RE: Why A Starting Entrepreneur Shouldn’t Focus On Multiple Streams Of Income Yet
1 Min Read
Great read. Here's my take:
If you mean "having to start various businesses in different industries at the same time", then I agree with you 💯
That is if we're only talking about the Active Income streams:
- Earned Income
- Profit Income
But if we include the other "Passive Income" streams, then I would disagree.
- Interest Income - we get this money just by depositing/staking. You can just leave it alone and you'll see your money grow when you come back.
- Dividend Income - our goal in doing business is to set up systems in place so that it will keep operating even without our supervision/management/attention. By then, your business will give you the sweet juicy Dividend Income.
- Rent Income - Buy assets and rent it out. It is normally for Real Estate assets, but now we can do it with our Splinterlands Assets such as Cards and run with splex.gg to make it passive.
- Royalty Income - If you are good at doing something, you can make royalty out of it. Me personally, I sell Excel Templates on web platforms and I consider this as royalty income. I just do them once then money flows from time to time.
Passive Income streams require little to no attention unlike the Active Income.
I am starting a business, but I still have my Interest, Rent, Royalty Income coming in. I don't spend much time for them.
Dividends will start flowing when I don't have to reinvest cash anymore.
Thank you for sharing your knowledge.
Posted Using LeoFinance Beta