There so many places, where you can get a job. However, you are literally trading your time for minimum wages. It doesn't matter if it is $8 or $11 per hour. The business owner still makes twice as much out of you. Just ask a cashier!!!
Your time is a commodity that you trade to business owners for small money. Your time is the most valuable commodity that cannot be replaced ever again.
The reason why I'm writing this is for me to remember to tell myself that there are different ways to make an income. You can also join me on this and be part of my team.
There are 3 types of income that this video will explain.
WHAT ARE THE 3 TYPES OF INCOMES?
1. EARNED INCOME
2. PORTFOLIO INCOME
3. PASSIVE INCOME
1. EARNED INCOME
2. PORTFOLIO INCOME
3. PASSIVE INCOME
BREAKDOWN!!! Watch the video here.
WHAT IS EARNED INCOME?
The IRS defines this as all the taxable income that you get from work, it is also called wages or salaries. One way of getting this. Is that YOU work for someone that pays you per hour or per contract.
WHAT IS PORTFOLIO INCOME?
Came from paper assets such as Stocks, bonds, mutual funds and more. This income came from investments, dividends, interest and capital gains. Different from wages or salary income.
WHAT IS PASSIVE INCOME?
By far the best, a lot of rich people have transferred to this type of income. This is the income that you will receive on a regular basis, with little effort required to maintain it, like Donald Trump, Robert Kiyosaki, Michael Dell, Henry Ford, Walt Disney, and more.
WHAT TYPE OF INCOME DO YOU WANT IN 5 YEARS?
1. EARNED INCOME, work long hours for someone?
2. PORTFOLIO INCOME, save your money to the bank and wait for many years to grow?
3. PASSIVE INCOME, work like a boss, work whenever you want, wherever you want.
BUT I'M NOT TELLING YOU TO QUIT YOUR JOB.
When I was a kid, I will save my lunch money... to buy baby ducks with different colors. That was around age 9-11 after few years i have more than 20 or 30 ducks, all grown!!! I felt like a was a farm owner in our backyard. Every day I will find eggs scattered all around the backyard. So at a young age, I was providing meals for my family. I have 1 younger sister and 3 younger brothers. Sometimes I sell the eggs and ducks to locals. I was making money. What type of income is that? Earned, portfolio or passive income? It's Earned Income, but on the way to having Passive Income. Unfortunately, I had to cook all of my poultry because I have to move in America. Then I became a slave to US economy and join the workforce, my dream was postponed for a very long time.
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