INCOME SERIES #1: How to Boost EARNED INCOME And Build Wealth
[VIDEO] INCOME SERIES #1: How to Boost EARNED INCOME And Build Wealth
This is the income you receive for spending your time working for someone or working in your own business. So, if you are an employee, the money you get paid by your employer is your earned income. Also, if you own a business, your business will pay you earned income if you actively work and participate in the operation of the business.
You make this money by spending your time at your job or at your business. Because time spent at the job is very limited, your payment for spending this time is also limited. This income is therefore limited because time is limited. Building the capacity for sustainable wealth involves the four capital stocks. You boost your earned income by investing in three of these capital stocks: your human capital, social capital, and cultural capital. Investing in these capital stocks will open opportunities to boost and sustain your earned income.
However, [bctt tweet=”building sustainable wealth requires a focus on income replenishment” username=”wealthygen”] This can be achieved by replacing the used income with income from another source(s). The capacity to replenish income can be found in the fourth capital stock, which is the financial capital. To exploit the other financial capital will normally require re-investment of your income. This means putting away some portion of your income towards investments that will yield additional income.
In other words, [bctt tweet=”your ability to reinvest your earned income to produce more income, creates wealth. ” username=”wealthygen”]
How can you boost your earned income and build wealth? I’d like to know your thoughts on this. Like, comment, and share.