Different Types of Income I am Researching on My Debt Free Journey

in this video I wanted to talk about the
different types of incomes that you could make on this debt free journey I’m
learning that I need to have multiple streams of income in this video I’m
gonna talk about seven that I learned so the first one I want to talk about is
capital gains income so this is the income that you receive from selling
of a property or from owning an investment like a stock I am currently
doing this and I will not receive this income until I plan to retire a second
type of income that I’m also currently doing is dividend income and dividend
income is income you receive from a company for being a shareholder by
owning a stock or mutual fund the third type of income that I want to talk about
is property or real estate income and this is income you see by leasing or
renting so with this it doesn’t only just include like housing or a building you
can include like cars bikes tools and the fourth type of income that I want to
talk about is interest income and this is income that I like to say is you’re collecting money from interest for
allowing somebody or loaning somebody money so you can get this from your bank
checking account or from your bank savings account or your product like
certificate of deposits aka CDs so the fifth one that I want to talk about is
royalty income Royalty income is money you make by letting
somebody else use your property for example the music artist if they come up
with an original original music piece and they allow another artist to use it
that other artist has to pay them royalty payment and this is one that I
found on the internet for example Dell well Dell uses Microsoft products so bill
has to pay Microsoft royalty payments the sixth one
that I want to talk about is profit income and this is money that you
receive after all of your expenses is paid
so let’s just say that you created a product or a service well whatever that
product is or service is you want to price it where you have enough to pay all of
your expenses including it a little bit more so you can make a profit and then
the seventh income that I want to talk about is something that majority of us
this is how we make our income and that’s earn income and you can either
get this in salary salary salary wages income and commissions anything will on
that line and basically this is when we provide our services and our expertise
in the area to a business so I hope you guys enjoyed this video and then I do
want to leave you guys with this quote to be successful you have to be
uncomfortable so walking into your fears every single day well thank you
guys for listening bye

2 thoughts on “Different Types of Income I am Researching on My Debt Free Journey

  1. Nice once you start setting multiple streams of income.. I recommend folks look into a digital side hustle (Starting a youtube channel, a blog, etc) as another side of income 🙂

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