SOURCES OF EARNING INCOME
• There are several sources of earning such as salaries, rent, interest, dividends, etc.
• There are basically two types of income:
- Earned Income: Salary
- Passive Income: Real Estate, Rent and Capital Appreciation, Royalties, Businesses run by others, Stocks, bonds, mutual funds.
Employee’s Primary Income
• Reviewed salary–a new financial empowerment
• Monthly salary.
• Annual Bonuses
• Promotion differentials.
• Loan schemes, Advances, Housing Allowances, Personal Loans etc.
• Estacode, training allowances, per diem.
• Share of profits, share of dividend etc
Employee’s Other Streams of Income
• Interest from fixed deposits or savings accounts.
• Dividend from stocks and shares.
• Rental income (from flats, houses, market stalls and shops etc.)
• Land and Buildings (buying and selling).
• Angel capital (investing in small businesses).
• Farming/Poultry/Fish Farming.
• Trading Joint Venture (JV)
• Importation (JV) amongst others.
• Bonus shares from existing holdings.
Creating Multiple Streams of Income
• Start today to develop many sources of income.
• Leverage on core talent, skill, job or business. Get organised!
• Diversify one stream, or use income from one to create others
• Never jeopardize your employment i.e. your core stream of income
• Use /leverage services of professionals/others to develop multiple streams, e.g. stock brokers, estate agents, friends etc.
• Get involved in the up-coming Fidelity Co-operative Society.
• Choose your multiple streams development partners very carefully. Persons who are serious/like minded with integrity.
• Get started, no matter how small. From little acorns really big oak trees grow.
Becoming a Landlord
• Choose your area of interest
• Do your search – Legal Dept. will assist
• Funding – Outright, installment or counterpart funding (i.e. two people paying for a plot of land jointly)
• Start gradually – monthly, quarterly etc. Remember little drops of water make a mighty ocean.
• Be focused and determined – You will get there!
Summary Rules of Acquiring Money
- Pay yourself first
- Control your expenditure
- Invest your money where it will labour for you and increase your wealth
- Invest wisely – where it is safe and consult with wise men
- Own thy home – it reduces your cost of living and makes available more of your earnings for the gratification of your needs
- Ensure a future income – provide for your future retirement