Your Path to Becoming A Millionaire
When you begin exploring the 7 income streams, you’ll find that these will follow into two types, active and passive. Both are valuable ways to make money, but each is a bit different.
Passive And Active Income Streams
1. Earned Income
7 Streams of Income
Otherwise known as your salary or typical monthly income from your primary job. This earned income is typically subject to taxes, although likely at different thresholds depending on the amount.
2. Business Income
7 Streams of Income
It is typically found among your balance sheets, taking the difference between profit and loss. Once again, this is subject to taxes.
3. Interest Income
7 Streams of Income
Find out your interest rate by checking your bank statements. If you have funded any loans, you are also likely to be eligible for interest as the principal amount is repaid.
4. Dividend Income
7 Streams of Income
The stocks and shares you invest in may yield dividends, or you be paid via dividend if it fits with your company structure. Dividends are more commonly known as a share of the profits.
5. Rental Income
7 Streams of Income
Once you own property, you can begin collecting rental income as an added monthly income stream.
6. Capital Gains
7 Streams of Income
Income earned via this route is subject to capital gains tax but will often be acquired as a lump sum rather than consistently over time.
7. Royalties or Licensing Income
7 Streams of Income
Royalties are not likely to be significant on their own, but mass production/usage of your content is likely to bring in a steady stream.
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