The value security is short term comfort. Keep your emotions in check and go for what you know to be logical. It’s a process to do your best to know which thoughts are based on emotion (as fear to losing your job) and which thoughts are based on logic. Going from financial security to financial freedom is a process of changing your thinking. Step out of your comfort zone and take actions that make you feel uncomfortable.
#Types of passive income free
In order to become financially free you must take risks. Business owners and investors acquire assets to generate passive income. Self employed persons are independent and want to do most of the time everything by themselves.Ĭore value of business owners and investors is financial freedom. An employee has a mindset related to security, mindset as get raise, promotion, more training to get a better job, working a lot of overtime, thinking of getting a second job.Ī self employed person owns a job. The core value of an employee and self employed person is security. What type of income do you have now? What can you do to increase your income? What core value do you value the most security or freedom? Which type of person offers you the best opportunity for financial freedom, being an employee, self employed person, business owner or investor? Once the deal is closed you will receive passive income from the rental property. In the case of a real estate you do research of the real estate, the market. To generate passive income most of the work is done at the beginning. Business owners and investors must not be actively involved with the business and/or the investment in order to make money. Passive income is income you have earned from assets as businesses and/or investments. Work income and investment income are passive income. Work income is income of big businesses. Big businesses have systems and/or employees do the work for them. An employee and a self employed person have to work in order to receive income.
Investment income is the income you receive from investments.Įarned income and self employed income are active income. Work income is the income you receive from your business. Self employed income is the income you pay yourself as a self employer. Picture: JT Foxx World’s #1 Wealth Coach, Shadeska Nicolina and George Ross for more than 40 years the right hand of Donald Trump, celebrity apprentice judge & bestselling author Different types of incomeĮarned income is the salary you receive as an employee, included other income as vacation allowance and bonuses. Income puts money into your pocket. The different types of income are for different types of people with different ideas, attitude and mindset about money. Understand the different types of income as earned income, worked income, investment income, passive income, other income. A part of your financial education is to understand the financial terms.
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