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Income?

Discussion in 'Investments' started by Opus, May 5, 2016.

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  1. Opus

    Opus Entrepreneur

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    They say that the average millionaire has on average 7 forms of income. Just curious what some forms of income could be?
     

  2. T J Tutor

    T J Tutor Entrepreneur

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    There many hundreds of answers for this. Real Estate, Stocks & Bonds, Franchises, Angel Investing, Boutiques Shops, Online Marketing, Professional Services, Precious Metals, Day Trading, Currency Trading, Manufacturing, Bartering, Dealerships, Drop Shipping, Restaurants, Trucking, Shipping, ...

    It's just too big a question, ambiguous.
     
  3. Josem

    Josem Entrepreneur

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    They probably start off with their passion and when that passion became a success they expand their businesses and/or start investing to other niches to grow bigger.
     
    VirtualGlobalPhone likes this.
  4. ruener79

    ruener79 Entrepreneur

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    Look into the topic on diversification. Depending on where you put your money, there is a possibility of income for you, and they may not be called 'income' per se. One may earn through "dividends" when one engages in the equity market. Being an expert in your field can get you retainers fee from different companies, adding to your income stream. Profit if you engage in a business. In business alone, you can engage in different industries and get your income stream from each of those businesses. The list is actually endless as previously mentioned.
     
  5. Corazon

    Corazon Entrepreneur

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    The millionaire that I can cite is the president of our company. Aside from his huge salary (I cannot guess the amount) he receives a huge profit-sharing bonus, travel perks that is converted to cash when unused, several forms of allowances like living, travel (city and provincial), board honorarium, etc. That is why the company president can afford to buy a house with a swimming pool because of the income in different forms that he receives. And yes, there's also the dividends from the shares of stocks.

    PS. I am also fortunate to be granted shares of stocks although I still have to receive dividends from it.
     
  6. remnant

    remnant Entrepreneur

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    These are income streams. One can have passive and active income streams. The former involves letting your money work for you. Here, I suppose you should have four streams. As for active income, its more demanding and you would do well to engage in about three different ventures. The difference is in adjusting the ratio to your particular circumstances. Thats is my best assessment.
     
  7. G4LJW

    G4LJW Entrepreneur

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    It's a very good thing to have multiple streams of income, so you can afford to pay your bills if one of them stops for any reason. If you're marketing on the internet, you can easily gain income from many different places, and you can start to build up investments in other areas like stocks and property.
     
  8. Nathaneal

    Nathaneal Entrepreneur

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    It simply means that they don't have all of their eggs in one basket! Lets say you have a part time job, and in your free time you repair iPhones. That would be considered 2 forms of income. To mix things up well add one more; you might even have a hobby people can pay you for. Then 3; it's very simple! But good to know the average is 7! I would assume wealthy entrepreneurs (if not all) are extremely busy
    Hopefully that helped!
     

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