RICH PEOPLE- is the key to wealth passive income/being your own boss?
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I mean... Running a business is not "passive income". It's hard work and expensive and it usually takes a few years to break even, let alone make a profit.
There is a major difference between business income and passive income.
What are your business ideas?
@Brittany can you explain? Can’t a business become passive income?
It’s not technically called business income, I said that to draw a difference. The correct term is earned income. Examples of earned income from a business you own would be: 1. Selling goods • homemade items, etc. 2. Selling or providing services • hair, nails, etc. Whereas passive income would be: 1. Royalties 2. Stocks / bonds / annuitants / financial investments 3. Rental properties are typically considered passive The average millionaire usually has 7 streams of income
Think of passive income as money you receive for little to no work and earned income as something that requires continual effort to receive like a job or a business you own
Runny a business is not for the weak
@Brittany working in the card trading world, so helping people with loads of cards figure the value and find buyers so they wouldn’t have to essentially…so the middle man. I’ve also begun making digital education posters.
That sounds like a niche market so you’ll probably do very well if you have strong marketing and consistency throughout your work. Prioritize getting and being referred to the people that need your specialty. Networking will be the key for you to be successful. This type of work would be considered earned income.
lol I’m not rich, but I have been self employed for over 6 years now. It’s super rewarding if you’ve got passion for what you’re doing & general work ethic. Being your own boss means no days off at first even if the end goal is passive income. Write a business plan up, show your serious & have passion & commitment & a plan laid out.