Hi! I’m Serena. Today I’ll be talking about income. We’ll cover how you can increase your income, too. So, let’s get started.
On Money Not Magic’s holiday workshop(12/30), we learned about different ways to earn income. And by doing so, five of us gave our own presentations advertising a product/household item we made. Afterwards, there was a google form everyone filled out, depending on how much money they’d give to each person for the product advertised. We also learned about active and passive income.
ACTIVE INCOME : refers to income received from performing a service and includes wages, tips, salaries, commissions, and income from business in which there is material participation.
PASSIVE INCOME : earnings derived from a rental property, limited partnership, or other enterprise in which a person is not actively involved.
I have to admit, I had never heard about these terms before, so this workshop was very interesting, unique, and helpful to me. After the workshop, I ended up researching more about ways to maximize and increase your income. Here’s what I found.
WAYS TO MAXIMIZE YOUR INCOME:
Open a side business
Make money with your hobbies
Find a way to build a passive income stream
Ask for a raise or promotion in your job
Sell old or used items on eBay, Amazon, etc.
And that’s it for The Personal Finance Guide #2! Thanks for reading, and see you next time!
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