I’ve came up with three terms on the types of income that exists. Currently still under development but this is what I’ve been seeing. Perhaps they’ll be more as I find new insights.
1. Very Passive Income
This type of income is completely passive and requires no additional work once the initial steam of income is setup. Usually capital intensive to get any meaningful income, but not always.
Examples: stock dividends, high interest bank account, individual YouTube videos
2. Semi-Passive Income
This type of income requires minimal amount of upkeep (<10 hours/month). Semi-passive income requires less capital to setup, if any.
Examples: Rental income, SaaS once fully built and running, ecommerce store
3. Active Income
This is the type of income most people are familiar with. Active income requires constant active work for income. Usually brings in a higher monthly income but requires many hours of work. It can be simplified with trading hours for dollars.
Example: Hourly/salary job, freelancing, consulting, Main Street type business
There are other types of income that are harder to categorize. Such as YouTube channels, affiliate blog, etc. What do you think this would be classified under? Are there any types of income I’m missing?