Clever-Girl-Finance
The video discusses three main types of income streams to create long-term financial stability: active income, passive income, and portfolio income. Active income involves exchanging time and skills for money, while passive income requires initial groundwork and occasional maintenance. Portfolio income comes from investment portfolios. The video emphasizes the importance of patience and research before pursuing any income streams, and promotes Clever Girl Finance as a resource for free courses and an active community.
In this section, the founder and CEO of Clever Girl Finance discusses the importance of having multiple streams of income and outlines the three main ways to create them: active income, passive income, and portfolio income. Active income is the most common form, where people exchange their time and skills for money. On the other hand, passive income doesn't require active participation, but it does require initial groundwork and may still require occasional maintenance. Examples of creating passive income streams include adding a passive element to your business or investing in real estate. Lastly, portfolio income is generated from your investment portfolio, such as stocks, mutual funds, and bonds. It's important to note that each income type takes time to establish, requires effort, and diversification. Therefore, it's advisable to start slowly and not rush into it.
In this section, the video discusses the different types of income streams that can be used to build long-term wealth and financial stability. These income streams include active income, which is exchanging time for money in a job or side hustle, passive income, which can come from rental properties, investments in the stock market or investing in P2P platforms, and portfolio income, which is earned through investments in the stock market, such as through interest, capital gains, or dividends. Once you've figured out where to start, it's important to be patient and consistent, giving yourself time for these income streams to grow. It is also necessary to research every income stream to understand how it works, what the costs and associated risks are before pursuing it. Overall, having multiple streams of income is a great way to build long-term wealth and financial stability.
In this section, the video emphasizes the importance of financial stability and creating multiple streams of income to build a well-diversified wealth portfolio for the long term. The speaker encourages viewers to do their research and provides some examples to inspire and motivate. The video also promotes Clever Girl Finance as a resource with free courses, worksheets, a podcast, and an active community.
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