7 Layers of Supplemental Income
It is said that the average millionaire has 7 streams of income...
What if you could learn to make money while you sleep? If you don't, you will be working until you die!
This does not mean that millionaires spend 24/7 in the office working, on the other hand, they have systems in place so that instead of working harder, they work smarter and more efficiently.
To better understand how they manage to balance 7 different income streams, we first need to understand the two types of incomes-active and passive (supplemental).
Active income is when you do work and are paid for that work. If you work at McDonald's, you are paid for the hours you work. If you work in an office, you may not clock in and clock out but you are paid based on the work that you do. If you do nothing, you will no longer be paid.
Passive income is when the payment is not directly tied to active work. Interest and dividends are prime examples of passive income. Typical passive income sources are front loaded with active work, for which you are paid a small amount, while the bulk of the income comes later.
Don't mistake passive income with zero work. It's still work, it's just that your income is not directly tied to the hours worked. Anyone who owns rental properties knows that it's considered passive income but there is quite a bit of work involved. The work is front heavy but if you are lucky, you can collect rental checks without incident for many months before having to do work.
Here are some examples of passive income
-> Business income – which may or may not be passive but the idea is you build something that generates income without active work, like a website or the sale of information products
-> Interest – from a variety of loans, either to individuals (peer to peer lending or private notes) or companies (bonds, notes)
-> Dividends – from investments, partnerships
-> Capital gains – from the sale of investments
-> Royalties – from products you sell or license
-> Rental income – from real estate
The one that we will be focusing on is Business Income, more specifically Online Business Income.
With new advances in technology, it's never been easier to create a 6 and 7 figure income online!
Trust me, I know...
...trying to figure out money, wealth & business can be overwhelming!
When you think about making money and building long-term sustainable wealth, it’s a lot to take in! And that's not to mention entrepreneurship, business, taxes, investing...
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Here are a few business options that can apply to any interest or passion:
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