“Income is money you get in exchange for service or product selling in any company or corporation.”
In ancient times the people exchanged their things or service behalf or their service that is called the Bata system.
Now the currency is coming inflow. Money is a value or your work or service which you are doing the more valuable work you provide. You get more money and the overall money is known as your income.
In business, income is called after paying all taxes and wages to employ the money. The money that remains after that is known as income or earning or profit in terms of money.
You are going to know this valuable thing:
- Types of Income
- What is an active Income?
- Passive Income
- Source of Income
- Source if passive Income
- Building Assists
- Types of Investment Assists.
So now the question is what is the use of that money or income?
Most people forgot that money can only buy things. This is a medium of exchanging things just like that.
Yes I know you agree with me and if you are not then think it!
Up to the age of 60 people mainly receive their money through what they perusing according to their profession means simple wages or income
If they previously invested in something then that money helps them to survive after retirement. Means income is a necessary part of life to live.
As you understand what income is, now understand the types of income you got..
1) Types of Income
- Active income
- Passive income
i) What is active Income?
The inactive income we provide any work or service and in exchange for it we get money most people are doing this almost 93% of people live their life like this earn and spend.
It’s bitter but truthfully this includes wages, tips, salaries, commissions, and income from businesses.
To understand deep it is something which you trade your time and exchange or this time you get some money known as income.
Nowadays people are doing the job. This is a perfect example to understand 9-5 jobs in exchange for the time you get some money.
It’s a very bad scenario. You go to 9-5 jobs to earn money, spend it, then again go to the job and the cycle goes on because people don’t know how to convert their passive income into active income.
Where rich people know the secret of becoming rich is creating assets. Now understand the passive income.
ii) Passive Income:
Passive income is something that you can make money from when you are sleeping if you do not make it you have to work until your last breath.
Want to understand Passive income,
Passive income in which you don’t have to put in long-lasting yes definitely you have to put your energy to understand the things or how to build assets. and make your one-time online course . which can generate you it for a lifetime.
Like investment, buying real estate, and nowadays it is online businesses.
Do you want to know what is a great source then I am going to tell you?
2) Source of Income:
Yes of course there is a big difference in boss/ entrepreneur and an Employee. Entrepreneur earns all the time by his company.
He multiplies his time by creating a team and under the team members, there are employees who work for that company. Definitely entrepreneurs build a system and process that can earn money while he is sleeping. do your insurance which protects from your finances.
All professions like doctors, engineers, and lawyers get paid until they work. an engineer cannot get paid if he is on leave but the businessman or entrepreneur can double. while he is spending his vacation in Dubai because he already created a system for which people are working for him.
Yes of course entrepreneur or businessman is not working for their whole life but they work very hard at the beginning of their career and make their own path.
For example there are two friends, one friend is carrying a bucket of water and another one is working for the pipeline, and guess, you can also read about a mortgage.
what the friend who is carrying bucket is not getting store much water where another friend successfully created a pipeline so the drinking water for a lifetime is a major difference between employ and an entrepreneur.
Yes, this is a good example so,
What can we learn from this story?
Having a job or making a critical unpredictable work in exchange for the money you can do any work is like walking with a bucket.
Almost 93% of people in the world work in exchange for money, they get paid every month by working for one month. People are generally capital gain working for the exchange of money and expecting of increasing.
The second category is people who are working and in exchange they get money. This type of person is more secure than the first one.
The building pipeline is not so easy it takes a lot of effort. Usually, there is a lot of work involved and we don’t get paid for the time we put in.
A lot of people might think it’s unfair that there is a small group of people that have most of the assets in the world but the fact is that most of those people worked really hard on their success and were OK with delayed gratification.
3) Source if Passive Income
Bill Gates has stated that he didn’t take one day off from work in his twenties, that’s what I would call dedication for success.
He does not get any money when he is putting in hard work and all energy; this is true that when people start using the product of Microsoft then bill gates get paid.
He didn’t even care about the money, he wanted to change the world, and he did. Becoming the richest man in the world was just a bi-product. do your financial planning to become rich.
In the initial state you have to invest your time and energy in passive.
For example, suppose you invest in stock in starting and you do not get any interest in starting or you develop an app and post it to Google play store and Apple store and get you to get paid for every download or through monetization.
When you invest your time and energy by putting all of your knowledge and effort in the initial state and the outcome product which makes money for you for a long time is known as passive income.
4) Building Assets.
Assets is a passive income means money works for us and we do rest just we have to use our brain. assets are opposite to debt. So here are some types of assets.
5) Types of Investment – Assets.
1) Real estate:
- The most powerful asset is real estate; it increases day by day with 6%.
- Here is a flow of heavy investment: you have to invest a huge amount of money.
- But it’s true that you have to invest high and the chance of risk is very low.
- If you invest when the market is cold then you make more money from it.
- Take proper knowledge of real estate then only invest and know all factors first which affects the pricing.
- You can also start with one option in a low budget that is real estate investment trusts.
2) Stock Market
- The common asset to invest most of the knowledgeable and experienced people are invested in the stock market.
- In this, you buy some share of the company and if the company performs well then definitely you earn more profit on that share.
- It’s high return investment with high risk
3) Mutual Funds:
- The safest way of investment.
- It is somewhat similar to the stock market but you know to decide the money where to invest this process is done by a professional.
- If you invest your money in the long term then you get up to 12-15 % of returns.
- Your money is distributed to top companies that are why it’s the safest investment.
The conclusion is that understand the income and I wanted you to earn more money by discovering yourself new ways of earning in which you have an interest in don’t work for another start your own investment to make more money. you can also know about the credit cards.
Ans By learning High paying skills.
Ans: Passive income is the way to become financially free and rich.
Ans: Not much because you have a time limit of 24 hours.
Ans: It is a simple cash flow and profit of any individual or a company by selling goods, products, or any service.
Ans: Salary is simply paid by someone else and income is generated by selling something.
Ans: The overall profit amount you generate per month by selling is monthly income.
Mr. Ankit Rathore is the visionary founder of Career Chuno, a renowned education consultation platform. Born and raised in Dewas, Madhya Pradesh, Ankit’s passion for education and career guidance led him to establish Career Chuno with a mission to empower students and professionals in making informed career choices.
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Ankit Rathore’s entrepreneurial spirit, expertise in Digital marketing, and dedication to career development have positioned Career Chuno as a leading platform in the industry. His vision continues to shape the platform, empowering individuals to achieve their career aspirations.
About Career Chuno Formally Known as Careerchuno.com
Career Chuno is an innovative education consultation platform that aims to guide individuals in finding their true career paths and acquiring the necessary skills to succeed in their chosen fields. It provides a comprehensive range of services, including career assessment tests, personalized guidance, and online live classes, to empower students and professionals in making informed career decisions.
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