It is a money world which we all live in. Almost everything is possible with money today, isn’t it? We all want to earn more in our life. But things do not go as we would want to. Well, this read might help you in some way to identify your style of earning in life. So, let’s dive into the topic and check out the 7 source of income that one can have:
1) Earned Income
This is probably the most common source of one’s income all over the world.Earned income means the income generated from working in a job. The income comes in terms of wage/salary. Anyone can earn according to their talent and/or qualifications.
2) Profit Income
Income generated from buying and selling products or services is when you generate a profit. Have a business that could be local or global. Identify the market needs and fulfilling it is an option.
3) Interest Income
Making interest on your money can be a simple and safe way of of generating a passive income. However if the amount is huge it can also fulfill your basic needs as an active income. Fixed deposits in bank or lending money in high interest is the way.
4) Rental Income
Having a rental income is probably one of the most easiest and efficient source of income. However, one would need a property to rent for it. If done in a proper way, rental income can compound your money easily. (If you want to know about compounding money click here.)
5) Capital Gain
Capital gain means assets that increases value with time.Simple example: If you buy a land/property for Rs 1 million today and its value increases to Rs 5 million after few years. Same in case of stocks, gold etc.
6) Royalty Income
This type of income is rare but effective. The rule is simple: You get paid from others for using your idea.For example using your franchise, copyrighted works and so on. Get an idea or franchise and sell it. Its that simple.
7) Dividend Income
This is your income that is generated from your stocks. A company shares or provides earnings to shareholders from stocks or mutual funds that they own.
So which one seems to suit you? Well, not just one you can have multiple source of income. I suggest you not to rely on just one stream for your income. Get a hobby, passion or even fulfill market needs and innovate for a cause, just remember to have multiple source of income. Wish you all good luck for your earnings.