A money changer counts U.S. dollar banknotes at a currency exchange office in Ankara, Turkey November 11, 2021. — ReutersAs inflation soars and the cost of living skyrockets, most people are beginning to find that their jobs just aren’t enough to cover their expenses. So with your limited time and your nine-to-five, how can you increase your income?Most millionaires have seven streams of income, Forbes reported, citing Yahoo Finance. 1. Earned incomeThis is the income you earn from your job or paid employment. You’re usually trading your time and skills for money. The biggest upside to earned income is that it is usually reliable and consistent and can cover your basic living expenses or parts of it.2. Capital gainsThis is the income you receive as the profit from selling assets, such as real estate, art, or cars.3. Interest income A common source of supplementary income, interest is usually generated from bank accounts and bonds. However, interest income is dependent upon inflation.4. Dividend incomeThis is a type of passive income you can generate by owning stocks that pay dividends. Its upside is that it is profitable and acts as a partial buffer against declining prices of assets.5. Rental incomeThis is income you can generate by renting out properties such as office buildings, houses, or apartments.6. Business income For many people trying to maximise their income, owning a business comes in handy. There is unlimited earning potential from business income.7. Royalty incomeIntellectual property, such as trademarks, property, or patents, can help prove a reliable and steady source of income. However, how much you earn is based on monthly sales.However, it’s important to remember that building these streams of income takes time. You’re not going to start making money from them immediately. Moreover, another way to make money if you feel these streams of income won’t cut it for you, is to try a part-time job.
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7 streams of income you must know about in this economy
