Wednesday, October 16, 2013

Three General Ways of Earning Income

Most people desire to earn more income, have more free time, and have the best of everything. However, most people only reach up to the desire and they do not exert any effort in learning how or creating a plan on maximizing their potential earnings.

The following are the top three ways of earning income:

1.       People make money by trading their time. You have a job and each hour that you spend working is equivalent to a monetary value given by your employer. You spend around 40-70 hours working per week and if you are in Iloilo City, Philippines, you are earning a minimum wage of P277.00 per day. Imagine what would happen if your sole source of earnings dries up and you have no other ways of earning.

2.       People make money by letting their money earn money. You can invest in stock markets, real estate, and pension plans. A small number of the population get involved in this and they become very successful. However, this involves a greater risk and a greater knowledge in terms of interest rates, fluctuations in the market, and other factors.

3.       People make money by leveraging time through others.  Leverage means earning more through other people’s efforts.

Among the three ways of earning, which do you prefer? Feel free to share your comments on the comment box.

To Your Financial Success!

Lornajane Altura


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