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Personal finance is just that, personal. It stirs a lot of rational and irrational emotions.
An indisputable truth is that to reach #FinancialIndependence one has to live well below their means and/or increase their income.
A thread
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An indisputable truth is that to reach #FinancialIndependence one has to live well below their means and/or increase their income.
A thread
:
You can increase your income by getting a promotion or a new, better paying job.
You can also increase your income by having multiple income streams. Multiple income streams means you have money coming in from different sources.
You can also increase your income by having multiple income streams. Multiple income streams means you have money coming in from different sources.
There are 7 broad sources of income 
, they are listed below with examples:
1. Earned income - a salary from a 9 to 5
2. Interest income - income received from interest earned on savings
, they are listed below with examples:1. Earned income - a salary from a 9 to 5
2. Interest income - income received from interest earned on savings
3. Dividend income 
- income earned from owning dividend paying shares or ETFs
Here’s a thread on dividend investing
https://twitter.com/pinkysithole17/status/1322129264091811840
- income earned from owning dividend paying shares or ETFsHere’s a thread on dividend investing
https://twitter.com/pinkysithole17/status/1322129264091811840
4. Capital gains 
- income earned when you sell your investments for a profit (otherwise you make a loss)
5. Rental income
- income earned from renting out your property
6. Business income - income you earn from selling a service or product
- income earned when you sell your investments for a profit (otherwise you make a loss)5. Rental income
- income earned from renting out your property6. Business income - income you earn from selling a service or product
7. Royalties or Licensing income 
- income earned from creating a unique product or idea such as a book or song lyrics
By having more than 1 income stream you ensure that you earn more than 12 times a year. Who doesn’t want to earn more and to earn more regularly
- income earned from creating a unique product or idea such as a book or song lyrics By having more than 1 income stream you ensure that you earn more than 12 times a year. Who doesn’t want to earn more and to earn more regularly
Having multiple income streams is the goal 
it won’t be easy and at first it may take some time to research and require a lot of effort to earn the income.
The reward for this hard work is financial freedom
Thank you for coming to Pinky’s TedTalk
it won’t be easy and at first it may take some time to research and require a lot of effort to earn the income.The reward for this hard work is financial freedom
Thank you for coming to Pinky’s TedTalk
