Episode 27: Multiple Streams of Income and Active vs Passive Income

Send us Fan MailIn this episode, I explain the concept of multiple streams of income. I then elaborate on the different types of income as well as the concept of passive vs. active income. Active income generally occurs when you are trading time for money.Passive income is income that where the work involved is much less compared to the income. Usually there is still some work involved, usually upfront, but then income can continue with significant effort or time. I also discussed the difference of active vs passive income in the eyes of the IRS, which involves whether or not your materially participated in the business.The link for the IRS website which defines material participation is : https://www.irs.gov/publications/p925#en_US_2021_publink1000104582 I also mention Doc 2 Doc Lending, find out more information at https://www.Doc2DocLending.comFor full disclosure, I do have a financial interest in Doc 2 Doc Lending.Please subscribe and leave a review on your favorite Podcasting platform. You can learn more about Elisa at her website or follow her on social media.Website: www.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiangPlease subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakesIf you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbookDr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...