Rich Habits Podcast

25: Demystifying the 3 Types of Income

Aug 14, 2023

23:26

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Quick takeaways

Building wealth starts with earning income and it is crucial to have a solid budget and manage debt-to-income ratio effectively.

Passive income provides the opportunity to make money while you sleep and can be achieved through various strategies like investing in ETFs or rental properties.

Deep dives

Three Types of Income: Earned Income

Earned income refers to the income received from a job or self-employment, such as salary, wages, tips, bonuses, or commissions. Building wealth starts with earning income, and it is crucial to have a solid budget and manage debt-to-income ratio effectively. While earned income is where most people start, it is important to diversify and progress towards other forms of income.

Introduction

2min

How to Build Wealth With Earned Income

2min

The Beauty of Passive Income

3min

How to Earn Passive Income

4min

NIO's Investments: The Rich Habits Podcast

2min

How to Buy Your First House

2min

How to Make a Side Hustle Work for You

4min

The Difference Between a Roth 401k and an Individual Retirement Account

4min

In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz demystify the three types of income, as well as how to anyone can begin building toward obtaining them.

We believe everyone should have more than just one form of income, so in this episode we’re going to walk you through the playbook as to how we’ve achieved these three forms of income thus far in our careers.

If you have a question for next week's episode, be sure to ask it through Instagram DMs! @richhabitspodcast

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Contact: richhabitspodcast@gmail.com