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7 Different Types Of Income Streams For You!
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Preface:
We all need more than 1 income stream.
This is non-negotiable.
You never know when tragedy may strike and you& #39;re left without any income.
Build another stream, or 2, or 3.
The more the better.
We all need more than 1 income stream.
This is non-negotiable.
You never know when tragedy may strike and you& #39;re left without any income.
Build another stream, or 2, or 3.
The more the better.
Stream 1: Active/Earned Income
Otherwise known as your â9-5â.
You may be an;
-Accountant
-Mechanic
-Therapist
-Doctor
This is the income you receive for exchanging your labour and time, in return for monetary gain.
Can be Wages/Salary.
Otherwise known as your â9-5â.
You may be an;
-Accountant
-Mechanic
-Therapist
-Doctor
This is the income you receive for exchanging your labour and time, in return for monetary gain.
Can be Wages/Salary.
Stream 2: Passive Income
This is where money works for you, even when you& #39;re asleep.
You put some effort in initially and reap the benefits without actively working.
- Courses
- eBooks
- Webinars
- Blogs
- Affiliate (easiest one)
This is where money works for you, even when you& #39;re asleep.
You put some effort in initially and reap the benefits without actively working.
- Courses
- eBooks
- Webinars
- Blogs
- Affiliate (easiest one)
3. Rental Income
This is also a form of passive income, but it deserves its section.
This is the money you receive as a âlandlordâ at the end of the month when your âtenantâ pays you.
E.g. $500 per month per room for a 2 bedroom = $1000 p/m.
This is also a form of passive income, but it deserves its section.
This is the money you receive as a âlandlordâ at the end of the month when your âtenantâ pays you.
E.g. $500 per month per room for a 2 bedroom = $1000 p/m.
4. Dividend Income
Again, another form of passive income which deserves its own section.
When you own a share of a dividend-paying stock, the company will pay you for owning the stock.
E.g. I own 1000 shares of Coca-Cola at a $0.42 dividend per share.
Again, another form of passive income which deserves its own section.
When you own a share of a dividend-paying stock, the company will pay you for owning the stock.
E.g. I own 1000 shares of Coca-Cola at a $0.42 dividend per share.
5. Capital Gains
If I own an asset, this could be stocks, cryptocurrency, or real estate for example, and it goes up in value, that& #39;s capital gains.
E.g. I bought a house for $250k, it is now worth $500k 10 years later.
That& #39;s $250k gained pre-tax.
If I own an asset, this could be stocks, cryptocurrency, or real estate for example, and it goes up in value, that& #39;s capital gains.
E.g. I bought a house for $250k, it is now worth $500k 10 years later.
That& #39;s $250k gained pre-tax.
6. Interest/Staking
This is the money you receive for leaving your capital in a bank account.
Usually a very low % (1%).
You can also stake Crypto, which means holding Crypto in a wallet and receive a % for it.
This is the money you receive for leaving your capital in a bank account.
Usually a very low % (1%).
You can also stake Crypto, which means holding Crypto in a wallet and receive a % for it.
7. Royalty Income
This is income received for allowing another individual or company to use your intellectual property.
The best example I can give is when your favorite musician releases a song and someone else plays it.
They receive money each time.
This is income received for allowing another individual or company to use your intellectual property.
The best example I can give is when your favorite musician releases a song and someone else plays it.
They receive money each time.
Final Thoughts:
I tweet about this and write quite frequently on the importance of >1 income stream.
You don& #39;t need 6-7 at once, but at least start with building another one.
It provides peace of mind in case of an emergency.
Read below for ideas
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I tweet about this and write quite frequently on the importance of >1 income stream.
You don& #39;t need 6-7 at once, but at least start with building another one.
It provides peace of mind in case of an emergency.
Read below for ideas
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