THE JOURNEY TOWARDS FINANCIAL FREEDOM!

The Journey Towards Financial Freedom  + Different Kinds of Income - By Ebong Tami

As you journey towards financial freedom, having an understanding of the various kinds of income and how they are derived is very important. Permit me to walk you through three of them.


Earned Income : This is the money you receive by keeping a job. This means you have to work before you get this income. You can call it salary or wages. But when you stop working, you stop getting this income.

This kind of income is not the best. This is because it subjects one to probably hard labour which involves a person's active engagements in a task. . And we keep advising people to make money work for them instead of working for the money. Earned income involves striving for money and we don't recommend this for anyone.

If you are currently earning this kind of income, we advice you to start thinking of how to get out of it.

Passive Income: This is the money you get while not working. In this case your money is working for you, even while you are asleep. This involves you having an asset that will continue to produce cash flow for you. This asset could be a business and it covers any business one can venture into (real estate, intellectual property, network marketing, etc).

This kind of income guarantees financial freedom and we advice people to consider it.

Leverage Income: This is the income one derives from efforts already inputted into an investment. It's more like getting more and more from an investment in the past. It involves adding little or nothing at all into an already existing investment.

Example of such income from Real Estate is when a property owner decides to improve upon his property by adding more value to it and then increase the rent.

Network marketing is the business where leveraged income is mostly acquired with very little or no further inputs into investments already made.

The moment a partner builds his team, all he needs, is to show his team members how to duplicate his strategy, and as this continues to grow,  his income flows never stop, and there is no limit to what he can achieve.

Find out from the various kinds of income above and chose the one most favourable to you.

Regards