7 Income Sources That Rich People Have

Рет қаралды 145,330

Күн бұрын

Did you know the average millionaire has seven different income sources? How do rich people earn multiple streams of income--money in seven or more ways? How can you create multiple income streams? Most people are only aware of earned income but the truth is, in order to get rich, you must learn to make money while you sleep. Creating more income streams will allow you to earn passive income become financially independent so you can retire early or just become less dependent on your 9-5.
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Пікірлер: 142

@mylifeisamememylifeispathe3140 5 жыл бұрын

1. Earned income 2.Profit income 3.Interest income 4.Dividen income 5. Rental income 6. Capital gains 7. Royalty income

@hassaninvesting 5 жыл бұрын

Thanks for the list.

@TheRealDeborahR 4 жыл бұрын

Thank you

@matthewkania9347 3 жыл бұрын

Thank you

@kenyonbissett3512 3 жыл бұрын

Thank you!

@torfistrom4549 2 жыл бұрын

Get rid of number 4=it gets taxed to high

@CharlesPanigeo 2 жыл бұрын

My income streams are: *Earned income from my 9-5 job *Earned income from tutoring mathematics (I have a BS in math and pursuing a masters) *Earned income from adjunct teaching at my local university *Dividend from ANCSA Native corporation *Capital Gains/Dividend income from brokerage accounts *Profit income from selling trading cards

@Dogbullet Жыл бұрын

What kind of trading cards?

@savelikeaprowithleah5157 5 жыл бұрын

Super informative! Thanks for sharing!

@SharonTseung 5 жыл бұрын

Informative! I like how everything is drawn out so we understand better. thanks :) I hope to move off earned income forever and get everything else 😅

@ChrisInvests 5 жыл бұрын

Thank you! Me too 🤞

@TimRoseOfficial 5 жыл бұрын

Really great video and super informative! Liked! :)

@PenniesNotPerfection 5 жыл бұрын

Yessss to multiple sources of income! Relying on just 1 is what keeps people poor and stressed unable to ever quit working.

@ChrisInvests 5 жыл бұрын

Yes and there's only so much time in the day that can be spent working!

@angeldiamond8335 5 ай бұрын

Great categorizing, organizing and exampling!

@TheFinancialFreedomDiary 5 жыл бұрын

Very informative!

@cherrytung 5 жыл бұрын

Who’s on that FIRE journey?? 🔥🔥🔥

@AdventuresandUs 5 жыл бұрын

You know it, girl!

@KrystalToddCPA 5 жыл бұрын

Here!

@TheRealDeborahR 4 жыл бұрын

Me and im so happy

@jason113388 3 жыл бұрын

@Jerrod Digiorgi Fuk u

@adamboyd8316 2 жыл бұрын

Yuuuup

@EmpireOfRealEstate 5 жыл бұрын

Multiple streams of income is the key to financial freedom. Great video. I currently have 5 of 7 streams. Still building!

@ChrisInvests 5 жыл бұрын

You're getting there!

@OhMyGoals 5 жыл бұрын

Your videos are always enlightening and enjoyable - hope you have a great weekend!

@ChrisInvests 5 жыл бұрын

Thank you 😊 you as well

@jameslucas5590 5 жыл бұрын

The seven income types listed in this video. Earned Income - Your JOB Profit Income - Selling a product Interest Income - Interest from loans or line of credit Dividend Income - Distribution of company earnings to shareholders from stocks or mutual funds you own Rental Income - Property that you rent Capital Gains - Profit from the sale of property or an investment Royalty Income - Payment received for the use and exploitation of artistic or literary works, patents and mineral rights. Royalty income is generally of two types; royalties for the use of copyrights, trademarks, and patents, and royalties from the extraction of oil, gas, or minerals.

@economiclifestyleinvesting9884 5 жыл бұрын

Great video Chris, so far I got 4 of them and slowly working to get all 7 one day 👍👍

@ChrisInvests 5 жыл бұрын

It takes time....we keep adding them one by one!

@mikemoore6409 5 жыл бұрын

Woah didn’t realize I have all 7 already. Pretty cool. Thanks Chris!

@ChrisInvests 5 жыл бұрын

That's awesome... congratulations 🎈🎉

@NickPeitsch 5 жыл бұрын

Nearly at 1000 subs! Congrats on the success :)

@ChrisInvests 5 жыл бұрын

Thank you! Need more time now...

@feedingyouinformation2572 5 жыл бұрын

Great video Chris. Your bouta hit 1k!

@ChrisInvests 5 жыл бұрын

Yes, thank you!!

@raulgolfs 5 жыл бұрын

Profit, interest and rental is what I’m looking forward to! 👍🏽

@ChrisInvests 5 жыл бұрын

Add one by one 😀

@ShariKaye 5 жыл бұрын

Great explanations! Working on earning from all 7 sources.

@ChrisInvests 5 жыл бұрын

That's great 👍

@sanoski24 5 жыл бұрын

Currently only have 4 of these streams as if now, but hoping to grow the ones I have now in the future years! Great video, Chris!!

@ChrisInvests 5 жыл бұрын

Thank you...always gotta work on more streams!

@thehelpfulentrepreneur1148 5 жыл бұрын

Having your money work for you and not working for money is so key in being wealthy! Great video again Chris! 👍

@ChrisInvests 5 жыл бұрын

It truly is 💵

@RyanGiffin 5 жыл бұрын

So happy to see your growth Chris. You deserve it! You channel will help many people in the future!

@ChrisInvests 5 жыл бұрын

Thank you Ryan! Need more watch time still 🤞

@RyanGiffin 5 жыл бұрын

Chris Invests - Personal Finance Videos it will happen 👍

@TheEntrepreneurChannel 5 жыл бұрын

I have 4 income sources! Great video Chris!

@ChrisInvests 5 жыл бұрын

That's pretty good! Keep adding 👍

@Dogbullet Жыл бұрын

What would SSDI be under in terms of type of income?

@PassiveIncomeTom 5 жыл бұрын

Great tips once again Chris! 👍

@ChrisInvests 5 жыл бұрын

Thank you Tom 🙏

@rjmurray5128 2 жыл бұрын

Great video and agree to make your money work for you instead of just the daily grind, you can get to all 7 but one thing I have learned is to live within your means and don’t try to play keeping up with the Jones’ never try to impress anyone you don’t even know or even like. Be patient and you will get there, proudly consider myself the tortoise because the hare doesn’t always win the race.

@ChrisInvests 2 жыл бұрын

Exactly, you can't worry about keeping up to everyone. Chances are they're in debt and even if they aren't, there will always be someone wealthier.

@Arvabelle 5 жыл бұрын

It's funny that Nate O'Brien posted a similar video today! Great minds think alike!

@ChrisInvests 5 жыл бұрын

Yes I'm glad mine was first lol

@meibing4912 2 жыл бұрын

Of course great to have several streams. But for most “rich” people it takes many years to build a diverse portfolio - and a surprisingly high number only have a couple or one they rely on for the wast majority of their wealth.

@kirinnguyen2074 5 жыл бұрын

I currently have 4 of those. Working on that rental property for that 5th!

@ChrisInvests 5 жыл бұрын

4 is pretty good 👏

@khafreahmose8768 Жыл бұрын

He didn't mention "distribution income" as in income that comes from owning shares in a private enterprise. Most millionaires have sources of this type of income and, in some cases, makes up the majority of their net worth as well as their income.

@lamelobowling5552 11 ай бұрын

Many streams out there the trick is you have to have a lot of money or a lot of patience to build it up and also find good streams that haven't been taken up by companies/gov't... most deals that are available on the public market are crap.

@Thetatraderz 5 жыл бұрын

Awesome video Chris. Many people (including teachers) should set aside money every check to help build these other sources of income.

@ChrisInvests 5 жыл бұрын

Yes of course, especially since teaching isn't known for paying much 🙂

@Thetatraderz 5 жыл бұрын

@@ChrisInvests you are really close to the 1000 subs. KZfaq just approved monitizing my account yesterday, hope to be another source of income.

@meibing4912 2 жыл бұрын

Interesting fact: Teachers are one of the groups where you find most millionaires in the US.

@Thetatraderz 2 жыл бұрын

@@meibing4912 millionaire next door, I drove my used Toyota corolla for 12 years!

@meibing4912 2 жыл бұрын

@@Thetatraderz brilliant. That's how the 99% make it (sort of...)!

@MelissaShares 5 жыл бұрын

Ooh! This was a very tantalizing title, Chris!

@ChrisInvests 5 жыл бұрын

Thank you :)

@EntrepreneurInvesting 5 жыл бұрын

I have 5 of those income streams! Trying my best to have more.. eventually maybe from youtube videos!

@ChrisInvests 5 жыл бұрын

You will! Takes awhile

@OnCashFlow 2 жыл бұрын

I'm happy to say that in one small way or another, I have all of these types of income except for Royalty income. I haven't yet ventured down that path yet, but I want to try. My focus right now is creating more rental income.

@ChrisInvests 2 жыл бұрын

It's all about increasing the size of them now, right? 📈

@OnCashFlow 2 жыл бұрын

@@ChrisInvests You got that right, Chris!

@jhutt8002 2 жыл бұрын

I see a problem here... Everything except your job and royalties require considerable liquid assets to begin with. That you can only get by working for someone else, or working towards something you can later on gain royalties.

@TheMrapple10 2 жыл бұрын

You need money to make money

@charlesg7926 2 жыл бұрын

Of course. This is where you need to tell your friends “sorry, I’m not going to that house party and spending gas money, or going out to Starbucks and spending seven dollars on a freaking cup of coffee. I need to save and invest my money to meet my goals”

@charlesg7926 2 жыл бұрын

You save up every penny you can, and you use your normal 9-to-5 job to get skills and experience and knowledge (and some starting money)… And then you take that knowledge and skills to go build a business.

@charlesg7926 2 жыл бұрын

And once you’re making the big money with the business, then you take that money and reinvest it into 1) your business and also 2) buying rental real estate.

@charlesg7926 2 жыл бұрын

This is why it’s good to have a high income skill. I recommend starting with sales, that’s what I did. I created at a car dealership making lake 4000 a month or 5000 a month, until I was able to start my remodeling business

@IPONerd 5 жыл бұрын

Capital gains and dividends all the way baby! Almost at 1K Chris! Yey :)

@ChrisInvests 5 жыл бұрын

Thank you 😀🙏

@Creative7inc 5 жыл бұрын

it's all about diversifying your income sources!

@ChrisInvests 5 жыл бұрын

Yes it is 👍

@Damon-qt3fw Жыл бұрын

I sold my only rental property, nothing but headaches. Want to buy more local, but I am priced out of the market.

@happymolecule8894 Жыл бұрын

Look into a condo and air bnb it

@albertoocasio2331 Жыл бұрын

Do you recommend investing in REIT’s or REIT ETF

@ChrisInvests Жыл бұрын

It depends

@AdventuresandUs 5 жыл бұрын

Ah, cant wait to have a few incomes under my belt

@nickatic 2 жыл бұрын

Great video. It's got me thinking about planning my financial future out now.

@ChrisInvests 2 жыл бұрын

Glad it helped!

@desmondmarshall7384 15 күн бұрын

Wow, I thought this video was from 2024. It is even more relevant now, in 2024.

@OscarMartinez817 5 жыл бұрын

Upload one more video before the weekend ends bro & I guarantee you will reach 1k subscribers 👌😁

@ChrisInvests 5 жыл бұрын

I hope so!!

@MC-rz2ny 2 жыл бұрын

What about Social security benefits? That’s an income.

@dollhouseq1530 2 жыл бұрын

SSI, Disability, Room rentals are all passive imo

@hassaninvesting 5 жыл бұрын

I'm a big believer in having multiple incomes.

@ChrisInvests 5 жыл бұрын

Yes you need to have them!

@doggydogdaily Ай бұрын

1)Earned Income - A Job Exchanging Time For Money. 2)Profit Income - Money Made From Selling Goods Or Services. 3)Interest Income - Lending Money To People,Companies,Governments or Banks. 4)Dividend Income - Getting Paid A Piece Of Profits From COmpany Ownerships You Have. 5)Rental Income - Getting Paid For Owning Real Estate. 6)Capital Gains - When You Sell Something For Double The Price You Bought. 7)Royalty Income - When You Do The Job Once And You Keep Getting Paid For It.

@sarawilliam696 Ай бұрын

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my inherited portfolio of about $2.5m. I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.

@carssimplified2195 Ай бұрын

True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.

@foden700 Ай бұрын

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

@PatrickFitzgerald-cx6io Ай бұрын

My partner’s been considering going the same route, could you share more info please on the advisor that guides you?

@foden700 Ай бұрын

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

@PatrickFitzgerald-cx6io Ай бұрын

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

@dinosaur130rawr Жыл бұрын

2:50

@MidnightMoonProductions Жыл бұрын

Future millionaire by 23 🎉

@QuesttoFIRE 5 жыл бұрын

👍🏻

@jabaridockery2465 Жыл бұрын

or J.O.B...just on bills

@JadeTrading 4 жыл бұрын

Who's watching this in 2020? 🙋

@donraquel 2 жыл бұрын

🤩🤩🤩

@marbleous9170 5 жыл бұрын

Just found your channel. Just subbed. I'm a financial youtuber just starting up! Would love some feedback.

@ChrisInvests 5 жыл бұрын

Thanks. Good luck with the channel!

@dennispatterson4998 Жыл бұрын

the key is to make money while you are sleeping

@ChrisInvests Жыл бұрын

Absolutely

@MidnightMoonProductions Жыл бұрын

👍✅

@rickertcoles 10 ай бұрын

What is the best way to profit from the current market, meanwhile I'm still undecided about investing $400k in my stock portfolio to get some dvidends and minimize risk

@laportafrank 10 ай бұрын

Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals

@GeorgeNN 10 ай бұрын

Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

@rickertcoles 10 ай бұрын

I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?

@GeorgeNN 10 ай бұрын

My consultant is Nicole Desiree Simon She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.

@rickertcoles 10 ай бұрын

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

@indiansaudi93 Ай бұрын

Unfortunately "Interest income" is haram in islam

@peaceful4you408 2 жыл бұрын

From my experience, I think the best income I’ve seen is passive income from cryptocurrency. Especially if you buy a crypto mining device and mine a crypto token. That can pay extremely well.

@ChrisInvests 2 жыл бұрын

I've heard about that!