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Income

What are the different types of income

Yeah all the marketers and business people right, wasn’t my intention. It was not my intention. So I wrote a book and I printed like a hundred copies of it. And it cost me five bucks each, and physical copy. And I remember at the time, I post on an on a business forum or something. I post it and you know after a couple of days, nobody buys, and this is I’m talking before PayPal, before merchant account. So one day, my phone rings, I picked up the phone and this this gentleman from the States, he said “I saw your posts on this forum, “do you still have any of those books available?”

About 100 of them. Yes I still have a couple copies, yeah I’ve got a couple copies, they’re selling well but I’ve got a couple of copies. Well, can you send me one of those, sure like how would I pay you, I don’t know well can I send you a money order, okay sure so he sent me a money order. And I ship him the book, and when I first got the check, that money order in the mail. It was the most incredible experience I’ve ever had because it was a validation. That hey you know what I’ve got something. Here that might work if it’s 20 bucks doesn’t matter because at the time I was trading hours for dollars. I was making high dollars, but still, it’s time for money,

So I thought to myself, this is interesting. I sold out a hundred copies in about 30 days, so I made about 1,500 bucks. Now if you were me, what’s going through your mind now? I would do that again. Do that again, yes. What’s going through my mind. More books. More books, I could do more like it what if I put this, because it’s just part-time, what if I do more. I do more marketing can I sell you know 200 copies, 500 copies. What if I had more books, I don’t know, that was it because I want at a time. My intention was just to make enough money so that I could just spend less time working with clients one-on-one. Because I want to spend more time with my mom because I was working all the time although she’s home.

But I’m just in my room working all the time, I didn’t like that. So that was my intention and from there, make very good money, launch the next book, the next product. And I love that, I talked about that in my book, FU Money. And maybe timing, you can say luck, the internet took off. I was getting now a little bit of money, I went into different niches, different industries, more products, and affiliate marketing, and at one point was making a ridiculous amount of money. I’m talking ridiculous amounts of money. And I was, I would let’s say go out for dinner with my friends and we would blow three grand on a night. Just like that, and I don’t even drink. I don’t drink, and we blow like three grand like I was stupid, I was getting a new car every year.

It was stupid stuff, I did stupid stuff, and I’m not proud of it, but you know as a young guy, you went through that, you got that right. You went through that, and but looking back what’s interesting is. Why was I doing that, buying my friends, taking them on vacation, buying them drinks, buying them dinners and this and that, why was I doing that?  It’s fun. It’s fun, no, but why was I doing that? Because it’s good. Yes but it’s but deep down, what was I craving, what was I looking for. Recognition. Validation. Recognition, validation, I was trying to buy approval, I was trying to buy love, attention because my mom and dad got divorced. So that what’s lacking in my life.

Now but let me ask you a question. If my friends were coming me for, coming to me for that, are they, true friends, no. So when I stopped buying them dinners and stuff like that, are they gonna show up, no they’re not true friends. Then I learned, later on, it’s they’re not true friends. But I was, it had the illusion of, well it’s great, I got a bunch of people and it feels good, and this and that, but it was stupid, very stupid. So you know with internet marketing, that’s how I made most of my money, so what I want to do tonight, is share, maybe two key lessons. That I’ve learned throughout the way.

During that process and before and after, and hopefully, you don’t have to make the same mistake that I made and you don’t. And you can take from it, and you can apply anywhere you want, whatever state you’re in right now. How many of you would be interested, yes?  Yes. So here’s another exercise, so what I want you to do, just to yourself. I want you to write down your total annual income, just from the last year 2014. And this is personal. Whatever the number is write down your total annual income.

According to me or according to income tax. No sometimes, last time when I did this, there was an accountant, well is it pre-tax, after-tax. Just how much you made last year, keep it simple. Put up your hand if you have that number, okay. Give you a couple more minutes, how many have no idea what that number is? Okay good, good, guess that would not be a good sign, well actually it might be a good sign. Because either you don’t make enough money you don’t want to look at it, or you make so much money you don’t even care. So who knows. So write down your totally annual income.

Now step two I’m gonna get into in just a sec. I want you to categorize your source of income, but before getting into that, let me talk about the different types of income. So there are basically four types of income, how many types? Four. Four types. The first type is what I call linear income, now what is linear income, linear income means you do a little bit of work, you get paid, you do a buck worth of work, you get a buck, you’re trading hours for dollars. Linear income.

So you could be, you make a sale, you get a buck, you do a deal, you make a buck, linear income, or a job, a the end of the of month paycheck, linear income. So with linear income, it’s what I consider most of the time it’s bad income, but that’s what most people know how to. And so these are just some examples of different types of income, I mean I could give you way more example but it would be very very long, but you’ll get an idea. So an example is salary, overtime, commission, consulting fees, professional services, those is what I consider linear income.

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