Back in the day, people used to know about two common types of income: job income and business or profit income. But with the changes in technology and the Internet people are making money from different sources and streams. Now anyone with low education and experience can build different streams of income.
The knowledge of money and income is necessary for two main reasons. First, it will give you the option which type of income suits your talent potential, skills, and experiments. And then you will start working to generate money for such a stream.
Secondly, it will give the chance of building multiple streams of income at once. And having multiple streams of income is the biggest reason for rich people to stay rich and wealthy.
There is an old saying that the more you know about money the more you will make. In this post, I am going to share the list of 10 types of income streams. Select and start with the best income stream that matches your skills and experience. And get the dream of financial freedom in the thirties.
10 Streams of Income:
This is an old fashioned way of making money like a job, labor, etc. In earned income, you will be paid for the time and energy you spent on work.
To get a job you need to have some kind of education, skills, and experience in some specific fields or industries.
It’s also like job income, but here you will be working on one specific task for a specific time. After the completion of a task, you will be free to work on another for another person.
In the freelance industry, you can offer multiple services at one time. For example, you can offer video editing services with photography and filming services.
Shopkeeper income is the best example of profit income. In profit, you have to sell the products at a price higher than the cost of purchases. It’s also easy to start making and you don’t have high education and experience.
Any person can start making a profit income even with a low amount of money ($100) and start building a profit income empire. Your main job will be buying products at low prices and selling the products in high demand places with high prices to get profit income.
Interest income is one where money works for you. In interest income, you will give money to the second party for investment and they will pay you interest money for borrowing and use of your money.
The best example of interest income is savings accounts with different banks and certificates of deposit.
It’s the type of income where companies, organizations, brands, etc are interested in advertising on your property. big boards on tall plazas and ads on mobile apps, blogs, and videos are the best examples of advertising income.
Royalty income is also called easy income because you will be receiving the income for many years after the results and output from your work or your property.
The best examples of a Royalty Income are Patents income, mineral rights, artistic and literary works. With royalty income, you allow your property and rights to others for their use in business and life.
It’s the type of income you will receive by inviting in a share of a company. This type of earning depends on the profit of the company.
With rental income, you will allow your property to other people in the return of profit. The best examples of rental are plots, houses, vehicles, etc.
It’s an income that you will receive for selling your shares, property, or part of the business. In others, we can say that it’s flippin’ income.
You will purchase some kind of property or business and after some, you will sell it for profit.
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Let me know through your comments on which type of income best matches your skills and personality.
Check here our more Posts about business and making money. Peace.