Personal Financial Planning [Part 2]

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Sources of Earning Income
There are several sources of earning such as salaries, rent, interest, dividends, etc. There are basically two types of income:

Earned Income: Salary

Passive Income: Real Estate, Rent and

Capital Appreciation, Royalties, Businesses run by others, Stocks, bonds, mutual funds.

Employee's Primary Income: 1) Reviewed salary, a new financial empowerment; 2) Monthly salary; 3) Annual Bonuses; 4)Promotion differentials; 5) Loan schemes, Advances, Housing Allowances, Personal Loans etc; 6) Estacode, training allowances, per diem; 7) Share of profits, share of dividend etc


EMPLOYEE'S OTHER STREAMS OF INCOME
Interest from fixed deposits or savings accounts.
Dividend from stocks and shares.
Rental income (from flats, houses, market stalls and shops etc.)
Land and Buildings (buying and selling).
Angel capital (investing in small businesses).
Farming/Poultry/Fish Farming.
Trading Joint Venture (JV)
Importation (JV) amongst others.
Bonus shares from existing holdings.

CREATING MULTIPLE STREAMS OF INCOME
Start today to develop many sources of income.
Leverage on core talent, skill, job or business. Get organised!
Diversify one stream, or use income from one to create others
Never jeopardize your employment i.e. your core stream of income
Use /leverage services of professionals/others to develop multiple streams,  e.g. stock brokers, estate agents, friends etc.
Get involved in the up-coming Fidelity Co-operative Society.
Choose your multiple streams development partners very carefully. Persons who are serious/like minded with integrity.
Get started, no matter how small. From little acorns really big oak trees grow.

BECOMING A LANDLORD
Choose your area of interest
Do your search, Legal Dept. will assist
Funding Outright, installment or counterpart funding (i.e. two people paying for a plot of land jointly)
Start gradually monthly, quarterly etc. Remember little drops of water make a mighty ocean.
Be focused and determined, You will get there!

SUMMARY RULES OF ACQUIRING MONEY

    Pay yourself first
    Control your expenditure
    Invest your money where it will labour for you and increase your wealth
    Invest wisely where it is safe and consult with wise men
    Own thy home it reduces your cost of living and makes available more of your earnings for the gratification of your needs
    Ensure a future income provide for your future retirement


Written by Linda Diokpa
Follow on twitter @diokpalinda
More articles at http://lindadiokpa.blogspot.com

Read 492 times Last modified on Monday, 04 May 2015 04:42
Linda Diokpa

She is a Mass Communicator, Administrator and Blogger. She has over 17 years work experience that cuts across Administration and Directorate. Her blog is http://www.lindadiokpa.blogspot.com and you can follow her on Twitter @diokpalinda and Facebook: Linda Diokpa .

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