In step 32 we looked at a quick overview of the 7 different income streams one can build, and in these next 7 steps we are going to look at each income stream in turn, to analyze possibilities of (further) developing each possible source of income. You shouldn’t however feel that you need to take action in all 7 areas, instead the main purpose is to make you aware of each income source so you can decide what works best for you.
Let’s start with the first income stream, which is your earned income. Most people get this from working for somebody else, although if you are an entrepreneur you might also receive a regular wage from your own company if you are taking a salary.
A key feature of earned income is generally that you are paid for your time, be that time you spend in the office, working from home, at conferences, at clients’ offices or wherever your job requires you to be. Generally speaking the more you work, the more you get paid: if you go from part-time to fulltime you get paid more, if you work extra hours you get paid more and by taking on a management role which might require more time (as well as extra responsibilities, experience and whatever else), you also get paid more. Continue reading