The average millionaire has 7 streams of income
Here are 7 income streams that will make you RICH...
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Here are 7 income streams that will make you RICH...
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Becoming a millionaire requires a mixture of:
- Habits
- Luck
- Opportunities
However, you must also know how millionaires make their money
Here are the 7 streams of income you can use to become a millionaire yourself…
- Habits
- Luck
- Opportunities
However, you must also know how millionaires make their money
Here are the 7 streams of income you can use to become a millionaire yourself…
1. 9-5 Income
Most millionaire start out earning from their day job
With this income, they save and invest for the long-term
However, for most people, their salaries grow excruciatingly slow
This is how millionaires maximize their 9-5 incomes…
Most millionaire start out earning from their day job
With this income, they save and invest for the long-term
However, for most people, their salaries grow excruciatingly slow
This is how millionaires maximize their 9-5 incomes…
Step 1: Gain irreplaceable employment skills
Step 2: Gain experience rapidly by working a ton
Step 3: Move companies every 2-3 years to maximize salary
The more you stack learning and moving, the more you make
The more you make, the sooner you’ll become a millionaire
Step 2: Gain experience rapidly by working a ton
Step 3: Move companies every 2-3 years to maximize salary
The more you stack learning and moving, the more you make
The more you make, the sooner you’ll become a millionaire
2. Profit Income
Profit is simply the difference between revenue and expenses
Ex/Buy pen for $5, sell pen for $10
Profit income is key because it can be done without trading time for money
Here are some ways you can do the same…
Profit is simply the difference between revenue and expenses
Ex/Buy pen for $5, sell pen for $10
Profit income is key because it can be done without trading time for money
Here are some ways you can do the same…
1. Amazon FBA
2. Website Flipping
3. Dropshipping
4. Drop Servicing
Find a need, identify arbitrage opportunities and fulfill need
That’s all it takes to start making profit income
2. Website Flipping
3. Dropshipping
4. Drop Servicing
Find a need, identify arbitrage opportunities and fulfill need
That’s all it takes to start making profit income
3. Interest Income
To build significant wealth, your money needs to make money
You only have two hands and can’t do it alone
When you leverage compound interest, things really take off
However, don’t rely on crumby savings account interest
Do this instead…
To build significant wealth, your money needs to make money
You only have two hands and can’t do it alone
When you leverage compound interest, things really take off
However, don’t rely on crumby savings account interest
Do this instead…
Generally speaking, interest is earned from lending
However, you need to lend to the right people to make it worth your while
Acquire assets like municipal bonds, t-bills or participate in P2P lending to earn interest
Collect on maturity a premium or coupon payments over time
However, you need to lend to the right people to make it worth your while
Acquire assets like municipal bonds, t-bills or participate in P2P lending to earn interest
Collect on maturity a premium or coupon payments over time
4. Dividend Income
When a company realizes a profit, it has two choices:
1. Reinvest
2. Distribute
When option number 2 is chosen, this is how you get paid
So how do you actually earn dividend income? Good question…
When a company realizes a profit, it has two choices:
1. Reinvest
2. Distribute
When option number 2 is chosen, this is how you get paid
So how do you actually earn dividend income? Good question…
Every share you earn from a dividend producing company/fund will provide you dividend income
Ex/Own 1 share of Coca-Cola and you’d collect roughly $0.40
The more shares you acquire, the more dividend income you make
Ex/Own 1,000 shares of Coca-Cola and collect $400 a quarter
Ex/Own 1 share of Coca-Cola and you’d collect roughly $0.40
The more shares you acquire, the more dividend income you make
Ex/Own 1,000 shares of Coca-Cola and collect $400 a quarter
5. Rental Income
Real estate has been used for centuries in order to build wealth
It’s no surprise that this asset class is a go-to for millionaires
However, most people see real estate as having a high barrier to entry
Here’s how you can invest in real estate...
Real estate has been used for centuries in order to build wealth
It’s no surprise that this asset class is a go-to for millionaires
However, most people see real estate as having a high barrier to entry
Here’s how you can invest in real estate...
Investment options from most to least expensive:
1. Commercial real estate (ex/invest in commercial complex)
2. Residential real estate (ex/buy and rent house)
3. Real Estate Investment Trusts (pooled money into a portfolio of assets <$500)
1. Commercial real estate (ex/invest in commercial complex)
2. Residential real estate (ex/buy and rent house)
3. Real Estate Investment Trusts (pooled money into a portfolio of assets <$500)
6. Residual Income
Residual income is any income from past work (ex/TV shows, books etc.)
This is the most common form of passive income we tend to think of
However, you probably aren’t going to write a book or be on TV
Here are some other options…
Residual income is any income from past work (ex/TV shows, books etc.)
This is the most common form of passive income we tend to think of
However, you probably aren’t going to write a book or be on TV
Here are some other options…
Examples:
- Blog income
- Affiliate income
- Ad sense
- Music royalties
The more assets with residual income you create
The more income you ultimately earn
- Blog income
- Affiliate income
- Ad sense
- Music royalties
The more assets with residual income you create
The more income you ultimately earn
7. Capital Gains
Profit is made by buying and selling however capital gains differs from profit income
Profit income is generated by selling inventory
Capital gains are earned by selling capital property (ex/homes, stocks etc.)
Here’s how you can use capital gain income...
Profit is made by buying and selling however capital gains differs from profit income
Profit income is generated by selling inventory
Capital gains are earned by selling capital property (ex/homes, stocks etc.)
Here’s how you can use capital gain income...
Step 1: Acquire capital asset (ex/stocks)
Step 2: Wait for appreciation (ex/Stock goes from $20-50)
Step 3: Sell and collect profits
The benefit is that capital gains are taxed at preferable rates
By avoiding some tax, millionaires grow their wealth faster and so can you!
Step 2: Wait for appreciation (ex/Stock goes from $20-50)
Step 3: Sell and collect profits
The benefit is that capital gains are taxed at preferable rates
By avoiding some tax, millionaires grow their wealth faster and so can you!
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I write a thread a week on:
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Follow me for financial wisdom that will change your life forever: @Adam_DelDuca
I write a thread a week on:
- Financial management
- Building generational wealth
- Investing for success
Follow me for financial wisdom that will change your life forever: @Adam_DelDuca
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