It’s said, all millionaire and rich people have different sources of income while common people have just 1 stream of income. Having one source of income is like putting the future in danger. Having multiple cashing generating streams, stand you safe in all emergencies and crises. All people Start with a common source of income like a job or active income, etc where ones are paid for hours they work or fixed monthly payments. It’s the begging to generate and earning money for family and yourself.
Problems start with staying at this of level active income because this kind of income use your time and grow slowly against your needs and priorities. Living on one source of income is not free from financial problems. So here I will five sources of income that can turn your future to be next millionaire.
- Profit income
It’s a process of selling good or services above the cost of purchasing or producing. This is a really simple way and doesn’t require a high degree or much skills to start. Either you will sell own produced products or you will take from the market and will sell it for profit like eBay flipping, Shopify store or Amazon, etc. Anyone can do it in part-time with active income job or work. In today internet and computer age, it’s too easily sell online physical or digital products for a price higher than the cost from and can generate a lot of profit income.
- Assets income
It’s an investment in assets and then selling it back after appreciation in its value for profit. Most common are land property and company shares. For example, you purchased land for $4000 and after you sold it for $5500, $1500 is a straight profit. Same is the case with an increase in company valuation and selling its shares for a profit.
- Rental income
It comes from buying any assets or real state and renting it for use. It can be a car, machine, home, or any building, etc. It’s a just lending own property for the exchange of money.
- Royalty income
It’s really passive income which means that you are getting paid even after 10, 20 years and doing nothing. It’s a book that people will read, music people will listen, video content people will watch, etc, all these are passive royalty passive income. You will be paid any time someone using and consuming your content and data.
- Dividend income
it’s also called silent income because you have to do nothing but sitting on the couch and getting paid. When you invest in the company and you become shareholders, then you are paid out of profit as dividend income. As a shareholder for stock investment in the company, you are paid quarterly, semiannually or annually.
So send me feedback, which source of incomes you will start in addition to the active income. Which source of income is really easy to adopt in part-time and can bring a lot of money. peace