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What do most millionaires have in common?
Multiple sources of income!
They focus on what they're really good at, and diversify other areas.
Let's take a look at the 7 streams of income and how you can make each one work for you:
[Thread]
Multiple sources of income!
They focus on what they're really good at, and diversify other areas.
Let's take a look at the 7 streams of income and how you can make each one work for you:
[Thread]
1. Earned IncomeÂ
Having a job. The easiest way to make income.
Basically, you trade your time for money.
Unless you truly love your job, trading your time for money will have a big effect on your mental health and quality of life.
Having a job. The easiest way to make income.
Basically, you trade your time for money.
Unless you truly love your job, trading your time for money will have a big effect on your mental health and quality of life.
2. Rental Income
The money you get from owning and renting an asset (most often a home).
So many upsides. Appreciation, depreciation, monthly cash flow.
Downside is difficulty to liquidate.
Save for a down payment, research areas to invest, contact an agent, make an offer
The money you get from owning and renting an asset (most often a home).
So many upsides. Appreciation, depreciation, monthly cash flow.
Downside is difficulty to liquidate.
Save for a down payment, research areas to invest, contact an agent, make an offer
3. Interest IncomeÂ
The money you receive for lending your money to another party.
The least risky as some of these options are federal backed, but also the lowest return.
Examples:
High interest bank accounts, buy treasury bills, buy CD's https://www.google.com/amp/s/www.discover.com/online-banking/banking-topics/how-to-open-a-cd-account/amp/
The money you receive for lending your money to another party.
The least risky as some of these options are federal backed, but also the lowest return.
Examples:
High interest bank accounts, buy treasury bills, buy CD's https://www.google.com/amp/s/www.discover.com/online-banking/banking-topics/how-to-open-a-cd-account/amp/
4. Profit Income
Money you earn by selling a product for cheaper than you bought it or made it for
Small end ideas: flipping, hobbies like woodworking - building furniture & selling it
Large end: build a company that sells products. For more info:Â https://gumroad.com/a/242447475/fdXb
Money you earn by selling a product for cheaper than you bought it or made it for
Small end ideas: flipping, hobbies like woodworking - building furniture & selling it
Large end: build a company that sells products. For more info:Â https://gumroad.com/a/242447475/fdXb
5. Dividend Income
Money you earn from owning stocks in a company.
Not only do these companies pay you for owning stock, but by being a shareholder you essentially are part owner of the company.
Look for year-over-year growth and dividend payout. https://gumroad.com/a/242447475/IDaKd
Money you earn from owning stocks in a company.
Not only do these companies pay you for owning stock, but by being a shareholder you essentially are part owner of the company.
Look for year-over-year growth and dividend payout. https://gumroad.com/a/242447475/IDaKd
6. Royalty IncomeÂ
Money you receive for allowing other to use your ideas or products.
One of the hardest streams to create as the challenge you face is creating something unique that others want to use, enjoy, or replicate
Easiest royalties are writing a book or making a song
Money you receive for allowing other to use your ideas or products.
One of the hardest streams to create as the challenge you face is creating something unique that others want to use, enjoy, or replicate
Easiest royalties are writing a book or making a song
7. Capital Gains Income
Income you make as assets that you own appreciate in value. You realize capital gains income when you sell the asset.
Two examples of this are buying a house for $100,000 and selling it for $150,000, or buying a stock for $5 and selling it for $10.
Income you make as assets that you own appreciate in value. You realize capital gains income when you sell the asset.
Two examples of this are buying a house for $100,000 and selling it for $150,000, or buying a stock for $5 and selling it for $10.
That's it! If you made it this far thank you for taking the time to read my thread.
Now go out there
Make some moves
Diversify
Develop multiple sources of income
And crush your life
I believe in you
Now go out there
Make some moves
Diversify
Develop multiple sources of income
And crush your life
I believe in you
