Hello Ladies and Gentlemen,
Today we're going to talk about money! More like we'll talk about how to make extra money. Why? Because even your 9-5 job isn't safe and does have risk to it. The risk may be a lot lower than some of the others we'll talk about but still, one stream of income is not enough if something unforeseen happens. So let's talk about these types and maybe you'll get ideas of your own.
Earned Income: This would be your job, or side hustles, selling product, or your own business if you are self employed. So an online store, selling on ebay, or on market place, collecting metals to be broken down and so forth.
Interest Income: This is interest on the money you put into an account like a savings or retirement account.
Dividend Income: One of my personal favorites. Where a company pays you a share of the profits and it increases the overall value you have in a company. So you buy a stock and it's yield is 4%, you get 4% of the stock added to the 1 stock you have. Most people reinvest it so eventually it compounds. Some only payout instead of reinvesting so keep an eye on this.
Capital Gains: Selling of art, stocks or others that have appreciated over time above where you bought it. Say you found a piece of artwork you got at a store, and you sell it at a much higher price than what you bought it for. That would be capital gains.
Rental Income: This is where you have a property and a tenant that pays you to live in your property. How much would depend on the amount of your mortgage is for the property and taxes.
Royalties or licensing incomes: So if you have great art, music, or photography, you can license your work out for others to use. Canva uses artists, and photographers to provide their customers with images to use. You can use Canva and other websites to get royalties every time someone uses your work. You can also write a book and get royalties on who buys or read it like Amazon's KDP.
Some of theses are called passive incomes. This is where you don't need to be working on it for it to generate income. Maybe just some money and research up front. Some like the royalties is physical work upfront in form of writing or time for creating the art to which becomes passive after customers buy your art or writing online.
Active income is where you work for someone else, provide a service customers pay for, aka a construction business, web designing, working for someone else and so forth.
Along this blog are different articles to help you to finding what other forms of income you can do. As always, I hope this helps you take hold of your own future.
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