7 Income Stream that Will make you rich & How
1 9-5 income
Most millionaire start out earning from their day job with this income, they save and invest for the log term However ,for most people their salaries grow excreting slow
This is hoe millionaire maximize their 9-5
income
Step 1 ; Gin irreplaceable employment skill
Step 2 ; Gain experience rapidly by working a ton
Step 3 ; Move companies every 2-3 or 18 months years to maximize salary
9-5 job is one type of exchanging process witch men skill and time use to convert to money
Skill & Time = money
The more you such leaning and moving the more you make, the more you make ,the sooner you’ll become millionaire
2) Profit income
Profit is simply the different between revenue and expenses
Example ;Buy a shoes for 250, sell shoes for 350 profit income is key because it can be done without trading time for money
Here are some ways you can do the same
I.
Amazon FBA
II.
Website flipping
III.
Drop shipping
IV.
Drop servicing
Find
a need identify arbitrage opportunities
and fulfill it that’s all takes to start making profit income
3) Interest income
ü To build significant wealth, your money needs to make money
ü You only have two hands and can’t do it alone
ü When you leverage compound interest, things really take off
ü However ,don’t rely on crumby saving account interest
Do it instead
· Generally speaking, interest is earned from lending
· However you need to land to the right people to make worth your while
· Acquire assets like municipal bonds t bill or participate in p2p lending to earn interest
4)DIVIDEND
INCOME
When a company realizes a profit, it has two choices
ü Reinvest
ü Distribute
When option number 2 is chosen this is how you get paid
So how do you actually
earn dividend income
Here you get answer
ü Event share you earn from a dividend producing company/ fund will provide you dividend income
ü Example ; own 1 share of tesla and you’d collectroughly $0.40
ü The more share you acquire the more dividend income you make
5 Rental Income
Real estate has been used for centuries in order to build wealth
It’s no surprise that asset class is a go to for millionaires
However, most people see real estate as having a high barrier to entry
HERE’S HOW
YOU CAN INVEST IN REAL ESTATE
:
Investment option from most to least expensive
· Commercial real estate (example- invest in commercial complex)
· Residential real estate (example – buy and rent house)
· Real estate investment trusts (pooled money into a portfolio of assets < $ 500)
6) RESIDUAL INCOME
Residual income is any income from past work (example TV SHOWS.BOOKKS ETC..)
This is the most common form of the passive income we tend to think of
However, you probably aren’t going to write going to write book or be on tv
HERE ARE SOME OTHER OPTION
(EXAMPLE)
·
Blog income
·
Youtub income
·
Affiliate income
·
Ad sence
·
Music royalties
The more asset with residual income you create
7) )Capital income
Profit is made by buying and selling however capital gains differs from profit income
Profit income is generated by selling inventory
Capital gains are earned by selling capital property (example – homes, stocks etc….)
Here’s how you can use
capital gain income
Step 1 – Acquire capital asset (example stocks)
Step 2 - wait for application (example – stocks goes from 20-40 $)
Step 3 - sell and collect profits
The benefit is that capital gains are taxed at preferable rates by
By avoiding some tax, millionaires growth their wealth faster and so can you
I hope this information is useful to you
If you any doubt mean mention that comment section
