There are so many ways to make money in 2021. There is a market for just about anything. Today I want to provide you with the 8 income streams along with examples of each.
The 8 Income Streams:
Earned income is the income you receive from working a job. This income includes wagers, bonuses, salaries, commissions, and net earnings from self-employment.
Profit income is income you receive from buying and selling. I have personal experience with profit income. My resell business is how I’m able to obtain this income. Basically, I buy an item for low and sell for retail or higher then retail. Check out my posts on how I sell items on eBay.
Interest income is interest from lending money. This income is earned from an investment or project you put your money into. Interest income can also be generated by savings accounts and CDs.
Residual income is when you continue to get paid after work is done after expenses and costs are deducted.
Dividend income is income from owning stocks. Companies pay a percentage of your shares back to you monthly, quarterly or yearly. Before purchasing a share of the stock, check to see if they pay a dividend.
Rental income is income from renting a house.
Capital gains are assets increasing in value. Usually these will be profits from the sale of an asset (shares of stock, piece of land, a business etc.) Types of assets considered as capital gains are immovable assets (ex. real estate) , moveable property (ex. Gold), listed shares, equity oriented mutual funds, and debt oriented mutual funds.
Royalty income is income from others using your idea. Includes patents, copyrighted works, natural resources and franchises.
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The Prosperity Formula – How to Start a Profitable Online Business