Multiple Sources of Income

 

Most of us earn income by trading time for money. In other words we go to a job, work a set number of hours and are compensated for those hours. So we trade our time for money. Keep in mind everyone has the same number of hours in a day so if you work harder or longer, you can only work up to 24 hours a day as that is all there is. So there is a limit to how much time you can trade for money.

Some of us earn income by trading money for money. An example would be investments that generate income through dividends and interest. We are no longer trading our time for money because it is working for us while we do other things.

Few of us earn income through multiple sources. This is how most people who have wealth build it. Multiple sources of income is having income coming in from different avenues that do not require trading time for money or trading money for money but a combination of many different ways to generate income.

The advantages to having multiple sources is that if one...

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