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Make Money By Teaching English Online
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Book Synopsis Make Money Teaching Online by : Danielle Babb, PhD
Download or read book Make Money Teaching Online written by Danielle Babb, PhD and published by John Wiley & Sons. This book was released on 2011-01-06 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: Did you know you could teach from home and earn a six-figure salary? Thousands of people make a great living teaching online courses from home, and the more classes they teach the more they earn! If you want into this exciting profession, this guide will show you how to get started, find great jobs, and earn more than you thought possible.
Book Synopsis Make Money by Teaching English Online by : Dave Kessel
Download or read book Make Money by Teaching English Online written by Dave Kessel and published by . This book was released on 2013-01-11 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is English your native language? Do you want some extra cash? Do you want to make a modest living? This booklet explains how you can make up to $500, $1000, $1500 or more a month by teaching English over the Internet to people in other countries. It teaches you how to get students, how to find numerous online languages schools that aren't even listed in English language search engines, and how to become a professional online instructor. The beauty of this book is that the author did it himself for three years and has experienced all the pitfalls that this fun new profession may present. By following his step-by-step plan, you will soon be able to make money online without having to go through the same hardships he went through.Whether you are a senior citizen wanting to supplement your social security income or a pension, a young student who wants to make money while in college, a retired military person or an expat living in a faraway land, this guide is for you. There is no reason to be jobless, or to work a job you don't like.Become a successful online English teacher today!
Book Synopsis The Teaching Millionaire by : TeachRightNow.net
Download or read book The Teaching Millionaire written by TeachRightNow.net and published by TeachRightNow.net. This book was released on with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Turn your laptop or home computer into a money making machine... Do you want to make money online? Do you want to work from home or any place you chose to? Do you want to quit your 9 to 5? If you answered YES to any of these questions, then this book is for you. With The Teaching Millionaire guide, you'll discover How Anyone Can Teach Online and Earn Money. Whether you are new to teaching or a seasoned teacher, this valuable book will give you the tools, strategies, and techniques to help you get started with lucrative opportunities. In this book, you'll learn: How to setup your online classroom Strategic ways to pass the interview Clever ideas to help you negotiate your salary ESL secrets that'll turn your first time students into raving fans Easy to use classroom techniques to get your students to love you And much much more! For your chance to get a FREE gift card of your choice, check out TeachRightNow.net. FREE fill in the blank teacher comments to help you get started are included. If you're ready to have the freedom you desire, then DOWNLOAD this book now!
Book Synopsis Make Money While Traveling by : Kellee Gallion
Download or read book Make Money While Traveling written by Kellee Gallion and published by Independently Published. This book was released on 2021-08-13 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you're an English teacher or a native English speaker that have a dream of traveling around the world and earning money by teaching online at the same time, this book can help you to make it comes true. It explains the job qualifications, how to get hired, and how to travel the world once you've got a job!
Book Synopsis Teaching Languages Online by : Ingo Depner
Download or read book Teaching Languages Online written by Ingo Depner and published by Independently Published. This book was released on 2018-10-19 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: A complete guide to becoming a successful online language teacher This complete guide will take you from zero to your own online business. You will learn where to start, how to teach interesting lessons and what to do in order to attract potential students. "Teaching Languages Online" is perfect for you if you want to: get step-by-step instructions on how to start an online business teach English or your native language online and become your own boss- earn an extra income from the comfort of your home become a digital nomad and make a living anywhere in the world teach in any capacity: full-time, part-time or just occasionally- have students contact you rather than you looking for them "Very practical, useful and specific for language teaching online. It covers all aspects of teaching from the technical to the specific methods, online tools and great materials for classes." - Irene S Experienced teacher? Or never taught a lesson? This course covers everything you need to know You will learn how to rank high in the search results of the world's largest marketplace for online language teachers. This ensures that a constant flow of students will be sent to your profile. Once they book a lesson with you, the course has you covered: it includes materials and resources that you can use in your lessons in order to provide your students with an interesting, enjoyable and relevant learning experience. You will also learn language teaching techniques that will make you a confident online tutor. "The course is comprehensive and gives insights on how to become a successful teacher on italki, a very popular online teaching platform. It's certainly the right place to go if you want to become an online teacher and this course will help you to succeed." - Audry Candida Da Silva The focus is on providing the hands-on practical skills necessary for online teaching How to know what your students' goals are and structure your lessons accordingly How to teach efficient grammar lessons and where to find the right resources How to correct students mistakes efficiently without embarrassing them How to help your students become fluent in the language they're learning "Ingo sets himself as a clear example of an online teacher who knows what he is doing. 5 stars!" - Daniel Moríñigo Rodríguez Are you ready? Then enroll in this course right now and soon you'll be earning money online!
Book Synopsis How I Earn $1K a Month As an Online ESL Teacher by : Nicholas Nebelsky
Download or read book How I Earn $1K a Month As an Online ESL Teacher written by Nicholas Nebelsky and published by . This book was released on 2018-06-26 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Would an extra $1,000-$2,000 help you pay some bills? Are you looking for an extremely rewarding and fun part-time job that pays $16-$26 an hour that you can do at home? Then teaching online ESL (English as a Second Language) might be your golden ticket. The ESL market is booming right now, especially in China where for the past year, I have been teaching over 1,000 classes for more than 4,000 students. Imagine playing games, singing songs, and laughing every day while earning lucrative pay, plus earn weekly bonuses and even get paid for not teaching! That's right, you even get paid what is called "Standby pay." This book is a fantastic, step-by-step account of what I did to find, apply, and get hired in one of the best part-time jobs I've ever had. I cover everything you'll need to do to get hired and start earning great pay. It's like having your own job consultant in your ear as you apply. With more than 25 lessons inside, you'll learn countless ways to make a great impression and win over your interviewer's heart. Teachers who speak authentic English are in high-demand and it's great steady income. Take what you learn in this "course" with you on any job interview. It's that important!Buy one book for you, and one for a friend. I look forward to you joining our special group of dedicated teachers who work in a rewarding and fun job that you will want to wake up for every day!
Book Synopsis Teaching Languages Online by : Carla Meskill
Download or read book Teaching Languages Online written by Carla Meskill and published by Multilingual Matters. This book was released on 2015-07-30 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition of Teaching Languages Online supports the professional development of language educators as they teach all or part of their courses online. Containing extensive additions, this revised edition includes new models, illustrations and heuristics to further support research-based conceptualization, creativity and practice. In non-technical prose with emphasis on excellence in pedagogical practice, the text takes both the new and experienced language instructor through the nuts and bolts of online teaching practices, using a wide range of examples to illustrate these practices. As well as providing new resources and models, this new edition also considers the impact of broader technological and pedagogical changes, including mobility (learning on the move) and learning in 3D environments.
Book Synopsis How to Make Money Teaching Online With Your Camcorder and PC by : Anne Hart
Download or read book How to Make Money Teaching Online With Your Camcorder and PC written by Anne Hart and published by iUniverse. This book was released on 2002-03 with total page 686 pages. Available in PDF, EPUB and Kindle. Book excerpt: What Can You Teach Online from Home Using Your Camcorder, Personal Computer and the Internet? Did you know that you can teach almost any subject online, on the Web at Blackboard.com, (http://www.blackboard.com) for a university, community college, continuing education department, or in adult education, or for yourself as an independent contractor in your own personal broadcasting network? Blackboard is where I teach. Founded to transform the Internet into a powerful environment for teaching and learning, Blackboard traces its technology roots to Cornell University. Today, thousands of institutions in 140 countries deliver e-Education services through Blackboard's suite of enterprise systems. If you put up a course at Blackboard.com on the Web or for any similar type of teaching area on the Web, you can teach online independently without anyone hiring you as a teacher. You are an independent consultant, a trainer, an independent contractor, or you can start your own school or one course online and teach. This book is about using your personal computer and your camcorder linked together to teach online from your home any subject you are able to teach, have expertise in, or enjoy researching. This can be a hobby, what you have studied and are credentialed or licensed, or any how-to subject. You can teach writing, using a camcorder, public speaking, or any technology that you have worked with and have expert knowledge of in a home-based online office.
Book Synopsis Teaching English Online to Young Learners: 100 FAQs by : Jun Liu
Download or read book Teaching English Online to Young Learners: 100 FAQs written by Jun Liu and published by . This book was released on 2020-10-15 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Work at Home with a Real Online Job by : AnnaMaria Bliven
Download or read book Work at Home with a Real Online Job written by AnnaMaria Bliven and published by Bliven Publishing. This book was released on 2016-03-02 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: Find the Job You Want . . . Today! Are you a work at home mom or dad, retiree, or disabled person hoping to earn a little extra to make ends meet? Are you seeking a legitimate, rewarding online job you can do from home? Do you dream of being in charge of your own schedule, income, advancement . . . destiny? If you said yes to any of these questions, this book is for you! In Work at Home with a Real Job Online you can find just the right job, schedule, income, and future with the help of a leading expert in the field of online job success and prosperity, AnnaMaria Bliven. Known as the “Prosperity Princess” by thousands of people she has helped, Bliven has poured her latest and greatest practical, proven-effective insights into this one information-packed (no filler), easy-to-use volume. In these pages you’ll find: • Hundreds of real jobs with quality companies at your fingertips! • Pro tips and advice on how to find these jobs, get hired, keep the job you find and advance in it! • Opportunities for people of all ages and stages: teenagers, college students, work at home moms and dads, military veterans, retirees, the disabled, those with background/credit issues, and more. • Positions to match just about any interest, passion, potential, or skill set: game tester, customer service agent, educator, data entry specialist, nurse, medical coding specialist, transcriptionist, translator, interpreter, artist, writer, computer technologist, and many more. Get your copy of Work at Home with a Real Job Online today . . . start working tomorrow!
Book Synopsis Make Money Teaching Online, 3rd Edition by : Danielle Babb
Download or read book Make Money Teaching Online, 3rd Edition written by Danielle Babb and published by Independently Published. This book was released on 2023-08-16 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dive into the dynamic realm of online education and explore the vast array of opportunities available to aspiring online professors with the first part of the series "Make Money Teaching Online", titled: "Introduction to Online Teaching Jobs." Authored by renowned expert and the author of the first and second edition of the published book Dr. Dani Babb, produces this first installment of the Kindle series serving as your gateway to the world of online teaching. Uncover the diverse range of online teaching positions and gain a comprehensive understanding of the credentials and qualifications required for success in this burgeoning field. Dr. Babb sheds light on the various roles available, whether it be teaching full-time for an online institution, designing and delivering online courses as an adjunct professor, or even creating your own educational content. This is meant as a primer for the rest of the series where we get into the nitty gritty of online higher education! Discover the prerequisites and educational background that will enhance your chances of securing online teaching positions. Dr. Dani Babb provides essential insights into the credentials, degrees, and certifications that can set you apart from the competition. Uncover the knowledge and skills that institutions value most and equip yourself for a successful career as an online faculty member. While future parts in this series will delve deeper into the steps needed to secure online teaching positions, set yourself up for success, network your way into the classroom and learn how to actually teach the courses you were hired to teach, "Introduction to Online Teaching Jobs" lays the foundation for your journey. Dr. Babb introduces you the world of online higher education, providing a glimpse into what lies ahead. You'll gain a valuable understanding of the requirements, expectations, and procedures involved in pursuing online teaching opportunities as well as "who" often seeks these positions. Discover who can teach online and uncover the incredible diversity of professionals who can thrive in the virtual classroom. Dr. Babb breaks down the barriers and misconceptions surrounding online teaching, highlighting that expertise comes in various forms. Whether you're an experienced educator looking to transition to the digital realm, a subject matter expert seeking to share your knowledge, or a professional from a different field with a unique perspective, online teaching can be a rewarding career path for you. "Introduction to Online Teaching Jobs" is your essential first step in the series to explore the world of online education and discover the multitude of opportunities available to you. Join Dr. Dani Babb as she demystifies the landscape of online teaching, equipping you with the knowledge and insights needed to embark on a successful career as an online professor.
Book Synopsis How to Make Money Teaching Online by : Eric Frick
Download or read book How to Make Money Teaching Online written by Eric Frick and published by Independently Published. This book was released on 2019-02-26 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Teaching online can be a fun and profitable business. You can start part-time to generate some extra income and grow it to become a full-time business if you like. Some of the top earners in this field have been very successful and the demand for online content is continually growing.Welcome to how to make money teaching online. In this book, I will show you all of the details that you need to know to get started with teaching online. I will describe to you all of the tools and equipment that you will need as well as some of the processes that I've used in producing online classes for the last four years. I currently work as a full-time course author and have learned many different things about teaching online, and I want to share those with you so that you can avoid some of the same mistakes that I made. In this book, I will describe some of the basic marketing techniques you can use to grow your business as well as some of the tools and tips that I have learned over the last few years that will help you in your course production process. In addition, I will describe the necessary equipment you will need to get started along with some teaching tips that have helped me start my own online teaching business. Along with the process of producing your online class, I have included some information on some of the most popular places to teach online and how to market your materials on multiple channels. I have been able to grow my business significantly over the year four years and have delivered courses to over 15,000 students on Udemy, Skillshare, and YouTube. I will show you some of the methods I have used to help make my online business successful and how you can be too. I have really enjoyed putting this book together, and I hope that it gives you a great start on your online teaching career!
Book Synopsis Teaching English as a Foreign Language For Dummies by : Michelle Maxom
Download or read book Teaching English as a Foreign Language For Dummies written by Michelle Maxom and published by John Wiley & Sons. This book was released on 2012-01-24 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn to: Put an EFL course programme together from scratch Let your students loose in skills classes – from reading to listening Deliver grammar lessons in a logical and intuitive way Cope with different age groups and capabilities Your one-stop guide to a career that will take you places If you thought that teaching a language that's second nature to you would be easy, think again! Explaining grammar, or teaching correct pronunciation while simultaneously developing your own skills as a teacher can be a huge challenge. Whether you're on a training course or have already started teaching, this book will help launch your career and give you the confidence and expertise you need to be a brilliant teacher. Make an educated decision – decide between the various courses, qualifications and job locations available to you Start from scratch – plan well-structured lessons and develop successful and effective teaching techniques Focus on skills – from reading and writing, to listening and speaking, get your students sounding and feeling fluent Get your head around grammar – teach students to put sentences together, recognise tenses and use adjectives and adverbs All shapes and sizes – tailor your lessons to younger learners, one-to-ones, exam classes and Business English learners Open the book and find: TEFL, TESOL, EFL – what all the acronyms mean The best course books and materials to supplement your teaching Advice on running your class and handling difficulties Lesson plans that you can use in the classroom Activities and exercises to keep your students on their toes Constructive ways to correct and assess your students' performance Ways to inject some fun into your classes Insider information on the best jobs around the world 'An invaluable manual for anyone thinking of embarking on a TEFL journey. Michelle Maxom's step-by-step guide provides practical tips to get you started and offers key advice to help unleash the creative English language teacher within.' – Claire Woollam, Director of Studies & a Teacher Trainer at Language Link London
Book Synopsis English Teaching Vs. Traveling by : Letisha Blakenship
Download or read book English Teaching Vs. Traveling written by Letisha Blakenship and published by Independently Published. This book was released on 2021-08-13 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you're an English teacher or a native English speaker that have a dream of traveling around the world and earning money by teaching online at the same time, this book can help you to make it comes true. It explains the job qualifications, how to get hired, and how to travel the world once you've got a job!
Book Synopsis Make Money Online by : Robert Peterson
Download or read book Make Money Online written by Robert Peterson and published by Positively. This book was released on 2020-07-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do you want to make money online? Maybe you love working or doing business from home. Good news for you, it's possible! In today's digital age, everyone can make money online with just an internet connection and computer or smartphone. In this book, I have compiled 39 best ways to make money online that you can start today. After reading this book, I hope you choose at least one method and start earning your money online.
Book Synopsis Work From Home, Teach English Online by : Edwin Buller
Download or read book Work From Home, Teach English Online written by Edwin Buller and published by . This book was released on 2019-07-30 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn to: Deliver engaging and effective lessons designed to retain students Take charge of your schedule and employment Earn up to $28 per hour working from home or while traveling Maximise your time and attain the ellusive fully booked schedule Teach English online to the largest market of English learners in the world Your one-stop guide to an online teaching career Teaching English online as a second language can, and should, be profitable, easy and rewarding! But there are numerous pitfalls that teachers commonly fall into, decreasing student retention and ruining their chances of attaining a fully booked schedule. This book is your complete guide to becoming a successful online English teacher. It is for new teachers who want the expertise and confidence to deliver brilliant lessons and launch their careers. It is for experienced teachers who want to retain more students and teach more hours. You will learn how to cater to the largest market of English language learners in the world, young Chinese learners, as well as both children and adults, from all over the globe. Make an educated decision - Decide which of the many available companies is right for you Start from scratch - Everything you need to know. No teaching experience required Focus on key principles - Deliver outstanding lessons everytime Become a natural - Learn the teaching methods that make teaching English online second nature. Become fully booked - Be the go-to teacher that students and companies are looking for Open the book and find: PART 1. Is Teaching Online Right for Me? An insight into the online teaching sector as a whole and if the job is right for you. Pay, holidays, equipment and qualifications. It is a precursor to the specific tactics that successful teachers use. PART 2. The Virtual Classroom The practical basics of teaching. Who the students are, what the virtual classroom and the content looks like, and what sort of feedback you will be expected to give. PART 3. Teaching Principles and Methods The principles and methods of teaching English online. This is an in-depth guide to the mindset and techniques that successful teachers use to engage students, impress parents, gain a high teacher rating and a full teaching schedule. Constructive ways to correct and assess your students' performance. Ways to inject some fun into your classes. PART 4. The Application and Interview. Part four will guide you through the application and interview process. What to include on your CV, how to land an interview and how to impress the interviewer. Part four will end with the common mistakes that teachers make, and how to avoid them. PART 5. Teaching As a Career The maintenance of a successful teacher career. How to get paid without losing exchange fees, how to pay tax as a freelance teacher, where to find supportive teacher communities online and generally looking after yourself for a sustainable career. "An all-inclusive guide for both aspiring and experienced teachers. I wish I had this book when I first started teaching English online. Full of practical tips that I have been able to implament into my lessons. I would reccomend it to anyone, even experienced teachers looking for a way to increase their bookings and fill up their time slots" - Jacob Puckering, Two year online ESL Teacher with Itutorgroup and further education tutor with Access Creative College.
Book Synopsis THE BIBLE OF MAKING MONEY ONLINE by : S P Sharma
Download or read book THE BIBLE OF MAKING MONEY ONLINE written by S P Sharma and published by Exam2Villa. This book was released on 2021-01-23 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Content 1. What is Income? 2. What is digital marketing? 3. Build a Niche Blog (or Website) and Use Affiliate Marketing 4. Launch and Grow a Startup 5. Build and Sell Software 6. Start an eCommerce Site and Sell Physical Products 7. Find Freelance Clients and Sell Your Services(Introduce 78 Freelance website) 8. Start Online Coaching and Sell Your Advice 9. Create Online Courses to Productize Your Knowledge 10. Launch a YouTube Channel to Entertain and Educate 11. Record a Podcast and Share Inspiring Stories 12. Join a Remote Company Part-Time (or Full-Time) 13. Test Websites 14. Narrate Audiobooks 15. Write and Sell an eBook (Amazon Self-Publishing) 16. Do Micro-Jobs on Amazon Mechanical Turk 17. Join Freelance Job Sites (Like Flexjobs and SolidGigs) 18. Sell Your Services on Niche Sites Like 99Designs, Cloudpeeps or TopTal 19. Do Graphic Design for Local Companies 20. Email Marketing with a Niche Newsletter (The Skimm, Mister Spoils) 21. Sells Products on a Shopify Store 22. Sell Your Crafts and Art on Etsy 23. Become an Influencer on Instagram 24. Sell Your Art and Designs on Society6 25. Local Business Consulting 26. Sell Stock Photos Online 27. Rent Your Home or Room on AirBnB 28. Start an Online T-Shirt Business 29. Sell Your Expertise on Clarity.fm 30. Answer Professional Questions on JustAnswer 31. Become a Virtual Assistant 32. Get a Commission-Only Sales Gig 33. Teach English as a Virtual Tutor 34. Guest Post as a Freelance Writer for Niche Websites 35. Write on Medium’s Partner Program 36. Help People with Their Tax Prep 37. Transcribe Audio and Interviews 38. Proofread Articles 39. Private Labelling and Selling Products on Amazon 40. Online Travel Consultant 41. Do Virtual Odd Jobs on TaskRabbit 42. Clean Up Search Engines 43. Enter Online Contests for Company Names and Slogans 44. Get Paid for Being Healthy 45. Write Reviews of the Places You’ve Been 46. Do Data Entry for Companies 47. College Admissions Essay Editor 48. Help New Teachers by Selling Your Teaching Plan 49. Give Your Opinion in Online Focus Groups and Surveys 50. Maintain Artist Fan Pages 51. Look After Other People’s Pets 52. Sell Your Old Smartphone and Other Tech Goods 53. Sell Your Old Books 54. Rent or Sell Your Clothes Online 55. Online Dating Consultant 56. Rent Your Car on Turo. 57. Become an Online News Writer or Columnist 58. Buy and Sell Domain Names 59. Do Data Analysis for Companies 60. Online Personal Trainer or Fitness Coach 61. Sell Your Songs 62. Subcontract Your Extra Work and Start an Online Agency 63. Create DIY or Cooking Videos 64. Edit Videos Online 65. Build a Niche Website 66. Become a Contract Customer Service Superstar 67. Buy an Existing Website 68. Become an Online Notary 69. Run Corporate Workshops 70. Lend Your Voice to Voice-Overs 71. Small Business Marketing Consultant 72. Rent Your Camera Gear 73. Best Apps to Make Money Fast Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.[1][2][3] For households and individuals, "income is the sum of all the wages, salaries, profits, interest payments, rents, and other forms of earnings received in a given period of time."[4] (also known as gross income). Net income is defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is usually the basis to calculate how much income tax is owed. 1. EARNED (ACTIVE) INCOME Definition: Earned income is money earned from working that requires your time. This is the income you receive from actively working. You work and you are paid for your work. Examples: Salary; wages; bonuses; contract work. Tax implications: Earned income is taxed higher than any other income, at a rate of 10%-35%, plus Medicare, Social Security, and other taxes, which can reach close to 50% based on tax calculators and estimators. Characteristics: It’s hard to become wealthy solely from earned income for a few reasons. First, it’s taxed at the highest rate, and second, there are only so many hours in the day for you to work (you can work and work and work, but if you have to be there to make the money, there’s a cap on your income because time is limited). Another downside besides taxes is that once you stop working, the money stops coming in. On the upside, earned income is the easiest type of income to make. You can just go get a job or side job pretty easily in the US and make some money. This is why most people make money this way–it’s easy to do. A great way to switch over into better types of income is to use earned income by putting it into a portfolio or to start a side hustle or business (this is what I did by starting a blog, which is now my full time business). 2. PORTFOLIO INCOME Definition: Portfolio income is money you receive from selling an investment for more than what you paid for it (portfolio income is also referred to as capital gains). Examples: 1) trading assets, like stocks, bonds, and mutual funds, 2) buy and selling real estate, and 3) buying and selling other assets, like a car. Tax implications: Portfolio income is taxed at 10%-20% for investments held over 12 months and taxed as earned income if held less than 12 months. However, portfolio income is not taxed for Medicare or Social Security. Capital gains can be offset by losses on other investments, which is a huge plus. Characteristics: One downside is that for the average person, investing can seem intimidating. This often keeps people away from doing it. It wasn’t until I became a Certified Financial Planner that I really understood what was going on with respect to portfolio income. If you’re just getting started with investing, read this post – 21 tips for investing in your 30’s. Also, this type of income can take a long time to generate if you believe in many of the widely held investing concepts that require buying and holding for years. If you’re a trader and attempt to do it much faster, you better be really good at it, because otherwise, it’s sort of like gambling. You have to have money to invest upfront to create portfolio income. This is a huge reason why people say they don’t invest. You can start with a small amount and contribute to your investments over time, but it requires you to have the capital to do it. If you want to get started with hiring someone to help you with your money, read this post on questions you should ask your financial advisor before hiring her. I like using investing as a supplemental income strategy. I don’t want to retire, but I like the idea that I could if I ever change my mind or it became medically necessary. So, I save and invest as a bit of a safety net, but not as the end goal of retiring as soon as possible. I like contributing to the world through my work, and I also like creating a lot of income. I just don’t ever tie my “hard work” or time to income generated. This way, I know my income potential is unlimited. 3. PASSIVE INCOME Definition: Passive income is money generated from assets you own, where you are not actively working. Examples: Rental income, business income (as long as it’s not earned based on time and effort), creating/selling intellectual property (e.g.: books). Tax implications: Passive income receives the most favorable tax treatment. Characteristics: Passive income is thought to be the key to building wealth. Once you have an investment that generates recurring income, you don’t have to do much to maintain it (so time is not a limitation). Typically, there isn’t much start up cost to passive income that you have to provide yourself. For example, you can use your time to create a business or you can get funding from investors for your real estate properties or start up company. It’s not as easy as earned income, but it’s not as challenging as portfolio income (in terms of start up funds). It takes a lot of money to make a lot of portfolio income, whereas you can generate a lot of passive income with less. I started a blog with the idea of generating passive income (the Smart Passive Income podcast used to be on repeat!). It’s one of the best things I ever did! A FINAL NOTE! Understanding how income works is important because it affects how you go about deciding what results you want with money in your future. Do you want to retire? Do you want financial independence early? Do you want to focus on contributing to the world through your work as an entrepreneur? Do you want money just to be a scorecard of the value you provide? Do you believe that “hard work” and time create money? (So many questions!) These are philosophical questions, but whatever you believe will drive your feelings, which will drive your actions, which will drive your results. So, ultimately, your beliefs drive your results (you can read more about this in the 5 step framework to master your mindset post here). Based on what you choose to believe, you could end up financial independent and retiring very young and living off 4% of your investment portfolio, with frugal values, while traveling, and doing whatever else you want to experience the world while you’re alive. Or, you could end up a multimillionaire focusing on serving the world through your work and never retiring. Completely different results. Both involve a lot of money. What you choose matters. What you believe about money matters. What you do matters. The three different types of income are a way of learning how to use money to your advantage to get the results you want most. This is the way our system works. The sooner you understand how money works, the sooner you can make better decisions that will help you achieve financial success (whatever that looks like to you).
