BECOMING MILLIONAIRE: 7 Types Of Income

Looking for additional ways to create income for your family?

In order for one to live an abundant life giving generously plus still having more than enough to save for retirement & live their ideal lifestyle, a person should have multiple streams of income.

Most sources say (including the millionaires) that there are 7 types of income and you only need 3-4 to live an abundant life.

Let’s explore these 7 types of income streams.

7 Types of Income Streams:

1. Earned Income- Time + effort based income. The most common type of income from a job.
2. Profit Income- Product based income where something is sold & the amount of expense is taken out. An example is a business in which you have to subtract expenses to find your net profit.  
3. Dividend Income- Investment based income like stocks. 
4. Rental Income-Property rental based income where you charge a price in exchange for property for a certain allotted time frame. 
5. Interest Income- Lending & saving based income like loans where an investment is made but is paid back with an extra percent or a saving account that accrues interest after it sets for a period of time.
6. Royalty Income- Wisdom & property based income where copyright property is sold.
7. Capital Income-  Increased value of assets income. An example is buying land and selling it for a higher price.

Which categories do your income streams fall under & where do you need to add an additional income stream?

One Income Stream

Most families have 1 income stream of the 7, just because they haven’t been educated on the others.

Thus the reason the majority of the world struggles living paycheck to paycheck. (My family used to be in this category before we became entrepreneurs & started our personal growth journey.)

In school, we are taught to become educated then find a career (earned income).

The rest of the income streams are upon us to learn. Who knew?!

I know this was certainly the case for my family back in 2016 before my Husband and I educated ourselves on the subject.

In this episode, we are talking about 3 easy ways you can add an additional income streams to your life.

We’d love to hear from you so be sure to tell us your wisdom below of your favorite ways to create additional income.

If you are living just like our family was back in 2016 not even making it paycheck to paycheck, I understand the stress & strain this can cause within your life.

It can absolutely tear you and your family apart if you let it.

Here is the life you may be experiencing:

• Marriage is hard because of the money tension.
• Family Bonding Time is non-existent because the adults are focused on chasing the dollar.
• Health goes down the drain because you can’t invest in yourself to be all you can be.
• Living the lifestyle your soul longs for is non-existent because being generous takes spending.
• Desires are placed on the back burner because needs are the only thing that is thought of.
• Philanthropy & Tithing may or may not happen because there just is not enough to go around.

It’s a never-ending cycle of how bad will it be this week?

My advice, don’t lose hope, you have what it takes to implement some of these income streams & create a better future for yourself.

It’s a journey and you have to take it one step at a time but with consistent actions you do have the power to transform your future.

YOU ARE MEANT FOR MORE

Next, I’d love to jog your brain & help you get creative in designing more income streams for your family.

The mission here at Passion Profit CEO is to help you live a higher quality of life… BE MORE, DO MORE, LISTEN MORE, HAVE MORE, & GIVE MORE through business & monetizing the life you already live by learning the ropes of becoming an entrepreneur.

Therefore, I have compiled a list of income ideas to help you start creating more income for your family.

You’re not meant to just survive you’re meant to thrive & when you learn to become more resourceful & find a way to create additional income streams following your soul & passion, you find more purpose in life creating more happiness & fulfillment.

Be sure to download your copy of, “100 Income Ideas” by clicking below.

In this guide, you will learn:

> The defining characteristics of the 7 forms of income.

Now, that you have ideas to add more income it just takes getting through the growing pains.

Let me tell you a little secret… When you monetize your desired life, income becomes simple.

Then life you desire falls together easily, you learn to enjoy the journey & you truly discover fulfillment focusing on the things that light you up.

 

When you do what you love, it doesn’t feel like work.

 

Creating a life you love does take work but it doesn’t require you to hate what you do or feel all those negative emotions that stem from being broke.

When you find a way to implement HOPE into your life and add these 7 income streams you live by design truly having your own kind of freedom to be 100% you to create your own kind of love legacy.

ADDITIONAL RESOURCES TO STREAMLINE YOUR SUCCESS

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