I talk about 3 types of income today. The 1%ers understand these. You want money that is indestructible, money that you earn while you sleep, and money that will outlive your body. To get there, you have 3 types of income possibilities:
- Earned—the money you make at your job
- Portfolio—stocks, bonds, mutual funds—paper that you exchanged with money earned from your job
- Passive
Real Estate would be passive, but make no mistake, it’s not completely passive unless you’re investing with me. Passive income is defined as “Earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not materially involved.” Passive means you are not involved, but most real estate investors have to be involved so it’s not as passive as it sounds.
One thing you need to do is never hate on any income. Nobody goes anywhere without earned income first. If you can’t figure out how to increase #1, you’ll never have #3. Get my Millionaire Booklet for free and get started earning your wealth today.
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