Types of Income
Most people get their income from a source. But rich people get their income from many sources. So, if you want to be rich then you will have to make many sources of income. Come on consider these.
(1) Earned Income: - Earned income refers to that income. When a person receives fixed income by another person. So he called earned income. This income can be obtained from many more than 1 person. But at all times it is obtained using the time. Because of which it is an active money. Examples of this income are wages, salary or professional people, etc.
(2) Commission Income: - Commission income refers to that income. Who receives income by buying and selling property from other persons. These people are brokers, middlemen, arbitrators etc. This is a kind of active money.
(3) Profit income: - Profit Income is from that income. this income gain from the buy-sell or manufacture-sale of goods. This income is different from commission income because in it the person owns property. It is also called business income. If the business does not runs without you , then it will say active Money. And if the business run without you, then it will call passive money.
(4) Rental Income: - When you give an property (In addition to cash) to someone else for use, then that person gives an amount in place of the use of that property. Which is called rent. And this income is called rental income. These income is mostly obtained by paying rent to the land. The rental income is completely passive money. And to get this income, one has to invest. This income is mostly obtained from house and property.
(5) Interest Income: - When you give cash to a person and that person gives you some amount in place of his use, he is called interest. Income derived from this is called interest income. This income is passive money. On depositing money in the bank, the bank also gives us interest on that money. And you can also give other people your money on interest. But this is very dangerous because in many cases it is believed to give not back the money back.
(6) Royalty Income: - Royalty income is from that income. Which you receive continuously in exchange for your merit. This is the income of a completely passive money. Thousands of writers like E.L jams., JK Rowling and my faverate writer Robot T. kiyosaki earn millions of dollars from royalty income. Additional book, trademark, copyright, etc. can be obtained from many sources of book writing.
(7) Capital Gain: - Capital Gain means that income is from the benefit of the change in the value of property according to time. If the value of property is low then it is called depreciation. And if the value of property increases then it is called Capital gain. These are neither active money nor passive money. This is an invisible advantage. Because it does not get continuously.
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