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Abstract

.</p><p id="e9aa">At a minimum, this would be a regular and reliable source of constant income. This income is the foundation on which you pay your bills and support your family.</p><h2 id="317f">Profit</h2><p id="6d30">Profit income is considered any income that is derived from buying and/or selling goods and services. You can also make a profit from selling handmade items such as the ones that are listed on Etsy. Many people make extra money by buying and reselling items on websites like eBay. Some people have actually done so well at this, that they have quit their full-time jobs to do this permanently instead.</p><h2 id="d61e">Interest</h2><p id="9202">Money that is just sitting for any reason, or is in a savings account, should always earn interest for you. Pick a high yield savings account or CD to save your money once you have put away your emergency fund of three to six months worth of living expenses.</p><h2 id="1749">Dividend</h2><p id="f7ac">Dividends are money earned from stock gains. As a beginner investor, I invested primarily in EFTs. This was my plan until I learned more about how to research stocks. It didn’t take me as long as I thought it would learn all about the basics of stock trading and buying. I went from EFT’s stock trading within a couple of months, then started with Bitcoin.</p><p id="d07e">The main two things to remember when playing the stock market are the following. Research the company you are investing in. Buy low and sell high.</p><h2 id="dc47">Rental Property</h2><p id="6fa1">Rental income is profit, should one be lucky enough to receive any from a rental property. As a former property manager, I can advise that renta

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l income can be very lucrative if the right tenant is found. Should a landlord get unlucky and get renters that don’t pay or cause extensive damages, this can quickly become a money pit instead of revenue. I cannot stress the importance of thoroughly screening prospective tenants enough.</p><h2 id="87db">Capital Gains</h2><p id="69db">Asset value increase is called capital gains. An example of this would be if your home appraised for more than in the past. The difference between the two values would be a capital gain. Although this would not increase your liquid assets, it would be an improvement in net worth.</p><h2 id="0b08">Royalties</h2><p id="e9e3">This stream is one I plan to use soon. Royalties are payments received from others using your work. Examples would be book publishing, song rights, etc. A great example would be revenue from writing on Medium.</p><p id="ff99">I have recently had to stop working full-time in real estate and property management because of health reasons. I plan on using this time to invest more and write more, hopefully instigating an increase in this type of income in my life.</p><p id="0925">Struggling financially is something we all deal with at one point or another. Most of us, anyway. As with any hard time, it is a time to learn. We learn what works and what does not work. Succeeding financially can be as individual as anything else and requires dedication and experimentation.</p><p id="3f15">In conclusion, no two people’s vision of happiness looks the same and all of our financial goals are different. Decide what your goals are, make a plan, make a backup plan and take the steps to make it happen.</p></article></body>

7 Different Income Streams To Grow Wealth Fast

Use them all for more financial security

Photo by Alexander Schimmeck on Unsplash

Money grows on trees. The financially savvy people know that their money needs to work for them, not sit stagnantly. These people live this way while others struggle on one income, often living paycheck to paycheck. These people know you need to have over one job or source of income to stay above water. Those struggling also know this deep down.

However, it is not common knowledge that additional sources of income can be found without having to work a second job which many of us don’t have the energy or the time to do, anyway.

It’s not your salary that makes you rich. It’s your spending habits.- Charles A. Taffe

The following is a list of the different incomes. It is advisable to have at least two of these. Having over two is the best scenario, obviously. But that is not always workable.

Earned

The earned income stream comes from your primary source of income. This is usually a job or any endeavor that pays you for services/goods provided. Hopefully, this source of income will also come with other benefits that a family needs such as life, dental and health insurance.

At a minimum, this would be a regular and reliable source of constant income. This income is the foundation on which you pay your bills and support your family.

Profit

Profit income is considered any income that is derived from buying and/or selling goods and services. You can also make a profit from selling handmade items such as the ones that are listed on Etsy. Many people make extra money by buying and reselling items on websites like eBay. Some people have actually done so well at this, that they have quit their full-time jobs to do this permanently instead.

Interest

Money that is just sitting for any reason, or is in a savings account, should always earn interest for you. Pick a high yield savings account or CD to save your money once you have put away your emergency fund of three to six months worth of living expenses.

Dividend

Dividends are money earned from stock gains. As a beginner investor, I invested primarily in EFTs. This was my plan until I learned more about how to research stocks. It didn’t take me as long as I thought it would learn all about the basics of stock trading and buying. I went from EFT’s stock trading within a couple of months, then started with Bitcoin.

The main two things to remember when playing the stock market are the following. Research the company you are investing in. Buy low and sell high.

Rental Property

Rental income is profit, should one be lucky enough to receive any from a rental property. As a former property manager, I can advise that rental income can be very lucrative if the right tenant is found. Should a landlord get unlucky and get renters that don’t pay or cause extensive damages, this can quickly become a money pit instead of revenue. I cannot stress the importance of thoroughly screening prospective tenants enough.

Capital Gains

Asset value increase is called capital gains. An example of this would be if your home appraised for more than in the past. The difference between the two values would be a capital gain. Although this would not increase your liquid assets, it would be an improvement in net worth.

Royalties

This stream is one I plan to use soon. Royalties are payments received from others using your work. Examples would be book publishing, song rights, etc. A great example would be revenue from writing on Medium.

I have recently had to stop working full-time in real estate and property management because of health reasons. I plan on using this time to invest more and write more, hopefully instigating an increase in this type of income in my life.

Struggling financially is something we all deal with at one point or another. Most of us, anyway. As with any hard time, it is a time to learn. We learn what works and what does not work. Succeeding financially can be as individual as anything else and requires dedication and experimentation.

In conclusion, no two people’s vision of happiness looks the same and all of our financial goals are different. Decide what your goals are, make a plan, make a backup plan and take the steps to make it happen.