The Rich has multiple streams of income.
This is what gets them rich.
In this article you will learn about the main 8 types of income.
Learn and start earning from it.
Money derived from paid work.
Trade time plus effort for money.
This is the most common form of income 99% of the population use.
The First step towards financial freedom is creating your first stream of income!
Income earned from buying products and selling for a profit.
The name of the game here is buy low and sell high.
From selling water on the streets to dropshipping!
Your first taste of entrepreneurship
Earnings generated by investments such as savings accounts and certificates of deposit.
Basically allowing others to invest your stagnating money and giving you a return on your investment.
A great example of passive income.
Royalty income is a payment received for the use and exploitation of artistic or literary works, patents and mineral rights.
Licensing your proprietary work for use by other people.
From rappers to to patent creators.
Income earned by owning shares of stocks , depends on company earnings.
Relies on research and intuition to make educated guesses on which companies will perform best.
Welcome to Wall Street.
Income gained from renting out a property for a a profit.
This is how your landlord generates passive income. make sure your expenses are lower than profit.
Please don’t take advantage of your tenants!
Profit gained from the sale of property from the sale of property or shares in stocks.
Like flipping for profit , but with stocks and properties.
One-time profit, not a continuous stream of income.
Earnings derived from a rental property, limited partnership or other enterprise in chich a person is not actively involved.
Use your assets to constantly generate income for you whether you work or not.
Constantly generates income without having to manage.