Over the past few months I’ve gained a newfound understanding of self-worth.
I used to break down my money into two categories; salary and savings. The process was very simple. To make an income, I provided my time and skills in exchange for money. I would then keep a percentage of my bi-weekly paycheck for myself and put the rest of it into a savings account.
The key to making more starts with a higher level understanding of wealth, and the two different ways we define income.
The First
is active income. This is your full-time salaried or part-time hourly job. It also umbrellas side hustles like freelance work, Uber driving, Fiverr gigs, etc. It is the process of trading your time for money.
The Second
is passive income. These are earnings that may not require as much hands on work, including investing, real estate, e-commerce, royalties, etc. This allows you to have some financial flexibility outside of your 9–5, without having to necessarily be present to reap the benefits.
The Secret To Financial Success Is..
understanding how to build up multiple revenue streams combining both active and passive income.
A lot of people settle on their career salary, or sit on it for a decade before making a move. If your ambition is to be average, then that mindset is fine. But to be in the top tier of wealth, you need to start figuring out different ways to make money simultaneously.
Right now I am operating on 4 income streams:
Full-Time Marketing job
Medium Partner Program
Freelance Writing
Savings Investments
By the end of 2020 I hope to have added at least 4 of the following to that list:
Personal training
Paid surveys
Business or real estate investing
Robo adviser investing (Betterment, Acorns)
Book sales
Ghost writing
Educational webinars
On their own, these income sources are good, but rather modest. When combined, they elevate me to a different level of success.