Money Online and Be a Millionaire

How to Earn Money Online and Be a Millionaire



Many people are trapped in their jobs; unhappy with their remuneration and their colleagues. However, they continued to soldier on because of ongoing expenses. Amongst them, mortgages, car loans, utilities, children education and others.

The only way to get out of this financial trap is to be your own boss. Being your own boss, you have control over how much you want to earn and how much resources you want to utilize.

Firstly, you must understand some simple concepts of money. Basically, Earned Income, Portfolio Income and Passive Income.

Earned Income is the monthly pay check you received for the work you do in the company. It comes with the perks like insurance and paid leave. However, once you are laid-off, you lose the regular stream of income that support the family. Depending solely of earned income will not see you becoming a millionaire.

Portfolio income refers to money earned from your investment portfolio. Typically, they are your stocks, bonds, derivatives investment. They give you returns of up to 10%. As with all investments, they have inherent risks. Spread such investments over a basket of stocks to cover major industries.

Another source of income is from your profits in your business you own. This is the traditional brick and mortar business. This can range from retail, engineering products to provison of commercial and other engineering or professional services. However, this often involve substantial fixed costs like rental, utilities, labour and inventories. Not least, also competition from similar product sellers and vendors.

Passive income refers to royalties you collect from your publication. This may also be businesses you had setup of which you have profit sharing with your business partners. Such brick and mortar business requires medium to large capital investments.

One popular source of passive income comes from Internet business. This has low costs setup and reaches a world-wide audience on the internet. This could be affiliate marketing i.e. Promoting a vendor products. Alternatively, you create an electronic product such as a eBook or video instructions. The video instructions can be varied such How to train a parrot to talk or How to grow your vegetables in your own gardens.

To break out of this financial limitation, you have to take control. You do not have to leave your full-time job, but to actively look into other sources of incomes i.e. Passive Income and Portfolio Income.

I had highlighted various examples of businesses that will generate Passive Income and Portfolio Income. Taking active steps in these directions will enable you to earn online income and become a millionaire.