Episode 75: Different Types Of Income Streams & Ideas To Increase Your Income
Have you heard that the average millionaire has 7 streams of income? Well you heard right! On this episode of the podcast, I’m discussing the different types of income streams and sharing examples for each of them.
"The average millionaire has 7 streams of income."
Ideally, your wealth building strategy should be based on a combination of four actions taken consistently that I would describe as the four pillars of wealth building and they include:
1. Reducing your expenses (debt, living expenses etc)
2. Budgeting properly
3. Increasing your income
4. Putting your money to work for you the right way
Increasing your income allows you to pay off your debts faster, save more and invest more. It can greatly accelerate the time it takes for you to accomplish your financial goals so much more than if you were just solely focused on reducing your expenses.
So listen in to learn about the types of income and different avenues through which you can increase your income and accelerate your wealth building journey.