8 ways to earn icome
INCOME what a great word.
Income is important we all know that but lest talk about different types of income and income streams that you can use to get more $$
All these incomes can be made online by using just your contact list and your laptop with an internet connection.
This should be enlightening 😀
1. EARNED INCOME
This is your job.
Your regular 8-4, 9-5 whatever.
It’s your monthly earned income, income you have to work to make it.
2. PROFIT INCOME
Profit income at profit.
Income is when you buy and sell things and that profit that you receive there from being a middleman so to speak.
So if I buy an item for 10$ and I sell it for 15$ I got a profit income of 5$.
3. INTEREST INCOME
This is how banks live, from interest.
How it works is that you land somebody some amount of money and you charge them for using your money with an interest rate, that is the income you make.
4. RESIDUAL INCOME
This is the income when you continue to get paid after your work is done.
That can be your online course, selling your design online, selling the book you wrote…
5. DIVIDEND INCOME
The income you make when you invest in stocks.
This is kinda risky because if you invest in stock it might go really high or go down as well.
Hopefully, you have chosen the right stock and the income you make from that is your dividend income.
So let’s say you buy company stock for 1000$ and in 3 months that stock goes up by 10%, now your stock is worth 1100$ and if you sell it at that price you will make a dividend income of 100$.
6. RENTAL INCOME
Kinda self explanatory.
The income you make after you have rented something for a particular price. It can be your car, apartment…
7. CAPITAL GAINS
This is when an asset that you buy increase its value.
So let’s say you bought a house for 100 000 $ and after 5 years the price increases and now the house is worth 200 000 because now somebody builds a swimming pool or a hospital nearby…
even better example would be if you buy a car and then you keep it and after like 30 years its considered to be an OLD TIMER and now its worth 10x more then what you originally paid.
8. ROYALTY INCOME
Income from others using your idea.
I call it also artist income because most artists lives off of this kind of income. Its when you sell your idea, your content and make money off of it.
Mariah Carey said because of her song All I Want for Christmas, which becomes the Christmas anthem, she is making off of royalties just for that song over 500 000$ a year.
She is making money every time some radio station or whoever plays her song (her idea,her content).
YOUR INCOME STREAM?
An average millionaire has 7 income streams!
How many do you have?
Regardless if its 1, or two, or 3, try to make one more 😀
Get further, faster!