7 Income Sources That Rich People Have
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- เผยแพร่เมื่อ 2 ก.ค. 2024
- Did you know the average millionaire has seven different income sources? How do rich people earn multiple streams of income--money in seven or more ways? How can you create multiple income streams? Most people are only aware of earned income but the truth is, in order to get rich, you must learn to make money while you sleep. Creating more income streams will allow you to earn passive income become financially independent so you can retire early or just become less dependent on your 9-5.
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![7 Types of Income Millionaires Have [How the Rich Make Money]](/img/n.gif)
1. Earned income
2.Profit income
3.Interest income
4.Dividen income
5. Rental income
6. Capital gains
7. Royalty income
Thanks for the list.
Thank you
Thank you
Thank you!
Get rid of number 4=it gets taxed to high
My income streams are:
*Earned income from my 9-5 job
*Earned income from tutoring mathematics (I have a BS in math and pursuing a masters)
*Earned income from adjunct teaching at my local university
*Dividend from ANCSA Native corporation
*Capital Gains/Dividend income from brokerage accounts
*Profit income from selling trading cards
What kind of trading cards?
The seven income types listed in this video.
Earned Income
- Your JOB
Profit Income
- Selling a product
Interest Income
- Interest from loans or line of credit
Dividend Income
- Distribution of company earnings to shareholders from stocks or mutual funds you own
Rental Income
- Property that you rent
Capital Gains
- Profit from the sale of property or an investment
Royalty Income - Payment received for the use and exploitation of artistic or literary works, patents and mineral rights. Royalty income is generally of two types; royalties for the use of copyrights, trademarks, and patents, and royalties from the extraction of oil, gas, or minerals.
Yessss to multiple sources of income! Relying on just 1 is what keeps people poor and stressed unable to ever quit working.
Yes and there's only so much time in the day that can be spent working!
Who’s on that FIRE journey?? 🔥🔥🔥
You know it, girl!
Here!
Me and im so happy
@Jerrod Digiorgi Fuk u
Yuuuup
Super informative! Thanks for sharing!
Really great video and super informative! Liked! :)
Multiple streams of income is the key to financial freedom. Great video. I currently have 5 of 7 streams. Still building!
You're getting there!
Informative! I like how everything is drawn out so we understand better. thanks :) I hope to move off earned income forever and get everything else 😅
Thank you! Me too 🤞
Great categorizing, organizing and exampling!
Very informative!
Your videos are always enlightening and enjoyable - hope you have a great weekend!
Thank you 😊 you as well
Profit, interest and rental is what I’m looking forward to! 👍🏽
Add one by one 😀
Woah didn’t realize I have all 7 already. Pretty cool. Thanks Chris!
That's awesome... congratulations 🎈🎉
Of course great to have several streams. But for most “rich” people it takes many years to build a diverse portfolio - and a surprisingly high number only have a couple or one they rely on for the wast majority of their wealth.
Great video Chris, so far I got 4 of them and slowly working to get all 7 one day 👍👍
It takes time....we keep adding them one by one!
1)Earned Income - A Job Exchanging Time For Money.
2)Profit Income - Money Made From Selling Goods Or Services.
3)Interest Income - Lending Money To People,Companies,Governments or Banks.
4)Dividend Income - Getting Paid A Piece Of Profits From COmpany Ownerships You Have.
5)Rental Income - Getting Paid For Owning Real Estate.
6)Capital Gains - When You Sell Something For Double The Price You Bought.
7)Royalty Income - When You Do The Job Once And You Keep Getting Paid For It.
Having your money work for you and not working for money is so key in being wealthy! Great video again Chris! 👍
It truly is 💵
Many streams out there the trick is you have to have a lot of money or a lot of patience to build it up and also find good streams that haven't been taken up by companies/gov't... most deals that are available on the public market are crap.
I'm happy to say that in one small way or another, I have all of these types of income except for Royalty income. I haven't yet ventured down that path yet, but I want to try. My focus right now is creating more rental income.
It's all about increasing the size of them now, right? 📈
@@ChrisInvests You got that right, Chris!
Nearly at 1000 subs! Congrats on the success :)
Thank you! Need more time now...
I see a problem here...
Everything except your job and royalties require considerable liquid assets to begin with. That you can only get by working for someone else, or working towards something you can later on gain royalties.
You need money to make money
Of course. This is where you need to tell your friends “sorry, I’m not going to that house party and spending gas money, or going out to Starbucks and spending seven dollars on a freaking cup of coffee. I need to save and invest my money to meet my goals”
You save up every penny you can, and you use your normal 9-to-5 job to get skills and experience and knowledge (and some starting money)… And then you take that knowledge and skills to go build a business.
And once you’re making the big money with the business, then you take that money and reinvest it into 1) your business and also 2) buying rental real estate.
This is why it’s good to have a high income skill. I recommend starting with sales, that’s what I did. I created at a car dealership making lake 4000 a month or 5000 a month, until I was able to start my remodeling business
He didn't mention "distribution income" as in income that comes from owning shares in a private enterprise. Most millionaires have sources of this type of income and, in some cases, makes up the majority of their net worth as well as their income.
So happy to see your growth Chris. You deserve it! You channel will help many people in the future!
Thank you Ryan! Need more watch time still 🤞
Chris Invests - Personal Finance Videos it will happen 👍
Great video Chris. Your bouta hit 1k!
Yes, thank you!!
It's funny that Nate O'Brien posted a similar video today! Great minds think alike!
Yes I'm glad mine was first lol
Great video and agree to make your money work for you instead of just the daily grind, you can get to all 7 but one thing I have learned is to live within your means and don’t try to play keeping up with the Jones’ never try to impress anyone you don’t even know or even like.
Be patient and you will get there, proudly consider myself the tortoise because the hare doesn’t always win the race.
Exactly, you can't worry about keeping up to everyone. Chances are they're in debt and even if they aren't, there will always be someone wealthier.
Currently only have 4 of these streams as if now, but hoping to grow the ones I have now in the future years! Great video, Chris!!
Thank you...always gotta work on more streams!
I have 4 income sources! Great video Chris!
That's pretty good! Keep adding 👍
Great explanations! Working on earning from all 7 sources.
That's great 👍
Great tips once again Chris! 👍
Thank you Tom 🙏
Awesome video Chris. Many people (including teachers) should set aside money every check to help build these other sources of income.
Yes of course, especially since teaching isn't known for paying much 🙂
@@ChrisInvests you are really close to the 1000 subs. TH-cam just approved monitizing my account yesterday, hope to be another source of income.
Interesting fact: Teachers are one of the groups where you find most millionaires in the US.
@@meibing4912 millionaire next door, I drove my used Toyota corolla for 12 years!
@@Thetatraderz brilliant. That's how the 99% make it (sort of...)!
What would SSDI be under in terms of type of income?
Ah, cant wait to have a few incomes under my belt
I currently have 4 of those. Working on that rental property for that 5th!
4 is pretty good 👏
I sold my only rental property, nothing but headaches. Want to buy more local, but I am priced out of the market.
Look into a condo and air bnb it
I have 5 of those income streams! Trying my best to have more.. eventually maybe from youtube videos!
You will! Takes awhile
it's all about diversifying your income sources!
Yes it is 👍
Ooh! This was a very tantalizing title, Chris!
Thank you :)
Capital gains and dividends all the way baby! Almost at 1K Chris! Yey :)
Thank you 😀🙏
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my inherited portfolio of about $2.5m. I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Great video. It's got me thinking about planning my financial future out now.
Glad it helped!
Upload one more video before the weekend ends bro & I guarantee you will reach 1k subscribers 👌😁
I hope so!!
Do you recommend investing in REIT’s or REIT ETF
It depends
2:50
What about Social security benefits? That’s an income.
SSI, Disability, Room rentals are all passive imo
I'm a big believer in having multiple incomes.
Yes you need to have them!
Who's watching this in 2020? 🙋
👍🏻
Future millionaire by 23 🎉
or J.O.B...just on bills
👍✅
🤩🤩🤩
What is the best way to profit from the current market, meanwhile I'm still undecided about investing $400k in my stock portfolio to get some dvidends and minimize risk
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My consultant is Nicole Desiree Simon She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
the key is to make money while you are sleeping
Absolutely
Just found your channel. Just subbed. I'm a financial youtuber just starting up! Would love some feedback.
Thanks. Good luck with the channel!
Unfortunately "Interest income" is haram in islam
From my experience, I think the best income I’ve seen is passive income from cryptocurrency. Especially if you buy a crypto mining device and mine a crypto token. That can pay extremely well.
I've heard about that!