Various Income Streams

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

Hear me out all females

Important Things to Take Care if you are in IT/Corporate

 “What are all the important things I should take care of in the IT industry?”

So let's discuss, Myself in the IT industry for the last 6.5 years worked on 4 top product-based MNCs in the world.

• Your appraisal doesn't depend much on the quality or quantity of the work package but majorly depends upon the image you created in the eyes of your supervisor. So never get surprised seeing some non-performance employee getting everything in the company because he had done something which you failed to do strong Networking.
• Never do overwork. The more you work the more work will be assigned. Learn how to say NO or your bandwidth is full. People in IT have weak memory they will easily forget how much hard work you did last week. So save yourself from getting overburdened.
• Your colleagues are not family actually they are your competitors. Sharing everything with them can turn out to be dangerous. You never for making strong networking they might do bitiching against you. So be careful I know exceptions exist but you should also know exceptions are rare. One more thing never shares your salary details with your colleagues because after this only two things will happen either they laugh behind your back or feel jealous and bitiching against your salary to the supervisor which can impact your appraisal.
• Be diplomatic with your response. I know every supervisor motivates you to be blunt but same time they consider this a negative thing. Example Never say you don’t have work today to get new work say I think I have little bandwidth to take a new challenge. Things are the same but feelings are different you have to learn for your survival and one major lesson avoid over speaking anywhere be it during Tea break or a meeting, people will not take you seriously so better to choose to speak less and on point technique.
• Everyday learns something new, so keep updating yourself don’t wait for weekends at least in day 30-45 mins spent time on upgrading your knowledge. Understand one thing not everyone can become the favourite of their supervisor but you can be the favourite of your skill and indeed you will favourite of several recruiters who are ready to cut the check at whatever price you want so keep updating yourself.
• Avoid female colleagues or at least never attach to them. Their one email can ruin your whole career. Do whatever masti out of office not in office. I have experienced several male harmones getting attached to the opposite gender and ultimately finding themselves in the well. My friend in the office got in trouble when his female colleague who used to report him told HR this guy's mentality tortured her and the matter was just he just got a little strict over the delivery of the project. So be careful. Don’t become over available person when someone ask your help.
• Buy a chair which has neck support, cervical is very common with people who have sitting jobs and always buy one screen with a brightness control that will relax your eyes too. This is the best investment I made.
• Never resign without an offer. I know so many of you had a toxic environment but not having job work pressure will make it worse. So try your best to get something before leaving something and the best fun you will make in your notice period time when you have a job in hand.

These are general points which everyone should take care of even if you are just fresher to the organisation and the rest of other problems can be very specific which will specific solutions.

Life will always challenge you and its upto you that you wanna stand against the challenge or run away from a challenge.

-Ravi

Let me talk about kids and young people and what can damage them the most

1. Long term emotional neglect. If you are neglected by caregivers — not touched, not treasured, not seen and barely noticed, your heart will die a little every day. You will either decide you have no value or you will do whatever it takes to get the attention you crave. Both will lead to disaster.
2. Long term emotional abuse. It sounds crazy, but this may be less damaging than complete neglect. It’s bad, but at least you are real and alive and seen. Still, like the neglected child, you may grow up to be hateful, abusive yourself, or you may seek out abusive relationships because that’s all you know.
3. Substance abuse in children and teens. This is much worse than for adults, because kids are wired to develop psychologically at a fairly rapid pace. Being stoned or drunk or high interrupts the course of development. We don’t get a second chance at childhood or adolescence, even if some of the damage can be repaired later.
4. Traumatizing experiences without adequate support. Long, serious illnesses, major accidents, and big losses like a nasty divorce, can interrupt healthy development. High conflict divorce is a double whammy because kids are hurt by parental conflict, and parents may disappear into their own issues, making matters worse.
5. Being different. Kids who feel different because they are too fat, or too slow, or too clumsy, or sexually different can really suffer. Often they get only generic pep talks that minimize their pain and sense of exclusion. In our evolution, being a member of the tribe meant survival, so kids long for it. Exclusion for long periods can be seriously damaging.

-David McPhee

Resume not getting shortlisted ?

Hold on. It is not only about luck. Trust me. It is about skills, credibility, visibility, supply and demand to a very large extent.

It is not enough if you have skills. In addition, the world should know that you exist (visibility) and can clear the interviews (credibility) given an opportunity. It matters because companies spend significant time and money screening, shortlisting and interviewing hundreds of applicants already.

There is an order in which you fix things.

1. Ensure your skills are relevant, polished and top notch. There is no point chasing the job openings without it.
2. Get a higher degree from a reputed institute if possible.
3. Network with people in key roles both online and offline (if you join a reputed institute this aspect becomes easy). Tell them how you have been sharpening your skills over the last few months and how you are ready to interview for challenging roles. Request them to refer you at their workplace.
4. People don’t mind referring other genuine and capable people. In fact, they get paid for it in some places.

It is a fact that companies don’t have time to even screen all resumes they get on their websites or through consultants. Your resume should impress the person screening it in like 3 seconds to get shortlisted. So, how is it going to stand out among the millions of resumes floating around? Think about it.

-Imtiaz Mohammad

Your concerns are really criticisms of me, and I hate being criticized

 1 : Your concerns are really criticisms of me, and I hate being criticized.

I can criticize others, and often do—but if you criticize me you’re hurting my feelings, so I’ll hurt you back. If you say you are at all unhappy, that's a way of indirectly criticizing me. Since "it's all about me" your feelings must be about what I have been doing. If you are talking about your feelings, even if they were engendered by situations at work or with friends that have nothing to do with me, I interpret your negative feelings as criticism of me.

Narcissists paradoxically manifest both an inflated idea of their own importance and quickness to feel deflated by negative feedback. Criticism hurts—and because narcissists think everything is about them, they hear others’ attempts to talk about personal feelings as veiled criticisms of themselves.

The clinical term for taking others' concerns as personal criticism is personalizing. "I'm feeling lonely," gets heard by someone who is narcissistic as an accusation: "You don't spend enough time with me."

2 : I'm right. You're wrong. So when things go wrong between us, it’s always your fault.

I can’t be expected to apologize or to admit blame. I’m above others and above reproach. If you expect me to say how I’ve contributed to a problem, I’ll get mad at you.

Unwillingness to take responsibility for mistakes may come from confusing the part with the whole, or all-or-nothing thinking. Narcissists think, "If I've done one thing that's not right, then I must be all bad"—which is why they're so resistant to admitting any wrong things at all. Whatever the source of the sensitivity to criticism and difficulty admitting mistakes, they have a tendency to blame others when anything goes wrong. Blaming and fault-finding in others feel safer to narcissists than looking to discover, learn, and grow from their own part in difficulties.

While narcissists are quick to blame, they may be slow to appreciate. Appreciation and gratitude require listening.

3 : I may be quick to anger—but when I get angry, it's because of you.

You made me mad. You didn’t listen to me. You criticized me. You’re trying to control me. Your view is wrong. So you need to apologize, not me. If I’m mad, it's because I'm frustrated by what you are doing. I'm only mad because of you.

Narcissists often show major charm and social agility. At the same time, these seemingly super-confident folks can be quick to anger. When they do become inflamed, they then immediately blame their anger on others.

-Jamie Knight

Start Ups

You mean that 2 guys who might have never worked before, with no experience of making tough business decisions, with no financial experience or cash cushion, putting together a product that was never seen and entering a market that doesn’t exist, with a brand that no one cares and a business entity with no real process, but still taking on large complex problems do fail often? Yeah, what do you expect?

So many startups fail because new and risky ideas are by design failure prone.

I worked for a “startup factory” project within Microsoft — where they assembled some of the best scientists and engineers tasked with building new ideas. There was money, there was experience, there was Microsoft’s brand and distribution channels. Despite all that most ideas never succeeded.

For another company, I was managing new venture creation and it was quite hard to push new products despite having large customers for the existing product and the brand name.

New ideas fail everywhere with a high probability. If the risk of failure were not there someone else would have done that already. Startups by design take those ideas that have a slim chance of success.

It is not like IBM could not have built an operating system for microcomputers. Just that they rightly guessed it was risky and the market not big. But, it actually turned out to be a huge market due to changing economic conditions and Microsoft ruled the roost. Walmart entered ecommerce late as they believed people were not likely to buy through computers. The Internet evolved way too fast for them to react.

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As a startup founder you are entering a lonely coast known for tsunamis. You might drown by the huge wave or might actually catch a huge amount of fish (that no one else is taking).

You are trying to put a completely new concept or a new market and assemble a group of people who might not have worked together. While they might have studied together, working together is a different ball game. There is no process to hold the discipline and no brand to lean on. The cash cushion is not big enough to withstand multiple failures and the executives might have no experience wading through tough times. There is no real HR process to manage talent and no good financial management. There is no established relationship with customers and no established channels. Product quality is often poor in the early days and customer support not as professional.

It is just a miracle that some startups even succeed. Startups that got incredibly lucky being at the right time with the right people succeeded. Most others with similar capabilities died.

And many of the startups that die should not have existed in the first place. It might be a feeble attempt by a group of people who might have met at a meetup and decided to try something for a few months. Or a lone ranger trying to build the next big thing. Or some new grads who try something before getting a good job.

For startups with founders who have experience, connections and a team, the failure rate is not as high. The failure rate is just proportional to the risk of the idea itself.

-Balaji Viswanathan

Government Job or Private Job ?

I was getting a higher salary in my private job when I made a transition to this public sector job in May, 2016.

Let's discuss a few things before coming to any one-sided conclusion whether the 70K private job is better than 40K government job.

• There is more at stake than just money.
• If you come from a typical middle-class family, the society expects us to crack a government exam to get tag of a successful career.
• So, since childhood we have been prepared for targeting merits and ultimately a government job.
• Government job comes with a host of other complementary benefits.
• Like medical facilities for self and dependent family members lifelong, financial and job stability.
• I even got easy loan approval for my younger brother's graduation.
• Job stability comes with some other side effects.
• Job stability has been institutionalized by various means like time-bound promotions instead of merit-based promotions, perks and bonuses depending not entirely on the performance of an individual.
• This leads to a little or almost no motivation to investment in the upskilling and learnings the latest technology and trends.
• It also leads to unskewed distribution of the work load where some are overburdened and others are free to work-at-ease. More work doesn't mean better future benefits.
• There is an evident glass-ceiling unless you come from an influential background.
• It is very difficult to get to the top management you have someone known at the top or approach to top-level influence..
• Only the performance and upskilling can take you so-far in life.

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Let's come back to question,

Which one is better, a 70K private job or a 40K government job?

The answer is both ‘yes' and ‘no'. It depends on your personality and your priorities.

My early stage career priority was to have a settled place to live with my mother and younger brother, to provide some roof over my family after my father's demise.

So, I chose a public sector firm that provided a township and a safe place to stay. It also had provided medical facilities that were easily reimbursed within a few days. My mother's health was deteriorating and she got good medical care once she started living with me here.

Here is a click of Ravan from the dussehra puja celebaration in the township.

Here is another recent photo of our township that clicked after morning walk.

Now after working for more than six years in this firm, my priorities have changed. I don't want to be in my comfort zone. I can afford a transition in my career. Moreover, I don't feel motivated enough with the work culture here.

I am investing in leaning new skills and trying to hone the skills that I already possess.

Wish me luck and if you are looking to hire, I am ready to switch.

-Pankaj Prasad , Assistant Manager-National Fertilizers Limited

I am an old man and my Son disappeared...........

I love the quotes of Mark Twain

His quotes are humorous, bitter, but contain wisdom.

One of my favourite quotes is, “Good friends, good books and a sleepy conscience: this is the ideal life.”

I have found his advice most liberating and truly worth following.

We often make our lives miserable our life is due to our hyperactive conscience.

I have seen people getting so much upset about what is happening in their nation and around the world. For example,

• Many people are upset that the Taliban has captured power in Afghanistan
• Many people are upset since a political leader that they hate is ruling their nation
• Many people are so unhappy because there are so much injustice and inequality in the world

We can find a million reasons to feel unhappy if we allow our conscience to be highly active because there are a billion wrong things happening in the world at every time.

We must rather ask ourselves:

• Are we responsible for all these problems?
• Are we willing to do something concrete to solve these problems?

If we are not going to do anything to solve these problems, there is no point worrying about these problems.

Instead, we must try to use our energy to solve those problems which are due to us, or which we are capable of solving and allow the other problems to be solved by the people who are actually facing them.

If we choose to carry the burden of the world on our shoulders, we might be crushed under its weight and make our life miserable, without being able to solve these problems.

Hence, it is better to allow your conscience to relax on all such issues which are beyond your zone of influence.

Mark Twain’s advice to have good friends and good books are also great.

When we have good friends, we can share our joys, sorrows and thoughts with them.

Good books help us navigate the world and understand the thoughts of the greatest minds of the world sitting in the comfort of our homes.

Good books are like good friends which can help us enjoy our life and also learn about life.

I find the advice of Mark Twain quite liberating and extremely helpful in leading a great life.

-Awdhesh Singh

Awareness

“I worked really hard and yet I failed”

This is one of the most common line I have ever heard from people.

Most people assume that one cannot achieve success despite putting in the hard work and success really depends on luck.

However the real problem is that most people cannot distinguish between manual labor and actual hard work.

Most people are stuck doing manual labor which fetches them no result.

Success on the other hand highly depends on what I call “High Impact Activities”.

A majority of people ignore these “High Impact Activities” because they are “Hard”.

Now don’t get me wrong, here hard activities does not mean they take effort, its just that they are least pleasant to do.

Hence people try avoiding these activities and focus all their energy and effort on low impact activities.

Lets take an example for both HIA and LIA:

In business context:

HIA: Cold calling customers, selling them products on the phone or reaching out to new customers, following up new leads.

LIA: Designing logo for your website, spending time to learn so called “productivity tips” from YouTube after wasting hours on designing the logo which you could have outsourced on fiver for $5.

In a student context:

HIA: Focusing on the most important yet hard topics and understanding them thoroughly.

LIA: Spending more time on easier topics, topics which you already know well.

In a newbie programmers context:

HIA: Working on a personal project which involves building something.

LIA: Reading and searching for answers on sites, deciding which code editor to use, debating on which programming language is better.

I hope this gives a clear idea of how High Impact Activities are different from Low Impact Activities.

If you compare them both, you will find that both of them take the same amount of effort to do.

However if you take a look at HIA, they are not very comfortable or pleasing to do.

Designing a logo for your business seems like a nice idea while cold calling a client sounds rough and hence people tend to deviate towards things that are of less importance just because they find pleasure doing them.

High performers on the other end know what activities would create the most impact for them and hence they are willing to do them irrespective of how un-pleasurable they are to do.

Doing hard work does not mean working like a donkey on some simple things.

Here is what hard work looks like:

1. Deciding and doing something which you know is not pleasurable but can give you the maximum results.
2. Taking risks in all walks of your life, switching careers if the current one does not pay you well.
3. Taking hard decisions, making a complete shift in the way you operate and think.
4. Taking responsibility, hiring people, or learning some new skill which can change the course of your career.
5. Being able to manage and make the most efficient use of your time.
6. Being consistent for years doing anything, be it at a business, learning new skills, or working out.
7. Doing something which you have never done before, or doing something where you are uncertain about the outcome.

These are the actual activities which can be termed as hard work.

The day you understand the difference between manual labor and real hard work is the day when your life would change completely.

-Saurav Sharma

Firstly, stop creating false beliefs in your mind

Freelancing

 If you are serious about Freelancing then grab a pen and paper before you continue reading the rest of the answer.

I have seen a lot of freelancers from India struggle to get their first job and that is not because freelancing is hard, its just because they don’t know the process of how to get started as a freelancer.

In this answer I will provide which anyone with decent skills can take and start their journey to become a freelancer.

Here are the steps:

1. List down your skills: On a piece of paper, list out the skills which you have currently. You don’t have to be an expert at it but you should be decent at those skills. It would be better if you list your skills in descending order of your expertise. Example: Skills include: Python, Django, Java.
2. Visit a freelancing site: Once you are done with the list, just visit any site like Upwork and search for projects which match your skills listed above.

Now comes the most important step, usually people start applying for jobs right here and they fail miserably. Here is what you should do instead.

3. Check your skills: Once you search for projects matching your skills, you will need to go ahead and pick any random project. Read the project description and figure out if you can really take-on this project. Analyse for yourselves if you have proper skills to handle the project. The most important thing here is to be honest yourselves. This step is to identify what skills you lack. List down the skills you lack on a piece of paper. Example: You may know Java but the project is Android based and you might lack Android application development skills.

4. Lets fill the gaps: Once you have identified which skills you lack, its better to master them first before you proceed ahead working on projects. You will need to learn those skills from scratch but it will boost your confidence. Learn online, buy books, refer to tutorials on YouTube or get courses from Udemy.com. There are plenty of resources to learn the skills and fill the gaps.

Step no. 3 & 4 are extremely important because as a beginner freelance developer it is impossible that one has each and every skill required as a freelancer, hence it is important to analyse ourselves before we apply for jobs.

Most people skip these steps and when they apply for jobs they are rejected because the client senses a lack of knowledge and confidence during the interview.

5. Working on a dummy project: Go back to the project you have selected, instead of placing a bid, try to implement the same project on your own. Test yourselves to see if you have really filled the skill gap which existed before. This will make you confident and also add a project in your portfolio. The significance of this step is to make yourselves confident when you apply for next projects.

6. Apply on your first project: The final step is to apply on projects, once you have the skills and confidence, applying on projects would be quite easy and your chances of acquiring a project would be much higher. Don’t get discouraged though, keep applying on projects.

7. Set a schedule: An aspiring/ beginner freelancer should devote his entire workday to three things. 1. Applying on jobs. 2. Improving your skills 3. Interviewing.

In case you have applied on jobs and yet to receive response from clients, don’t just keep waiting. Instead utilise those hours to further analyse yourselves and enhance your skills.

-Saurav Sharma