In today’s episode I’ll be talking about an exciting topic - what happens when you start making money in the markets? What ways can you generate income streams outside of trading with your profits? We’ll dive into principles of income generation, active and passive source ideas, and I reveal all my income streams on this show.
Let’s start out by the only two ways you can use to earn income, and it’s important to understand which one will work with your lifestyle at the moment.
There are also only two real ways to actively earn income
Trade your time for money
This is where most people make their “income”
These are salary jobs that pay you fixed annual income
In exchange you offer your time, your health
You exchange what ELSE you would rather be doing
The perception here is that “risk is low”
Financially, there is a low risk
BUT you are also giving up all and any opportunity to make MORE
NOT ALWAYS - look at Bezos, as CEO he traded his time, for LOTS OF MONEY
But his net worth DID NOT grow from his salary, but his equity stake - which is an investment in Amazon stock
Trade your money for the opportunity to make more money
This is how generational wealth is created
We will all need to become investors at some point
Especially if we become great day traders (make lots of money with small money)
In the graphic below, courtesy of MotivationalSpeaks.com, you can see a comparison of how the wealthy spend their time and money, compared to those people without the money mindset habits. I don’t like the word “poor”, but I think the graphic really helps you compare the mindset of each type of individual.
In the episode, we also discussed some active and passive sources of income. These are just ideas, and by no means an exhaustive or complete list.
This should just get your gears turning and get you thinking. The most important thing to consider is what type of income source will work for you RIGHT NOW. It takes time and grinding with active sources until you can accumulate some savings to put the money to work. However, we are always working actively - at any stage of our career and life.
Flip retail products
Start a drop shipping business
Create an app / business
Create a blog or YouTube channel
Rent out your home short-term
Rent out useful household items
Provide work on freelancing website
Monetize your hobbies - photography, video editing, etc
Purchase private company ownership stake
Advertise on your car
And lastly, here is my personal list of income streams at the moment. I talked about each in detail, and how I plan to expand the streams in the upcoming year.
My Personal Income Streams
Shareholder in private businesses - capital gain and royalty streams
Shareholder of TRADEPRO Academy - active income stream
Crypto node ownership
Stock market portfolio - outsourced
Affiliate partnerships for products I SUPPORT! Never those I don’t.
That is all for this episode, I hope you enjoy the listen and learn a ton.
No matter what stage of life you are in, there is always the opportunity to earn more income, and plan your next big ideas and investments.
Thank you for supporting our podcast; I wish you health, happiness and great trading!
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