7 Sources of Revenue You Can Set on 2023

Posted date: 06/01/2023 11:14 PM

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Being rich and being wealthy are two different things. Many people misinterpret these two things because of the unawareness about the wealth. You might have gone through another article published by me before in which we have discussed about the 10 major habits cultivated by the successful people to make themselves wealthy. Out of those 10 major habits, the most important habit they cultivate is, they develop multiple sources of income.

Among their successful principles, saving is a small formula where as “investment” is the greatest fundamental and out of which they establish multiple sources of earning.

Why they like to invest rather than saving?

Just dive a bit deeper into the formula of savings. In which way an average person saves? Either it’s a bank saving with 3–4% annual interest rate or a fixed deposit in bank with 5–6% annual interest rate or a long term traditional insurance savings plan or something similar to that. But have you ever calculated the inflation rate over your savings? ’t’s a “no” for most of the average people.

Let me explain. If your gain in annual interest is 3–6% and the annual inflation rate is 6–8%, then the valuation of your saving is -2% in a year. That’s why most of the successful persons like to invest the amount of money they save in a new venture to create another income opportunity.

The famous American businessman Bill Gates has 14 sources of income while Warren Buffet has 17 sources of income. Jeff Bezos and Mukesh Ambani have more than 10 sources of earnings. Study reveals that average millionaire has minimum 7 sources of earnings.

You can find all the 7 sources of earnings here and co-relate yourself which will be beneficial for you in establishing new opportunities.

1. Business Income: Here business denotes to the jobs or profession or business. You can say it the core profession or the primary source of earning.

2. Dividend from Stocks: As we have discussed earlier that they like to invest rather than saving, most of them invest in stocks and they choose the stocks depending on the market condition. They usually choose the stocks very wisely from the fortune companies and hold it for longer period. And along with the growth in the valuation of the stocks, they also earn dividend every year without doing anything.

3. Interest payment from Bonds: Similarly, they buy some valuable bonds and hold it, out of which the capital gain occurs from the interest.

4. Capital gain from Asset Sales: Assets is something which makes revenue for you, either you hold it or sell it. If you hold it, you will earn from the rental and if you sell it, you will earn directly from the valuation.

The important thing is that after selling of the assets, average people enjoy it by spending and successful people invest it for creating new opportunities.

5. Royalty from Intellectual Properties: These are the earnings which are not visible at all or a bit. But these are the most powerful properties as these are the immortal properties. Actors, singers, authors and artists belong to this category as they earn royalty from their works.

Kishore Kumar, Lata Mangeshkar, Micheal Jackson, Amitabh Bachchan, Brian Tracy and many more falls into this category as they made their work immortal and the royalty income will be there for generations whether they will exist in this world or not. You must find most of the successful person having either of these properties.

6. Rental income from Real Estates: It’s already being discussed in the 4th point. You can buy real estate properties once and earn from rent recurrently. That’s why most of the wealthy people like to buy real estate properties in stead of save the money in a traditional savings scheme.

7. Earned income from a career, consulting, coaching or training: It’s again a kind of intellectual property, but the only difference is you can’t generate royalty income from it as it depends on your presence. You have to be active in such conditions. But the earning potential is much more than the royalty income from the intellectual properties. As the time and effort can be multiplied in this method and everyone can monetize their knowledge by learning few skills.

Out of these 7 sources of earnings, I have already established 4 sources and committed to set up the 5th one in 2023.

What are those?

Obviously, the first one is applicable for all, i.e. the Business Income. The second one is the dividend from stocks as we hold some stocks of fortune companies. The third one is my “Books” from where there is a constant inflow with or without my presence. And the fourth one is “Coaching & Training”. We run “Train the Trainer” program and “Personal Branding” program at our digital coaching platform “My Digital Gurukul”

If you are the person who can add one more source this year, you are most welcome to join our closed community here for FREE. We will be happy to take you on board.

You can also be connected with us on Instagram and LinkedIn.

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