What do most millionaires have in common?
Most millionaires create multiple income streams:
• Investment income
• Interest income
• Earned income
• Rental income
• Capital gains
• Royalties
• Profits
How many do you have?
🧵Let's talk about creating each income stream:
Most millionaires create multiple income streams:
• Investment income
• Interest income
• Earned income
• Rental income
• Capital gains
• Royalties
• Profits
How many do you have?
🧵Let's talk about creating each income stream:
(1) Active income streams are those where you actively participate in generating income. Examples of active income streams include:
• Wages and salaries from a job
• Commission-based sales
• Freelance work
• Wages and salaries from a job
• Commission-based sales
• Freelance work
(2) Passive income is where you earn money without actively participating. Examples include:
• Dividends from investments
• Rental income from real estate
• Online businesses with automated systems
• Royalties from intellectual property such as books, music, or patents
• Dividends from investments
• Rental income from real estate
• Online businesses with automated systems
• Royalties from intellectual property such as books, music, or patents
1/7 - Earned income:
Money earned from working, either as an employee or as an entrepreneur.
Earned income is the most traditional and common source of income and can provide a steady source of income.
Money earned from working, either as an employee or as an entrepreneur.
Earned income is the most traditional and common source of income and can provide a steady source of income.
2/7 - Capital gains income:
The profit earned from selling an asset, such as stocks, real estate, or collectibles, for more than its purchase price.
Capital gains income can provide a significant source of income when the assets are sold.
The profit earned from selling an asset, such as stocks, real estate, or collectibles, for more than its purchase price.
Capital gains income can provide a significant source of income when the assets are sold.
3/7 - Royalty income:
The recurring payments received for the use of intellectual property, such as patents, copyrights, trademarks, or licenses.
Royalty income is a form of passive income that provides a regular source of income without the need for active participation.
The recurring payments received for the use of intellectual property, such as patents, copyrights, trademarks, or licenses.
Royalty income is a form of passive income that provides a regular source of income without the need for active participation.
4/7 - Profit income:
Income generated from a business, investment, or venture.
Profit income is an important component of building wealth, as it provides a source of income that is not tied to a specific job or salary.
Income generated from a business, investment, or venture.
Profit income is an important component of building wealth, as it provides a source of income that is not tied to a specific job or salary.
5/7 - Rental income:
Money earned from renting out property, such as real estate or equipment.
Rental income can provide a passive source of income.
Money earned from renting out property, such as real estate or equipment.
Rental income can provide a passive source of income.
6/7 - Interest income:
Money earned from interest payments on savings accounts, certificates of deposit (CDs), bonds, and fixed-income investments.
Interest income can provide a passive source of income.
Money earned from interest payments on savings accounts, certificates of deposit (CDs), bonds, and fixed-income investments.
Interest income can provide a passive source of income.
7/7 - Investment income:
Money earned from investments such as stocks, index funds, real estate, and other assets.
Investment income can provide a passive source of income.
Money earned from investments such as stocks, index funds, real estate, and other assets.
Investment income can provide a passive source of income.
The rich don't work for money, they have money work for them.
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If you found my thread helpful:
•🔁RT the FIRST tweet to share
• Follow me @FluentInFinance for more
• Sign-up for my FREE newsletter to master your money: FluentInFinance.Substack.com!
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