if you’ve only worked in the one-job world?

Yes, but you may need to take some other steps first. It’s going to take a mindset shift, and you’ll need to assess your money-management skills. I checked in with experts for tips to help prepare for income diversification. 

Start by getting into a self-care routine

“The first step is mindset. If someone is constantly thinking, ‘I don’t have time’ or ‘I don’t have energy,’ that mindset will block them from ever exploring new income streams,” Paulino says. Before embarking on a major shift in thinking, Paulino recommends you focus on caring for yourself first. A consistent self-care routine can make all the difference when finding capacity.

Build smart money habits so you’re intentional with more income

Before you take the leap into the multi-incomeverse, make sure your toolbox is filled with the right mix of financial habits. 

“As someone who has personally become a millionaire starting off with lower-paying jobs I think it’s possible, but the problem is that even people making high incomes are not saving or investing enough,” Joy says.

Joy also finds that people that earn more without developing good money management skills don’t necessarily fare better. “They haven’t built the habits to put away emergency funds or retirement and think that earning more money will solve their problem.”

If you’re ready to make the change, where do you begin?

There are a number of ways to begin layering activities into your work routine to add income. What works for you depends largely on your own strengths and weaknesses. You may want to start learning the basics of entrepreneurship or start off with a simple side hustle, like Uber driving.

Focus on what you love to do and are good at

“Start by getting clear on your skills, your availability and what you enjoy doing, Paulino says. “For example, I would never do DoorDash or Uber because I hate driving. But I love teaching and working with children, so my side hustles included tutoring and childcare.”

Beginning with something small and remaining flexible are key. Paulino also suggests developing your pitch and learning how to sell your services.

Learn about entrepreneurship and investing sooner rather than later

If you’re like many Americans, you probably didn’t learn much about being a business owner or entrepreneur in school. The sooner you start learning about it the better. “I learned about entrepreneurship in my twenties and thought that was too late,” Joy says. 

Don’t be surprised if you don’t get a lot of support for your newfound income diversification mindset. “I see many younger generations who are naturally entrepreneurial and are being discouraged rather than encouraged to try it,” Joy adds.

How much extra income can you make in the multiple-income world?

Bankrate’s annual Financial Freedom Survey found that nearly 1 in 4 (26 percent) U.S. adults feel they would need $150,000 or more to feel financially secure or comfortable. Yet the average starting salary for most college graduates is just north of $68,600. Even a dual-income household won’t hit that figure without a serious income scaling plan.  

Dollars and sense: How three side hustles could change your wealth outlook the next 5 years

To get an idea of just how life-changing additional income could be, it’s helpful to see the numbers in action. Bankrate’s team of experts compiled a list of the top-earning side hustles. Let’s explore how much you would have banked if you contributed 50 percent of your income from working 20 hours a week with three of the top 10 side-hustles to a high-yield savings account with an average APY of 4 percent. 

Four ways extra income could change your financial future

1. Fully fund three to six months’ worth of your expenses in an emergency savings account. More than 1 in 3 (37 percent) Americans needed money from their emergency fund in the last 12 months, as of February 2025, according to Bankrate’s annual Emergency Savings Report. Extra income could be used to build and replenish your emergency savings as needed.
2. Pay off all of your credit card debt and use cash for future purchases. You can use your new income to pay off balances and use cash in the future. You could also significantly boost your credit scores if you’ve been carrying a lot of revolving credit. 
3. Clear out your student balances in a year or two. The average student loan balance is about $38,000. If you make average earnings from a decently paying side gig, that debt could be in the review mirror much faster than if you made minimum payments. 
4. Make a 20 percent down payment to buy a home. With median home prices for existing homes sitting at $398,400 as of February 2025, saving for a down payment could be challenging with just one job. You could build a down payment fund within a few years with the extra money earned from an additional income stream. 

Bottom line

One drawback to pursuing multiple streams of income is the potential disruption it can cause to your work-life balance. Burning both ends of the candle can burn you out — which is why I like Rita-Soledad’s advice about the importance of self-care.

I also think that Bernadette Joy’s emphasis on learning good money habits with the money you make now is also very important. If you don’t manage what you currently earn well, chances are you won’t manage more income very well either. Even so, given how unpredictable the past several years have been economically, having multiple incomes can provide you with a security net if you suddenly lose one to a layoff or reduction in hours.