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The paycheck is the money that we get our salary or wages. Basically, there are 3 different types of income. They are:
a. Earned Income
b. Passive Income
c. Portfolio Income
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Earned income or paycheck is the income that we get by working in a company or in someone else’s business. We received the paycheck at the end of the month for our services and time rendered. So, our time and effort are comparable to our salary but most of the time we feel that we have lower than what we are meant to get.
So, we operate progressively difficult with the hope that this workplace will pay far more or increase our salary. Then what is happening after we get this earned income? We pay our bills and other expenses. Then we have left with a small amount to spend. So, we could say that our acquired revenue is directly proportional to our actual engagement and time in addition to it is very limited. By working for other people’s enterprise, we are not able to get a lot of cash or get rich.
Alternatively, acquired revenue will be the safe strategy to generate income and less risky whenever we can compare to other methods of generating income because there is absolutely nothing to consider a good deal. So, many of the work will get accustomed to being considered a schedule and days will end up no longer be a demanding existence. Then, it could lead to a life of being trapped in a rat race.
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Passive income is the income that generated without physical involvement of us. We do not have to work to get this passive income. Some instances are renting of our own flat or apartment, trading merchandise as in wholesales or retailing, selling product or service, etc.
There are a lot of ways to generate passive income. The extra edge is you work for yourself and never for any individual else if you assess with the residual income to gained income. The outcome of our job is only for us.
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Portfolio income is most likely the same as passive income. This income is generated from paper assets like the connection and shares, unit trust, deposits, etc. So, we must have the fiscal knowledge to obtain this profile earnings.
Furthermore, generating income from this category without proper financial education is very risky for everyone. It pays to cast your financial net online, where possibilities abound, – ways to Make Money on the Internet From Home.