Income is the revenue that a person or a company earns in exchange of offering his services or products. Or it is the money that an individual gets in return to his work done in the form of a job under someone’s control.
Majority of people depend on job to get their income as everyone is not capable of starting their own business either due to lack of money or knowledge.
Only 5% of people in India run their own business and 14 % of the U.S population established their own business.
Depending on the amount of work done and time spent, the income is broadly classified into two types:
Active income is generated as a result of active involvement in work. The person should keep on working to get earnings in this type. The income generated through job is one of the type of active incomes.
For example if a customer support representative works for a month continuosly and receives his wage and if he stops working, he does not get any salary refers to an active income because his active participation is necessary for him to get his income.
Passive income unlike active does not require active participation always to earn money. You may have to work hard for starting few months or years later on with the minimal amount of work you keep generating revenue without any boss’ compensation. All you do is put own efforts and collect profits forever thereby granting you financial freedom.
Here are some of the passive income strategies that you need to keep in mind to get success with passive earning methods.
You want to act smart, you have to explore what the smart people do! You have to understand that you cannot follow the crowd. You need to find out the way out through the crowd. Then you can succeed with whatever venture you’re trying to run online. Let’s explore how to make smart moves and get the right things done in due time.
There are many passive income sources. If you are looking for investing and need ideas about best passive income investments, then here are few of them:
Passive Income Ideas 2019 What is passive income? Many of you must already be aware of what passive income is? It is a type of income which keeps paying you