3 Different Types Of Income That You Should Know About !

 Some of you will might not able to digest this article, but if you are not able to accept the truth, still, "the truth will not change".

Hello friends! I hope you all are doing great in your lives and working hard for your dreams daily.

Today we are here to discuss "3 types of income that we all should know about". I know that most of you must be aware of active income and some might also be aware of passive income. But actually, there is one more type of income. And those who are neither aware of active nor passive income, no worries I am here to help you in this. I will start from zero. And instead of explaining it with some kind of fancy words, I will try to keep it simple as much as I can. So be ready to go into this.

Types of Income:

1) Active Income: It is the income for which you work daily. For example, a person A works in a company and get a fixed pay at the end of the month, that income is known as active income. Salary, hourly wages, commissions, and tips are examples of active sources of revenue. In the case of active income, we trade our time to earn money.

2) Passive Income: It is the income for which you have to work harder but if you keep working in this field then in long term, your hard work goes down and your profit goes up.

Let's try to understand it with the help of examples.

 Suppose, a person B has written a book, for writing that book he has done lots of sacrifices and lots of hard work, he has spent lots of time in improving himself and maintaining the community that now know him very well, and now when he has published his book, all the person (from the community) who trust on him because of his honesty towards his work, will surely buy that book.

 And slowly and steadily he will become famous, and maybe in future he will write some other books too and even when he will stop writing the books, he will still get the money for each and every purchase of that book. So this kind of income is passive income.

And this is not the only way to earn passive income, there can be many ways like you can buy a property and start earning money through rent or maybe something else. 

The easiest way of earning passive income in this information age is through your intelligence, you can earn through your intellect by providing some service to the community, it can be through either blog, a youtube channel or through any other content creating platform. You can help others by sitting at your home, and will also get paid for this, but this will work only when you will be honest with your audiences. But let me clear this, that earning a passage income through content creation is a long term process, which requires consistency, honesty and lots of patience. 

Now as we have a good understanding of active and passive income, now let's assume a scenario where a person let's say 'Y' is doing great in the field of active & passive income, and that person is connected to lots of people. That person 'Y' is actually contributing to society. 

In that case, people would love to take personal classes or personal suggestions via one-to-one discussion and also, as 'Y' is a HUMAN, right, so he can't manage everything on his own, in that case, he can broader his vision, and can start providing employment to people, that people will work for him, and then he will only need to focus on his work and need to continue improving his skills. 

Taking personal classes, or personal discussions for the people who are really inspired by his work will keep him motivated to work more and also will help him to earn extra money.

3)Leverage Income:  The scenario that we have discussed just above this, is the case, where a person can earn money when someone else works for him and he gave a salary to that person and then take all the other profit, that is known as leverage income.

Now I am 100% sure most of you might be thinking, wait Kratika wait, it's not realistic, vapas aa jao kis duniya m pahuch gyi ho...hahaha..., but wait guys wait, I am not telling you a fictional story, must check the story of Ankur Warikoo, he is an entrepreneur, a teacher, a content creator, a mentor. Previously he worked for active income only, but now he has sources of passive income and also he has achieved the third level too. If he can achieve all this, then why can't we? But I am sure, most of you must be thinking that it might be possible that Ankur Warikoo, belongs to a rich family, or he might be very smart. But let me clear your doubt, he belongs to a lower-middle-class family, still, he made it today. Recently, he has written a book too, named: Do Epic Shit! And this book is currently the #1 bestseller in India. This is the power of people, this is the power of this information age. This is the power of compounding.

I am not saying that achieving all this is easy. I know it's a long term process, and we need to invest lots of months or years to achieve something like this. But I think if you can start thinking ad start taking small steps towards the ocean of opportunities then might be possible that you will not be millionaire in long run but I am 100% sure that you will totally be a different person, and will surely achieve something great in your life. This is the game of mindset. You can have a rich mindset even if you don't have money and also you can have a poor mindset, even after having lots of money. So the choice will be yours. 

If you are free for a while then you can check these 2 videos of Ankur Warikoo, after watching these two you will realise the power of honesty, consistency and patience.

First, would be Ankur Warikoo was lost at 24. After watching this video, you might able to relate you life, your insecurities, your financial issues with him. And second video would be, How much Money did Ankur Warikoo make in 2021? I highly recommend you to watch both these videos till end, I am sure you will get some hope. You will get some inspiration, you will learn one of the greatest lesson, that you are not only the one who is facing failure,or you are not the only one who has achieved nothing till yet, but there are other people too. And if they can start again, then why can't we. We can our journey again and again, and it's totally fine to fail, it's totally fine to feel low, this happens with everyone.

The only thing on which we need to focus that always stand again as fast as you can and start working.

If you are interested to check his book, then here's the link: https://amzn.to/3pE6PdL

A BONUS QUOTE AT THE END:

"Turning problems into opportunities and get rich doing what you love.

It's an amazing systematic approach towards taking a passion into implementation."

Thanks a lot for giving your precious time in reading this. You can check my channel too for some informative talks, just click on my name: Kratika Dixit

Feel free to connect with me via Instagram-> krati_writer

Will meet soon with some other interesting topic. Till then keep working hard for your dreams!!!