After my skiing accident, I began to study how millionaires make their money. One of the things that stood out to me was the fact that most millionaires had multiple income streams.
I understand that this idea of having new income streams sounds like a great way to live. But many people go through life and struggle to try and figure out how to create a single income stream, let alone more than one.2. interest payments
If you’ve started any businesses on the side of your regular (9-5 job), aka “side hustle,” then any income received would fall under the business income category.
More than likely at some point in your life, you’ve put money in a savings account or CD. If so, then you earned interest on your money which is a form of interest income.
If you own shares in a company (stock), then you’re considered a part-owner. For instance, if you’re a Tesla stock owner like I am, then both you and I have ownership in that company.