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There are different types of income and their impact on your finances These incomes if well-managed will help you create wealth with time. These are the five types of primary income that will improve your finances
It's an income earned monthly from your workplace as a result of your total participation in the company. They are also task performed relating to your job description. Your earning is a result of input and output to the company.Most active income earners live paycheck to paycheck because before the arrival of salary, they are in debt.
Its an income paid from services offered for usage of the property. It's also income earned from rental properties. This income can generate cash flow either monthly, quarterly, bi-annual or yearly based on agreement with the tenant. Rental income comes from land leases,hall rentals, buildings, apartment rentals and others.
SIDE HUSTLE INCOME
This is one great way to increase your income to take care of your financial challenges and breakthrough with time. You can keep your day job and do side hustle with your leisure time. As the income becomes higher than your daily job, it's a sign to give huge attention to it. It can be selling on eBay and amazon, being an affiliate marketer, blogging, online teaching and many more.
These are returns or cash to investors who are shareholders of a company. This dividend can be in cash or stocks. This dividend is determined by the company's directors and owner. It can provide a stable income for a shareholder and raise their morale to buy more shares of the company. This income can create massive wealth on the long term if the investor is disciplined and consistent to compound over time.
This income is earned from company day to day operations. This income is generated from sales of products and services performed to keep the business running. They also churn out new products and services to keep the business making more money and to take care of companies expenses like bills, taxes, water and light, staff salary and many more. If well-managed, it creates massive wealth.
Image Credit: Google
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