Income can be broadly classified into 3 types:

A. Linear/Earn income

B. Passive/residual income

C. Portfolio income

Linear Income refers to income your earn from exchanging your time whereby you use your daily 8 hours and 22 days a month to exchange for salary or wages.

Passive income  refer income not earned from work. The term passive income implies that the income is from the cash flow generated by assets owned. Earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved. 

Portfolio income refer to income  from investments, including dividends, interest, royalties and capital gains.

I prefer to mix up passive income and portfolio income as one.


 

STEP TO INCREASE PASSIVE INCOME

 

  1. Don't quit your full time job. The first step to creating your multiple revenue streams is to not quit your full-time job if you currently have one. As soon as you start implementing your multiple streams, you can cut back on your hours or perhaps work from home, but in the beginning, you’ll need to rely on that income to get you through. If you are one of many who currently feel that while your job is safe now, but you may be in jeopardy soon - take advantage of the time and money and start implementing your multiple stream strategies right away.

  2. Take advantage of your passions, hobbies or unique skills. Let’s say you are a passionate and good at photography. Everyone tells you so. They look forward to seeing your photos. Use that knowledge to create multiple streams of income by selling the photo you took online.
  3. Looking for part time job- the best part time job available and to begin with are network marketing. While you have full time job to continue, start building up another source of income from network Marketing, some good good network Marketing business provide inheritable of income to your family and heir. Network Marketing business usually provide comprehensive of training, selling skill that worth to venture to.
  4. Start a blog or a newsletter. Take that knowledge, about baking or what you’ve learned being an accountant for the last 15 years or what you’ve learned by investing in real estate and start a blog or newsletter. Share your information with others and seek advertisers in return. Conversely, you could start a blog or newsletter about your town or city and seek out local advertising.
  5. Write a book, an e-book or just a booklet. If you are an expert in something, be it baking or accounting, then perhaps you should try your hand at writing. Start off writing articles on your topic and start fitting the topics together, fleshing out the details a little at a time.
  6. Create a product. Perhaps you have a great idea for a new way to diaper a baby. Or perhaps you have perfected a way to teach young children how to sink basketballs or hit a baseball. You could develop a product that does just that. Have a service instead? Maybe develop a DVD or computer application that you can sell alongside your business to help your customers help themselves. I personally like to create product, if the plan in track, some of the mother will be greatfull with my invented Milk powder dispenser machine.
  7. Invest in Property. This is a great area to increse your income and especially passive income. More than 60% rich people in the world accumulate thier wealth via real estate. Learn how to increase your wealth through property investment.

 


 
Make a Free Website with Yola.