Active Income:
Active income is compensation that results directly from completing a task. It is the payment that is given in return for goods or services rendered.
Passive Income:
Passive Income also known as residual income is compensation earned even after goods and services have been rendered. Passive income can be earned in perpetuity. Examples of passive income includes rent paid on properties, royalties for film and dividends
Portfolio Income:
Portfolio income is income received from the sale of investments, dividends, capital gains and other assets.
Having multiple streams of income is essential in building financial wealth in today’s society.
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