The only way to get out of this financial trap is to be your own boss. Being your own boss, you have control over how much you need to earn & how much resources you need to utilize.
Many people are trapped in their jobs; unhappy with their remuneration & their colleagues. However, they continued to soldier on because of ongoing expenses. Amongst them, mortgages, automobile loans, utilities, children schooling & others.
Earned Income is the every month pay check you received for the work you do in the company. It comes with the perks like insurance & paid leave. However, one time you are laid-off, you lose the regular stream of income that support the relatives. Depending solely of earned income won't see you becoming a millionaire.
First, you must understand some simple ideas of money. Fundamentally, Earned Income, Portfolio Income & Passive Income.
Portfolio income refers to money earned from your investment portfolio. Usually, they are your stocks, bonds, derivatives investment. They give you returns of up to 10%. As with all investments, they have inherent risks. Spread such investments over a basket of stocks to cover major industries.
Another source of income is from your profits in your business you own. This is the traditional brick & mortar business. This can range from retail, engineering products to provison of commercial & other engineering or professional services. However, this often involve substantial fixed costs like rental, utilities, labour & inventories. Not least, also competition from similar product sellers & vendors.
Passive income refers to royalties you collect from your publication. This may even be businesses you had setup of which you have profit sharing along with your business partners. Such brick & mortar business requires medium to large capital investments.
popular source of passive income comes from Net business. This has low costs setup & reaches a world-wide audience on the net. This might be affiliate promotion i.e. Promoting a seller products. Alternatively, you generate an electronic product such as a eBook or video instructions. The video instructions can be varied such How to train a parrot to speak or How to grow your vegetables in your own gardens.
To break out of this financial limitation, you need to take control. You do not must leave your full-time job, but to actively look in to other sources of incomes i.e. Passive Income & Portfolio Income.
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I had highlighted various examples of businesses that will generate Passive Income & Portfolio Income. Taking active steps in these directions will enable you to earn online income & become a millionaire.
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