Do You Have Multiple Income Streams?
Nobody wants tons of money. Why? because money is just paper. People want what money can buy – perhaps a luxury home, a nicer car, or the latest tech toys.
In order to get the things you want in life you need income but not just 1 income. You need multiple income streams that way when you find yourself in a pinch or a rainy day – you have other ways to make money! You need to be prepared and ready to adapt and change at any moment.
The 3 Income Types
Type #1: Portfolio Income
This is the income from your investments, interest, royalties, dividends, and any capital gains. This is mostly income made from investments and investment activity.
Type #2: Earned Income
This is the income from your good old 9-5 o'clock job that you work day in and day out. If you don't work then you don't get paid!
Type #3: Passive Income
This is the income that you earn but do not necessarily do any work. For instance you might be selling a product online and setup the website but don't have to be working to get sales. You make money even when you are sleeping.
Don't know where to begin?
Most people start with #2 (earned income) and then #1 (portfolio income). The average person never achieves passive income not because it is harder than the other 2 income types but because of the steep learning curve. Passive income is tricky because in order to achieve an income without doing any work you have to be providing massive value and most people just can't figure it out. They give up over time and just stick to the 2 income streams they know and feel comfortable with.
I would love to hear your thoughts and comments below!