We all see this quote on social media, millionaires have an average of seven streams of income. We can also read this quotes in most personal finance articles online.
In order to become a millionaire, on average, you need seven sources of cashflow. If you want to become a millionaire, the first question you need to ask yourself is, how many sources of income do you have? You probably have two source of income like most people do.
We have job at the same time a side hustle or the interest income we get from our bank savings account or investment. You have 2 out of seven. To become a millionaire, you need 5 more income streams. You can simply add another income streams by opening an investment account in your bank. So you need 4 more income. You may be wondering what other sources of income can you have. Don’t worry, here are the most common types of income streams which you can build:
Earned Income
Earned income is the cash you get as payment for services you rendered to your company or client.
One great example of this is your current work. You go to office from 9 to 6 in exchange of your monthly income or having a freelancing work as an article writer is still an earned income.
Interest Income
Is type of income that gives you cashflow from earned interest like MP2 or Pag-IBIG2, time deposit, bonds, money market funds or as a result of lending your money to an individual or institution.
This is a low-risk source of passive income. This is how you can make your money work for you. This type of income protects your wealth against inflation but it will not grow significantly.
Profit Income
Profit income is the earnings you get from selling goods and services in your business. This type of income requires a lot of effort, time and money from your. But if you are passionate with your business and you are willing to do the work then, this type of income is good for you.
Dividend Income
This type of income is similar to profit income but it is more passive since it usually comes if you are an investor of another company or business.
If you are a shareholder of a cooperative then you can enjoy earning your dividend. You can also become a shareholder of a dividend-paying companies if you invested in stock market.
Capital Gains
Making capital gains is better in the stock market. Just buy shares of a company, wait for the stock to go up and sell your profit.
Aside from stock market, you can also make this income from art, jewelry, collectibles, real estate and even websites. Have you heard about house flipping or website flipping? You buy a house, wait for a year or two to sell the house to a higher price.
Rental Income
To make immediate money out of your properties, then rental income is the way to go.
Aside from apartment and condominium rentals, you can also explore office units or commercial spaces. Even dormitories as well.
Royalty Income
Royalty or residual income is a type of income you earn just by doing the work one-time and earn multiple times from your work in the form of royalties like becoming a book author, songwriter, inventor or business franchisor.
Have you heard about J.K. Rowling or Sia who made millions of money because of having a royalty income? It is one of my desires to earn this type of income stream.
If you are a book author, songwriter, inventor by heart then pursue it. You’ll never know, you become the nest J.K. Rowling or Sia.
hello there and thank you for your information ā I have definitely picked up
something new from right here. I did however expertise a few technical issues
using this website, as I experienced to reload the website many times previous to
I could get it to load properly. I had been wondering if your hosting is
OK? Not that I am complaining, but sluggish loading instances times will often affect your placement in google and could
damage your quality score if advertising and marketing with
Adwords. Anyway I am adding this RSS to my email
and could look out for much more of your respective intriguing
content. Make sure you update this again very soon.
It’s very easy to find out any matter on net as
compared to textbooks, as I found this piece of writing at this web
site.
Hey there! Someone in my Facebook group shared this website with us so I came to check it out.
I’m definitely enjoying the information. I’m book-marking
and will be tweeting this to my followers! Wonderful blog and terrific style and design.
It’s a pity you don’t have a donate button! I’d
without a doubt donate to this outstanding blog! I suppose
for now i’ll settle for book-marking and adding your RSS feed to my Google account.
I look forward to brand new updates and will share this site with my
Facebook group. Chat soon!
Very rapidly this site will be famous among all blogging users, due to it’s good articles
I do not even know how I ended up here, but I thought this
post was good. I do not know who you are but certainly you’re going to a famous blogger
if you are not already š Cheers!
I love your blog.. very nice colors & theme. Did you make this website yourself or did you hire someone
to do it for you? Plz respond as I’m looking to design my own blog and would
like to know where u got this from. kudos
Hey very interesting blog!
I was curious if you ever thought of changing
the page layout of your site? Its very well written; I love what youve got to say.
But maybe you could a little more in the way of content so people could connect with it better.
Youve got an awful lot of text for only having 1 or two images.
Maybe you could space it out better?
Iām not that much of a online reader to be honest but your
sites really nice, keep it up! I’ll go ahead
and bookmark your site to come back later.
Many thanks
Hi there! Do you know if they make any plugins to protect against hackers?
I’m kinda paranoid about losing everything I’ve worked hard on. Any tips?
This is really interesting, You are a very skilled blogger.
I have joined your rss feed and look forward to seeking more of your fantastic post.
Also, I have shared your site in my social networks!
cheap ed drugs
prednisone 20mg online prednisone for sale prednisone brand name in india
australia cialis cialis no prescrip cialis reviews photos
cialis tadalafil. au cialis usa prescription cialis online/canada
cialis canada pharmacy cialis how long before sex should you take cialis
iv prednisone buy prednisone prednisone over the counter south africa
domestic cialis online cheap best price for daily cialis best seller cialis
ivermectin tablet ivermectin injection for goats ivermectin injectable for humans
Hi! This post couldn’t be written any better! Reading
through this post reminds me of my old room mate! He always
kept chatting about this. I will forward this page to him. Fairly certain he will have a good read.
Thanks for sharing!
buy cheap prescription drugs online online canadian drugstore legal to buy prescription drugs from canada
This is my first time visit at here and i am in fact impressed
to read all at alone place.
ivermectin pinworms how to use ivermectin pour-on for cattle ivermectin for dogs dosage in ml
how much is propecia propecia uk finasteride prostate
erection pills online best medication for ed ed pills cheap
generic ed pills best erection pills medicine for erectile
ivermectin 3 mg tablet dosage stromectol pill price buying ivermectin online
ed treatment drugs what are ed drugs best ed pills non prescription
stromectol stromectol 3 mg tablets price stromectol
highest rated canadian pharmacies order prescriptions online without doctor highest rated canadian pharmacies
stromectol pills for humans buy stromectol online stromectol for humans for sale
buy prescription online from india buy prescription online from india meds online without doctor prescription