VIDEO # 6 Wealth and Income

Earned income is normally the money you get in exchange for your work.
If you don't work, you don't earn….

This is normally the only income most people have. Most people have only one job, some have 2 or more jobs, and they work endless hours to get that income.

This situation is actually quite risky.
You have the risk of getting hurt or injured, or even worse you can die.
If any of those situations happen, you will lose your income and your family will suffer.

As a reminder, passive income is a type of Income that you get every month without having to work. Unlike earned income, where doing actual work is a prerequisite to receive it.

There are four types of passive income: Rent, Interest, Dividends and Intellectual property. Unfortunately only 10% of people have any type of passive income.

Now let's talk about wealth. Wealth is what is left over at the end of every month. Wealth is the sum of all the things you own. Your home, your car, your possessions, your bank accounts, your investments.

Net Wealth is the sum of all your assets minus all your debts. It's the snap shot of what you are worth monetarily. The real worth of a person cant be quantified by money alone. I agree with that. But this series is focused on money. Focused on finance. So for us net wealth is everything you own. Everything after you deduct your debts.

Видео VIDEO # 6 Wealth and Income канала Grow Your Pile