5 sources of income that will make you rich

sources of income

In today’s post, I have shared 5 sources of income that will help to be financially free in your 30s.

Life is a struggle. I have seen people working very hard day in and day out. However, they aren’t yet financially free.

sources of income

I think they’ll continue to work for the entire life to get financially free.

The schools and universities didn’t give financial education to students. The best way to make a fortune is to increase the source of your income.

You can’t help yourself paying the debt and make yourself financially free by just depending on only one source of income.   

 Creating a huge wealth is not hard as much as you think. It’s easy. Let’s see how to do it?

Before we start

Before we start discussing the 5 sources income let’s have a look at the following points.

  1. Avoid taking a loan, even if it’s $5.
  2. Live within your means.
  3. Don’t spend on things you don’t need.
  4. Save 10% of income and invest it

What are the 5 sources of income?

Now I think you’re good to go. Let’s start with the first source of income.

Earned income

This income is the base of all income. Earned income is referred to as the income that you earn in exchange for your time. Example: Working in an office, teaching in school, etc.

In order to create huge wealth, you’ll first need to get a job as soon as possible. If you can’t earn a single dollar. Then how will you create huge wealth?

Important tip: If you can’t get a job right away then start teaching students at your home. In simple words start a coaching center for academic children.

This is the best way to start. It cost $0 to start. Also, the coaching center earns a lot of money. Afterward, you can use this money to make more money.

Also, read: How to change your life?

Passive income sources

Passive income is the income that puts money in your pocket while you sleep. The following incomes are passive income.

Passive income is the focus of this article.

Interest income

Interest income comes from your bank’s saving accounts. You should start saving money as soon as you start earning.

It’s good to save money because of the following benefits:

  1. Your money will be safe.
  2. You’ll earn interest on it

Banks generally pay less interest on savings accounts, but I think something is far better than nothing is.

In addition, you need to be actively involved to earn interest. Your money will make it while you sleep in your bed.

Also Read: How to stay away from negative people?

Dividend income

The dividend is earned on investment made in stocks and bonds. If you want to earn higher interest on your money put it in the stock market.

Investment is the best option for those who want regular income. However, before purchasing the shares of the company ensure that you analyze its past performance.

I recommend you to get advice from professionals before making any investment.

Recommended Book for investment

The Intelligent Investor (English) Paperback – 2013

Rental income

You can lease your property and earn rent from it. It seems a better option. However, it involves some expense.

  1. You’ll need to pay first to build a house
  2. You’ll need to pay for its maintenance at a regular interval

Above the all-expense, there’s a lot of money you can earn. You can earn more if you’ll lease it to a start-up company for a fixed period of time.

Afterward, you can use this money in different investment schemes and make more money.

Also Read: 9 tips on how to become a millionaire?

Royalty income

Have you ever thought about how the writer earns even if they don’t work for a longer period?

They earn from the percentage of every copy of their book sold. This is called royalty income.

How you can earn royalty income?

We are living in the internet age. There’s a lot of option available to make money. You can create some unique content and sell its copyright.

For example, You can create E-books and sell it on amazon.

In this way, you can earn money while sleeping. However, in order to do that you have worked hard at the initial stage.

Conclusion’

Theses were the 5 sources of income that can make you rich in your 30s. However, I would recommend taking advice from professionals.

Money is everywhere. You just need to seek an opportunity to earn it. There are many simple ways to earn money. Nevertheless, you should remember that everything requires hard work.

You should start from small and increase it step by step as you go further. If you have more suggestion then you’re welcome.

Share this post if it’s helpful.

Recommended books

How to Avoid Loss and Earn Consistently in the Stock Market: An Easy-To-Understand and Practical Guide for Every Investor

How to Make Money in Intraday Trading: A Master Class By One of India’s Most Famous Traders

How to Turn $100 Into $1,000,000: Earn! Save! Invest!

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Newtan

Hi, I'm Newtan. I write blog posts that are useful. I'm working with my team members for the betterment of society.

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