2020 taught us to never rely on a single source of income...
These are the 8-different forms of income & how you can earn them.
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These are the 8-different forms of income & how you can earn them.
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1. Earned Income
Money earned from paid work.
Trade time + energy for $$
This is active money - the opposite of passive money.
We all have to start somewhere and this will most likely be your first stream of income.
Now let’s get to the good stuff...
Money earned from paid work.
Trade time + energy for $$
This is active money - the opposite of passive money.
We all have to start somewhere and this will most likely be your first stream of income.
Now let’s get to the good stuff...
2. Profit Income
Income earned from buying products and selling them for a profit.
@CoachJoeHart can tell you about this one👌🏽
This is done by purchasing low and selling high!
From Flipping products to even the local drug dealer selling grams of weed😭
Your First Business!
Income earned from buying products and selling them for a profit.
@CoachJoeHart can tell you about this one👌🏽
This is done by purchasing low and selling high!
From Flipping products to even the local drug dealer selling grams of weed😭
Your First Business!
3. Interest Income
Income generated by collecting interest on investments like a savings account for example.
You’re basically allowing others to invest your money granting you a return on your investment.
This is a good example of passive income!
Next...
Income generated by collecting interest on investments like a savings account for example.
You’re basically allowing others to invest your money granting you a return on your investment.
This is a good example of passive income!
Next...
4. Royalty Income
Profit earned through the use of artistic works, patents and rights.
You’re licensing others to use your work and receiving a profit for doing so.
An example of this would be producers who sell their beats to rappers to use in their songs
Let’s continue...
Profit earned through the use of artistic works, patents and rights.
You’re licensing others to use your work and receiving a profit for doing so.
An example of this would be producers who sell their beats to rappers to use in their songs
Let’s continue...
5. Dividend Income
Profits earned from investments made in company’s stocks based on company’s quarterly earnings.
This involves a lot of research and foresight in order to make educated predictions.
Wanna learn more? Hit up my boy @TheAlphaThought
On to the next...
Profits earned from investments made in company’s stocks based on company’s quarterly earnings.
This involves a lot of research and foresight in order to make educated predictions.
Wanna learn more? Hit up my boy @TheAlphaThought
On to the next...
6. Rental Income
Income earned from renting out property in exchange for a profit.
This is how your landlord makes money off you...
The key is to make sure your rental expenses are lower than your profits.
Easy Money 🤷🏽♂️
Income earned from renting out property in exchange for a profit.
This is how your landlord makes money off you...
The key is to make sure your rental expenses are lower than your profits.
Easy Money 🤷🏽♂️
7. Capital Gains
Income gained from the sale of property or the shares of a stock.
This is similar to flipping products for income but instead you’re doing it with stocks and properties!
One-time returns - not passive.
Let’s move on to the last stream...
Income gained from the sale of property or the shares of a stock.
This is similar to flipping products for income but instead you’re doing it with stocks and properties!
One-time returns - not passive.
Let’s move on to the last stream...
8. Passive Income
Profits earned from a venture in which the person is not actively involved in.
Instead of trading time + effort for profit, you allow your assets to work for you so that you may generate income even when you’re not working.
The real secret to getting rich!
Profits earned from a venture in which the person is not actively involved in.
Instead of trading time + effort for profit, you allow your assets to work for you so that you may generate income even when you’re not working.
The real secret to getting rich!
The secret to getting rich is to combine these income streams so you never have to rely on 1!
Find ways to earn passive income so you don’t have to trade your time for money ❌
If you enjoyed please RT + LIKE the first Tweet 🙏🏽
Follow @Risk7aker
Find ways to earn passive income so you don’t have to trade your time for money ❌
If you enjoyed please RT + LIKE the first Tweet 🙏🏽
Follow @Risk7aker
https://twitter.com/risk7aker/status/1367510256977383424
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