How to create extra source of income
Medium passive income.
Second source of income from home
7 Types of Income Streams that ANYONE Can Have
How many types of income streams of income do you have?
If you’re like most people, probably only one. Maybe two. But if you want financial security – not to mention stop working at some point in your life – then it’s a good idea to diversify your income streams.
Today, I’m going to give an overview of all the different types of income streams and then focus on some practical ways to add more streams of income into your bank account.
There are two big categories of income streams: active and passive.
Active vs.
Passive Income
All income streams fall into two broad categories: active and passive income.
What is active income?
Active income is money that you need to actively work for.
How to increase income sourceFor example, your job. If you stopped showing up at work, you wouldn’t get paid.
What is passive income?
On the other hand, passive income is income that is decoupled from your time. It’s usually money that you make from an initial investment of ei