Multiple Streams of Income
This may be the link where all viewers tend to spend most of their time. Here is where I'll be discussing the different types of income as well as the importance of multiple streams of income.
I'll also be providing a select few of individuals with an opportunity to achieve this goal. So be sure to read this specific link in its entirety.

  • Earned Income is when an individual person or company exchanges time provided for wages. This type of income is normally received in the form of a paycheck (W2) or cash; also referred to as "off the books wages". The major disadvantage to this type of income is if an individual is not exchanging time, then a paycheck is not received.
  • Passive Income is an income received on a regular basis, with little effort required to maintain it. Examples of Passive Income include royalties from a published book, rent from property, and earnings from website internet ads; just to name a few.
  • Portfolio Income is income that derives from investments, dividends, interest, royalties and capital gains. Portfolio income does not however come from passive investments and is not earned through normal business activity. Typically, income from interest on money that has been loaned does not count as portfolio income.

Let's briefly talk about the terms Residual Income and Cash Flow for a moment. This is what the rich and wealthy continue to use to maintain their financial status.

Residual Income is earned on an ongoing basis for a one time effort (Passive). Let's take Elvis Presley for example. He has been dead for some time now; however his great hits from in the past has generated him a substantial amount of income in the current future. This is referred to as Royalties, a form of Residual Income. A tenant paying you on a monthly basis to reside in your residence (Real Estate) is another form of Residual Income.
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