Income Types and the Subcategories of Each!Of the two income types, linear and passive, passive is the most beneficial for you if you want to become wealthy. You must understand each of the four subcategories of income in order to assess where you are now and where you want to be in the future (and of course how to get there). Linear types of income are limited by your time and ability to serve people (or businesses). The two subcategories of income that fall into this category of income are Employees (Laborers) and Self-Employed individuals. Passive income types are not limited by your time and ability to serve because these types of income are doing the work for you so you don't have to. Most passive incomes require some time, work, and effort to get them started, but once they are going, they will work for you continuously until your stop them. Passive subcategories include Business Ownership and Investments. The four income groups within the income types are where all sources of money comes from. The linear groups are considered Earned Money types and the passive groups are where you Make Money. You must work to earn money. You don't have to work in order to make money. There is a HUGE difference between the two when you are building wealth! Exploring your options for building wealth will help you decide where you need to focus your time and energy in order to reach a specific goal within your plan. If you are just starting out on your journey toward your burning desires, you need to focus on the income you have coming in right now, which is most likely linear income. As you leverage your earned money into additional goals, you will begin to earn passive income through various income streams. Combined with your linear income, you will be able to leverage even more into your plan, such as starting a business, investing in real estate, or purchasing marketing media to help grow your network. The point is, don't quit your job when just starting out on your journey toward your dreams. You need that income to help leverage your way to success. Learn more about Linear Income and Passive Income types to get a better understanding of the two sources of income. Then move on to learn the best ways to make money and the ways to earn money. |
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