Developing multiple streams of income is a prudent strategy for bolstering your financial security and expanding your wealth potential.
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1. Earned Income
Income earned through employment by providing services in exchange for a salary.
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2. Side Hustles
Additional part-time or freelance activities pursued alongside a primary job to generate extra income, such as freelance writing, graphic design, or tuitions.
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3. Interest Income
Income earned from lending money, typically through savings accounts, bonds, or lending platforms, in exchange for interest payments.
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4. Dividend Income
Income earned through the ownership of shares in a company that distributes profits to its shareholders via regular dividend payments.
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5. Capital Gains
The profit obtained from selling an investment or asset for more than its initial purchase price is categorized as capital gains.
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6. Rental Income
Income earned by leasing or renting out properties, such as residential or commercial spaces, to tenants.
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7. Business Income
Income derived from sale of products or services, consulting fees received and commissions earned.