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I bet you've often heard that the average millionaire has an average of  streams of income constantly flowing into their pocket but if you didn't you're welcome however the average person has only one stream of income which almost always happens to be their job well your grandparents maybe been able to survive on only one income source in the past years it's nearly impossible in the times we're living in now in today's video we'll be sharing with you the  types of income the average millionaires have and give you tips on how you too can have them

earned income earned income is money earned from working or by spending time on a project this could be earnings from your job salary from working for someone or contract payments it also happens to be the most common source of income all in all earned income happens to be the base of all self made millionaires these earnings give them the boost they need to pursue other income streams which we discuss later while sustaining their lives you'll find that most millionaires are CEOs in multiple companies which doesn't necessarily mean they own the company but instead are employed to work in that role as for the regular persons earned income could be from your job or even from freelancing always keep in mind that job refers to just over broke meaning what you can learn from them is only enough for your bills and to keep your blood there's also a maximum on what you can make from jobs as they depend on individual capacity for example we only have 2004 hours a day if you get a job with a maximum wage rate of $30 an hour working 10:00 hours a day you can only earn $300 there's no possible way of getting more than 2004 hours a day to work and increase your income get one I mean this sort of income is limiting in time and capacity you won't be able to increase your output is one person because you can only do so much in a day. Hey also this income source tends to be the highest tax with an average tax rate of 40 percent the U. S. meaning almost half of your income will go to the government G. I. X. most people settle with their jobs and their wages create a comfort zone which holds them back from their full potential once the comfort zone is created they settle for their paycheck and anything that's our passes that will be paid by their credit cards thus creating more problems it's almost impossible to become a millionaire from just your job paycheck unless you invest wisely and the choir the other income streams we will share with you in a minute.

profit in camp this refers to earnings acquired from selling a good or service for more money than it costs to make it this can either be wholesale retail distribution or manufacture level forgets today it's so easy to create this channel of income with the tools available online you could start off with a small investment for large amounts of capital depending on the available funds this income stream requires one to adopt the entrepreneurial mindset at first it may be time consuming before you get the grasp of it all but with time it's well rewarding whether you choose to do it online or physically profits is an income stream can really boost your earnings and make you a millionaire within a short time however this happens to be risky and making the wrong move can create many losses to avoid this insure you do a lot of research on the products or services you want to sell higher expert consultants to guide you through the product development marketing and finally ensure funds are managed accordingly especially within the first year they say most businesses closed down within the first year of operations one of main reasons behind this is due to poor financial management use apps or even hire a proper accounting for financial manager if the capital is available to ensure this doesn't happen to you for many people profit income and earned income happens to be the only sources of earnings that they now they tend to forget that their other 5 viable streams they can earn them some serious money I hope you're taking notes let's proceed Challis

 interest income now this isn't a common income stream but again millionaires aren't so common this turning comes from lending money in exchange of some interest this could be by saving money in the bank 3 treasury bills given to the government or by lending someone money which we do not really recommend it happens to be one of the most secure income streams but it comes with a catch because the return rate is also the lowest interest rate could be between 1 and 5 percent making it the least attractive however don't dismiss it just yet this income source doesn't need you to be actively involved in the investment which makes it a great pass. Active income source it also happens to be the least risky most people doubt this income stream but when you do consider the power of compounding and the fact that it really doesn't need you to do anything it can easily beat the first 2 income streams discussed above it's also the least involving channel making money and one of the most secure.

dividend incomes now it's about to get really interesting this is one of the best income streams one because it's passive and it also makes the participant A. K. A. U. a shareholder of the company so how does it work when you buy some shares the company's signs them to you and gives you the shareholder tax a shareholder is the co owner of a company depending on the company's policies you'll be paid in dividends either quarterly or yearly dividends can be defined as the percentage of returns earned from the shares of the company now here's the best part you can end up paying 0 tax on this income how do you do that well if your ordinary income is less than $38600 a year you qualify for 0 taxes on your dividends earnings if you are however more than $425800 a year your tax rate is about 20 percent which is still much lower than tax from earned income which also happens to be among the lowest tax rates as good as it sounds it's really underrated and often ignored by investing smartly on blue chip companies you could easily earn so much money considering you'll also learn from the capital gains in the share price this right here has to be one of the best ways to generate a healthy cash inflow and becoming a millionaire but let's first go through all the streams so you can see what best suits you.

rental income this is the income acquired by renting out an asset owned this could be office space parking space home or even a whole building the property rented could be commercial or residential a few years ago venturing into this sort of investment required massive investments in capital back then you would need to buy a house or an apartment for you to lease it out for income however today people are making millions of dollars by leasing homes then releasing them on platforms like Airbnb or booking.com all you need is in agreement with the owner of the home well this can only be duplicated on residential properties I believe that very soon with increased innovations in this space it will be possible to earn rental income from other property types this is one great way to add some zeros to your bank account.

capital gains this income is also quite popular compared to the rest on this list it is the income generated as a result of incremental value of the owned assets for example if you buy shares at $100 each then after a couple of months you're still the same shares for $120 the capital gains is $20 or you buy a house for let's say $40000 and sell it 5 years later for $950000 the capital gains there would be $450000. The most common types of capital gains or stocks and real estate property but there are several other assets that can earn you this income the best part about this income stream is the tax rates are relatively low you could pay as low as 10 to 20 percent in taxes from income generated this way depending on the amount or in some cases this tax you go as low as 0 with this stream of income you increase your net worth while at the same time paying the least legal amount in taxes if this isn't a great way to become rich I don't know what is.

realty income this is the income source that clearly defines what passive income is all about the earnings are made even after once work is done to generate this sort of income you'll have to create a unique product a concept for a process which will later be used by other people at a fee by letting other people use your creations they do the hard work and pay back a small percentage of their earnings to you for example an artist whose music is streaming on Spotify learn some royalties at the end of a given period based on how much is music is played today venture capitalists running through this channel a lot if you want shark tank in other business betting series you'll notice most deals and with the royalty price on each commodity sold. Another example applies to franchises for example if you open a subway franchise you will pay in some royalties yearly reusing their marketing strategies processes and logo writers get paid for every book sold by publishers another great example is JK Rollings earnings on the Harry potter series she gets paid for the use of a book characters in movies or any other merchandise however this sort of income is one of the hardest to make the reason being you have to create something that's really unique and isn't easily replicable it requires a set of special skills to create such assets but once done the earnings are unlimited those are the  types of income the average millionaire might have not all of these income streams might be in their portfolio in fact some people have become very rich millionaires or even billionaires by mastering one or 2 of the methods above. One of them is Warren Buffett who became a billionaire through capital gains and dividends he chose to focus on capital gains on companies within the stock market one more billionaire who has a few streams of income is Bill Gates he made his empire through profit earnings and royalty income through his asset windows there are so many other examples of millionaires who chose a few of the income streams listed above but one thing's for sure none of them have become wealthy through earned income we're not telling you to leave your job but to start thinking out of the box of the  streams listed select those that suit your lifestyle those that you are good and then becoming the best you can be in that niche don't be afraid to try something different today you never know it could be life changing for your family and your generations to come
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