"How to Increase your Income and Become a Millionaire this year"

 How to increase your income . 

There are many ways you can grow or increase your income without stressing or straining yourself. Below are some of them:

1) Create a passive income source. Passive income can increase your earnings without having to go through training or pursue higher education.

2) Start a side business.

3) Open an online store.

4)Sell your gently used items.

5)Advertise on social media.

6) Volunteer for extra shifts.

Here are some Factors that Influence Income.

Some of the factors that determine an individual's income level include education level, economic trends, and skills. The level of education has a significant impact on your future income and can expand your access to prospects within a chosen sector based on your educational level.

7 Steps to Becoming a Millionaire.

1). Build Good Saving Habits While You're Young. 2).Advertisements.

3).Set a Budget With Financial Goals.

4). Budgets are critical for bringing awareness to your spending and giving you control over your finances.

5).Avoid High-Cost, Low Benefit Debt.

6).Start a Side Hustle.

7).Invest to Earn Passive Income.

Have heard about Active income?

If you have never heard about active income, then now is the time. Learn about it then do well to activate your own income.

  Active income is defined as salary earned from specific duties or services rendered according to an agreed task, within a specified time frame. Examples of active income are salaries, tips, fees, commissions, and allowances from the companies you provide services to.

"Knowing the Source and Type of Income Stream will lead to Quick Growth"

        What are the sources of income?

Rent, wages, interest, and profit comprise the sources of income of household. The firms use the factors of production and produce goods and services which are sold to the household sectors. The money that the household sectors pay for these goods and services comprises the income of the firms sector.

Some Common Types of Income Streams are:

1) Earned Income.

2) Profit Income.

3) Interest Income.

4)Residual Income.

5)Rental Income.

6)Royalty Income.

7)Dividend Income.

8)Capital Gains.

Here is the difference between income and revenue.

Revenue is the total amount of income generated by the sale of goods or services related to the company's primary operations. Income or net income is a company's total earnings or profit. Both revenue and net income are useful in determining the financial strength of a company, but they are not interchangeable

"A Short Review of what Income is"

 What is Income?

Income is money that an individual or business receives in exchange for providing labor, producing a good or service or investing capital. Individuals typically earn income through wages or salary, while businesses earn income from selling goods or services above their cost of production.

Net Income is the difference between revenue and the cost or expenses incurred by a business in a particular accounting period. It is also known as the profit of a business. Income leads to an increase in the value of assets in a business.

Some Types of Income

1)Wages;

This is income you earn from a job, where you are paid an hourly rate to complete set task

2) Salary; Similar to wages, this is money you earn from a job.

3) Commission.

4) Interest.

5)    Selling something you create or own.

6) Investments.

7) Gifts.

8) Allowance/Pocket Money.

What are the sources of income?

Hence, rent, wages, interest and profit comprise the income of household. The firms use the factors of production and produce goods and services which are sold to the household sectors. The money that the household sectors pay for these goods and services comprises the income of the firms sector.