Diffrent Types Of Income

The 8 Types Of Income You Should Know To Achieve Financial Freedom. Saving money is good for sure, but that alone won’t give you the real boost that you need to reach such a goal.

Earned income Stream

The most basic form of income stream – it’s the income that we get in exchange for our time and effort like the salary from our jobs. It doesn’t matter if you’re doing it full time, part-time, or as a second job, as long as you’re pouring your time for money, it falls under this category.

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Profit income

An income that you can get by selling something for more than it cost you – a business basically. This is the second most common source of income and unlike earned income, the amount of money you’ll earn won’t heavily depend on your time and effort.

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Interest income Stream

Interest income is the money that you earn y lending your money and charging interest or it could be from a savings account or time deposit. This is a great source of passive income, and there’s a minimal risk especially for the savings and time deposit.

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Dividend income

Another source of passive income, it’s much like the interest income but better. You become a shareholder of a company and at the same time earn from the amount you’ve invested in them. The simplest way you can engage in this is through the Stock Exchange.

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Capital gains income

It’s the money that you earn for buying then selling an appreciating property or asset. It’s almost like a business, the difference is, you’re flipping a valuable asset (like properties, cars, or even a website) instead of low-cost products.

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Royalty income

It’s about making money from using a concept, idea, or product that you own. You don’t need to do the heavy lifting for the business to earn money, you just lend them your intellectual property and you get paid for it.

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Residual income

This type of income is a form of passive income where a product you’ve created continues to generate money for you. With the advent of digital media today, residual income generating platforms are now more common than you think! They just need tremendous effort for you to get started.

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