What is a multi-income individual and the impact on mental health?
During a financial crisis, many individuals may choose to become multi-income individuals out of necessity. Economic downturns, job losses, or reduced income opportunities can motivate people to explore multiple income streams to make ends meet and provide financial stability. This could involve taking on side jobs, freelancing, starting small businesses, or finding alternative ways to generate income.
The impact of being a multi-income individual on mental health can vary from person to person. While having multiple sources of income can provide financial security and flexibility, it can also introduce unique challenges and stressors that may affect mental well-being. Some potential factors to consider include:
- Increased workload: Balancing multiple income streams can lead to a heavier workload, longer working hours and potentially less time for self-care or relaxation. This can contribute to stress, fatigue and feelings of overwhelm.
- Uncertainty and financial pressure: Dependence on multiple income sources can bring a level of financial uncertainty, as the stability of each income stream may fluctuate. Unpredictable cash flows or periods of financial instability can cause anxiety and worry.
- Juggling responsibilities: Managing various income sources often involves juggling multiple roles, tasks and responsibilities simultaneously. This can lead to feelings of overwhelm and difficulty in maintaining work-life balance.
- Lack of social support: The demands of managing multiple income streams may leave little time for socializing and connecting with others. Isolation or reduced social support can impact mental well-being.
- Fear of failure: The pressure to succeed in multiple areas can contribute to a fear of failure or self-doubt. The fear of not being able to sustain or grow the various income streams can be a significant source of stress.
It’s important for male multi-income individuals, like anyone else, to prioritise their mental health and well-being. Strategies such as setting realistic expectations, practicing self-care, seeking support from loved ones and managing workload effectively can help mitigate potential mental health challenges associated with being a multi-income individual.