How The Rich Get Rich

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(Edited)


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We are not doing badly by being active on Leofinance and Hive.

Some get lucky, some inherit and others make it by having something we should all be doing. What I am talking about is multiple income streams which all add up at the end of the day into a rather decent income. Research has shown most millionaires have many income streams and not just one or two.

Some of us are already doing more than most by just being active on the Hive blockchain and not only by blogging and curating, but also with farming our precious #CUB.

The 7 Streams Of Wealth Are:

!. Earned Income. What the vast majority of us know working your daily job earning a monthly salary. This is a comfort zone where no risks are taken and people tend to settle. That was the case for many, but that seems to be changing these days. People always want more and should be looking for opportunities yet surprisingly many don't.

2.Profit Income Buying and selling a product becoming a middleman taking a percentage.

3.Rental Income Purchasing a property and renting it out paying off the bond to eventually one day make an income from the rental.

4.Capital Gains Income. Crypto and stock trading which funny enough most of us are active in this field. Being in crypto tends to lead you down this path as the markets are too tempting with all the volatility around.

5.Dividend Income. Buying shares in a company that makes you an investor owner which ultimately pays you out a percentage of the company profits.

6.Interest Income. When you take out a policy or a savings scheme or invest in a bank account that generates you a small stream of income. These days they are very small and a stream would be non existent unless you had millions.

7.Royalty Income is something you may have developed or built like a game or a software program that people pay you to use. This would be limited to a set few who have the skills to develop something worthwhile and not me lol. Some or actually quite a few here could benefit from this as many of you are developers. I do tend to forget how many developers actually make up the community around us.

We often here about having multiple income streams to get ahead in life and we are already doing this. Hive can be an active or passive income for many of us depending on the price of the token and also where you live in the world.

Over the last month with the Hive price having increased considerably HiveStats puts my earnings somewhere around $2200 if I include Leo. This excludes CUB farmed and any of the other tribe tokens which is quite amazing really. I still don't see this though as the benefit is to grow ones stake and not see it as riches in your pocket. The 50 Hive you earn today may only be worth $35 now but who says that todays earnings cant be worth $200 when Hive is now $4 each. The same applies to your Leo and your CUB as they can only go up over time.

Generating revenue schemes is what we are all doing whether it is just by being active or trading in crypto. This makes everyone on Hive above average if we compare to the everyday person in the street. Many people I know worked for a few companies in their careers and the extra was some shares they received but most never had extra streams of revenue.

How wealthy will this make us we will only know in the years to follow but we have given ourselves a very good chance of getting ahead. We are all early to the game and that means we get the best seats in the house as this place will fill up at some point.

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25 comments
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Interesting post, more of a reality check on myself after reading this to keep search for more income stream.

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I saw this and thought the same thing. I have maybe 4 or 5 plus Hive but most of them are in Rands so that kind of doesn't help. We have to earn 10 or 20 x more due to the Rand being so weak.

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Talking about Rands means I just met a South African on HIVE 😃, where in SA are you based? I'm in Joburg.

We seriously need to diversify and crypto happens to where I'm most keen on besides employment...

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First for both of us then. Let me know what your schedule is and I will check mine and meet up for coffee.

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Cool will do that, nice connecting with you. I'm Joe the name behind @cryptoandcoffee is?

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Everyone calls me Jimmy or James. Great to meet someone local who knows what Hive is.

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Hive means alot to me, I treat it as a business but it is looking more like a hobby I'm so addicted James

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The right attitude is to treat it like a business as it can easily out perform anything you are doing right now. I have been blown away with the potential that is here.

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The reality with me is I'm seeing my crypto portfolio grow with activities I perform on here, I recently hit 10k HP on 1st of April 8I of that are earn through posting and curating. Imagine I have been able to accumulate by buying frequently also.

The potential here is vast I actually wish to double my HP before we hit $10

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That should be easy. I haven't invested yet so it shows it is possible and not necessary.

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Anything is possible in this space provided one can be patient playing it long term.

Good night James, lots of chats over coffee I look forward to.

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That's a nice figure already, not considering future growth and gains! Personally I don't differentiate between capital gains and dividend, in the end both come from the company profits. In fact I think I really only categorize in active and passive income, but having more sources or streams if you will does help diversify that income.

Fully agree on the latter, exciting to see what will happen over the next years :-)

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These are exciting times and there will be many more revenue streams coming over the next year. Trading in this bull market should be highly profitable and maybe helping add to another revenue stream.

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No doubt! For me I like the passive approach and just invest and don't look anymore, at least that's how I set up the ETF's and monthly DCA there. There's quite some research to back it.

For crypto I think it's too early to tell but if you believe it's the future I see no reason for a different strategy here. That said with the crazy volatility there's some great opportunities so if you're able to bank on that more power to you. I've done it before, mostly with clear exchange specific pumps that made no sense at all and was able to make a profit, but it was stressfull and probably won't do it again. No market timing for me :-)

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@organduo mentioned this a couple years ago -I am still lacking most forms.

However, it is going to be interesting to see how crypto affects all of these categories.

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Crypto is affecting many already as so many overlap. I was quite chaffed going through it as I must have 5 I think already and it hasn't made me rich yet. Maybe mine are trickles and not streams for now yet the faucets have to open up around crypto for many of us.

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Yup, 1, 4, 5, and 6 for me so far. I would love to find a way to make a royalty. Write a book or something. Very true what you say about Hive though. All of us here are far ahead of the game when it comes to most of the rest of the world. We just have to keep building and be patient. People will continue to find their way here and the platform will grow. Good post!

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It all ends down to income.
Some of us need to learn and apply.
Great example as the way we are pioneers.

!BEER

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Sorry, out of BEER, please retry later...

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I think I have four income sources as of now.

  1. Earned Income
  2. Capital Gain Income
  3. Dividend Income
  4. Interest Income

I do not want to have rental income and because rentals yield in India is very low like less than 2%.

And I believe to be financial free you have to get your 6 other income sources to pay for your expenses and thus you do not have to rely on your Earned income any more.

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