Before You Quit Your Job Watch This (WHATS NOT TAUGHT ABOUT MONEY)

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Did you know not all income sources are equal? But most people focus their efforts on the most time-consuming ones. Let’s take about how to make money and how these 3 income sources rank; why is this important for you to know because you will need it to get to the financial freedom that you are looking for and to use smart money tactics(PASSIVE INCOME 2021)

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3 TYPES OF INCOME

1. Earned Income / Active Income
Earned income, also called active income, is the most common type of income. It’s the income that we gain from a contract job or W-2 work, although there are other types of earned forms of income but they’re not as common. We’ll go over those in a second.

This kind of income is one of the most surefire ways to generate income because it’s transactional between you and your employer based on a contract generally. You do work, and you get paid. If you don’t get paid, there are means to retaliate and make sure that you get the money you need. It’s safe. You can get a lot of bread if you get a high paying job.

2. Business income
Classified as ordinary income for tax purposes. It encompasses any income realized as a result of an entity’s operations. In its simplest form, business income is an entity’s net profit or loss, which is calculated as its revenue from all sources minus the costs of doing business.

3. Passive Income
Another form of income, and one that is highly sought after if you’re pursuing financial independence, is passive income. It’s also the broadest category because it encompasses a whole lot of diverse projects and ideas.

At its core, though, passive income is income that you earn without doing anything continuously. Some passive methods take some time to set up, but once the ball gets rolling, you don’t have to do anything, and the dough comes pouring in.

It’s highly sought after in the financial independence world because if you can earn money doing nothing, then that leaves you space and time to do other things, like taking that vacation you’ve always dreamed of. Or moving to Prague for a year. As long as your expenses are covered by passive income, you have the freedom to live the life you’ve always wanted to create for yourself.careful! smart money tactics

Watch the rest of the video to find out more details.

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Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in an attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful! smart money tactics