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It does not matter where you are in life. Young or old, if you have savings or are deep in credit debt. It is never too late to assimilate knowledge, apply the principles learnt and start acquiring self-sustaining income streams to retire.

The three types of income are:

Active Income - Income for which services have been performed. This includes wages, tips, salaries, commissions and income from businesses in which there is material participation.

Portfolio Income - Income from investments, including dividends, interest, royalties and capital gains.

Passive income - Income received on a regular basis from a rental property, limited partnership or other enterprise with little effort required to maintain it.

Passive Income can be broken down into two types - residual income and leveraged income. Read the rest of this entry »


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