Entry #11: 7 Income Streams
Updated: Apr 22, 2020
As previously shared in the first blog I posted for the year, the primary reason why I started this blog is to help myself earn extra income on the side as well as to share my personal experiences as I go through this journey in the hope that others may find it as a source of inspiration to start their own journey as well.
Apart from this objective, I have been working on since last year to achieve what has been established as the 7 income streams of an average millionaire (not quite sure who to give credit for the accompanying picture and of this concept),
First is Earned Income which is income from working a job and this is very common to all but not in my case. I have been since last year looking for work may it be online or traditional, part-time or full-time but lady luck has not smiled on me. I will just then again continue to strive for this despite how difficult it may be considering the current situation.
Second is Profit Income which is income from buying and selling. I started a small business selling paracord accessories here in Malaysia and back home last year. It is starting to gain traction until the pandemic happens and so it is currently on hold.
The third is Interest Income which I also started last year and in fact, I consider it somewhat a success and then again because of pandemic I have to put it on hold as well.
Fourth is Dividend Income. I have been doing it for years already and I have been receiving dividends though it may not be that substantial but grateful for every peso I earned through this stream.
The fifth is Rental Income. Luckily early this year, someone rented my townhouse in Central Visayas and I am enjoying this kind of income for several months now. I am hoping that things will be better soon and intend to buy another property in my husband’s hometown to increase my earnings for this stream.
Sixth is Capital Gains which I was able to achieved when I sold my property in Luzon. It is a small, low-cost house and lot property in Luzon which I sold higher of course when I originally bought it as the value of the property increased.
Lastly is Royalty Income which is income from others using your idea. I am hoping I will be able to achieve this by publishing a book or by creating a mobile app.
As they say, the sky is the limit when it comes to dreaming. I am a person of FAITH and I have entrusted to God that He will make all of my dreams into reality!
Stay Wealthy and SAFE!