Financial Talks

  Apart from Salary, What should be the other sources of Income? There are two types of income that everybody should have. One is Active Income and the other is Passive Income. 1. Active Income Active Income can be defined as the income you earn by participating in any specific job or business . It is generally associated with arrangements where you receive wages or salary for the work done by you in exchange for your time and effort. Active Income can also be defined as the main source of income for any individual. Some examples of Active Income sources are- Wages and salaries Income from the business profession Commission and Bonuses Hourly Work Active Investment 2. Passive Income Passive Incomes are those incomes that you earn regularly by giving little or no effort . These are those incomes that pay you even after you are not actively working on it. Passive income can also be called a side income. In today's world, it is not sufficient to fulfill your needs by depending on the