WARNING: Not all income leads to financial freedom.
Understanding the different types of income, their sources, and how they are taxed is key to building wealth and achieving financial independence.
Here’s a list of them:
To answer your question, how can you create multiple incomes?
The only way to create multiple income streams is by deeply understanding how money is made.
Here is an example of each type of income, all following the same business (a food truck).
Employment: A cook who works for a food truck business and receives an hourly wage from the food truck owner.
Freelancing: A freelance chef who offers occasional party catering services with his own or rental food truck.
Solopreneur: A solopreneur who starts their own food truck business and operates it as a one-person operation, handling all aspects of the business from cooking to marketing to finance.
Entrepreneurship: An entrepreneur who starts their own food truck business, hires other chefs and staff and operates multiple trucks.
Investment: An investor who buys shares in a publicly-traded food truck company and earns returns on their investment.
Rental Income: A landlord who rents out food trucks with a parking space and collects rent payments.
Royalties: An author who writes and publishes food truck cookbooks and earns royalties from book sales.
Passive Income: An investor who provides capital for a food truck business and earns a share of the profits.
To create multiple income streams, deeply analyze each of these eight options and focus on the two or three that you have the best skills and resources to accomplish TODAY.
Which will you focus on?
Share below!
#BeBusinessSmart
-Hector Quintanilla
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