Three Types Of Income
Earned - money derived from paid work. Ex: If you work a job (highest tax).
Portfolio - money received from investments, dividends, interest, and capital gains.
Ex: If you trade stocks.
Passive - money you get neither from your portfolio nor earned income, and does not require an ongoing effort.
Ex: Cash flow & Assets (never taxed).
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You may have heard the quote that “‘money is a tool” before. And of course, using a tool requires knowledge. Therefore, before spending money, gain knowledge of how to efficiently utilize it.
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Similar ideas to Three Types Of Income
Passive and Portfolio Income:
When my rich dad said, “The rich don’t work for money. They have their money work for them,” he was talking about passive income and portfolio income.
Passive incom...
Types of Income
- Active Income - the most common example of an active income comes in the form of paychecks from your employer
- Passive Income - this type of income is received even without active participation in the business
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