3 Types Of Income – Which Suits Your Dream Life Best –
You know how we get told to go to school, find a job, earn money from that job until realising that it is not enough?
Do you wonder how some people can afford all they do and where do they find the money and time?
Never have I been taught that there were different types of income that I could tap into should I wanted to. Thanks to self education and leaders in the world who share their wisdom I learnt the following.
Mostly they are 3 types of income and everyone can benefit from it if they want to. But what are they and how can we, you ask.
In this Episode 20 of Thierry V Alexandre I will share with you what are the 3 different types of income that everyone should be aware of so they can make better choices for themselves.
3 Types Of Income – Which Suits Your Dream Life Best – Episode 21
As you know, with every Episode I like to EMPOWER you with a useful resource, that you can use to have more success and essentially create more of what you love with less stress.
This week, since we’re talking about Types Of Income, I’ve put together a guide called 15 Ways To Make Money.
This will help you be creative on how to make extra money, or find a way to make money to start your business or do other things you want.
Types Of Income –
There are a multitude of ways to make money and as long as they are legal then it is absolutely fine to use any of those ways. 🙂
However, there are, really, only 3 types of income that exist and each ways of making money falls into one of those three categories. Unfortunately, these are not taught at school, I never been taught them in any case.
In fact, even most of people qualifying as accountant don’t even learn all 3 types of income which is completely insane when you think about it.
So what are these types of income we are talking about here?
There are the following:
- Linear Income
- Residual Income
- Passive Income
Of course each of them are legit and fine to make money from. The variable that will make you decide the type of income that suits you best is the lifestyle you want to live.
Let’s dive into each individual types of income now.
Types Of Income – Linear Income
This type of income is the one which is commonly received by most household.
The earning of this income is directly related to the number of hours you work. If you work 40 hours, you get paid for 40 hours of work.
The positive point of this type of income is that you can earn money fairly easily and rapidly yet, the main downfall with this income is that you always have to physically work to earn it. It is very limited as there is only so much hours you can work in a day and also with age the physical energy tends to decrease.
Types Of Income – Residual Income
This sort of income is a little more scalable and allowing one to gain more time back in their life to do the things they love with people they love spending time with.
This is an income that is paid on an on-going basis long after the initial work is done. For example if you have a product or service that you can sell online, you build your network of consumers and they reorder from wherever they are in the world, even while you are personally sleeping or doing anything else you might want to do.
The positive from this income is that once you have created a strong basis then you are literally building yourself a life by design by having time and financial freedom. On the other side, it is very important to remember that, unlike a job, it might take a while before getting to a comfortable point since you are not paid on hours spent working but on people buying from you.
Types Of Income – Passive Income
The only way to make passive income part of your life, if you wish to, is by acquiring assets that provide money.
The most well known type of assets that people purchase and gain this type of income from is primarily from: cash, stocks, bonds, property, buildings, equipment, inventory, precious metals and art.
The great side of this income stream is that you create resource that you own or control that is expected to produce future economic value. The con’s is that it generally requires to invest a large sum of money to acquire an asset.
Types Of Income – In Closing
Like in most things, there is no right or wrong but it just depends on what suits you and your dreams best.
In a nutshell, Linear income is for employees, freelancers and contractors. Residual income is for Entrepreneurs and Passive income is for Investors.
Anyone can benefit from these 3 types of income although it might easier for some than other to get in one of those threes such as Passive income.
What a lot of people do is to transfer themselves from one to another as they grow.
For example many employees use a a part of their linear income (wage) and use it to build a residual income which then use the latter to build assets generating passive income.
Did you download my 15 Ways To Make Money Guide yet? If not, make sure to lock in a copy. It will help you with some ideas to come with funds should you need any to start a business of your own or create other projects.
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Question of The Week: What would you do or create if you had all the money you need? I’d love for you to share in the comments section below
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