Types of income sources.

Expenses : Value based and Need based.

Types of Income sources.

On personal finance front, choosing our source of income is the most important part or step we take to reach the top of financial tower. We discussed about our choices in previous blog “Choice of income source: Passion, Commission and Omission”, that we choose jobs and careers. Likewise, in this blog, let us know the Types of income sources.

We are also forced into jobs by compulsion of our parents, our siblings, our over-dominating relatives, and so on. As work or job is considered as lifeline for many, choosing it takes paramount importance. Irrespective of our career choices, we can classify our jobs or occupations into three general categories: Primary, Secondary and Tertiary sources of income.

Primary Source of Income :

Our primary source of income is our Day Job or for some it might be Night Job. Some industries have night shifts, so people’s day job have become night job. It may be a job we have chosen out of passion, commission, compulsion or omission but any job is better than no job. The job might be aligned with our passion like photography, writing, puzzles solving, solving problems, social works and many others. Here our source of income merges with our source of happiness or satisfaction. When our job and passion are not in alignment ,our sources goes out of balance & stay in constant conflict. So in order bring some alignment to our sources, we go for secondary sources of income.

Secondary source of income:

When our primary source of income and source of happiness are at conflict, there arises a need for secondary sources which might bring our liking or passion its desired space. This secondary source may help us fulfill the longing of doing something worthy. There is chance that our primary source may borne out of passion but doesn’t fulfill our financial wants. Thus our secondary source may also arise out of need to fulfill one’s financial wants even when his primary source fulfills his passion and needs. Now again our liking may push us to next source of income or our wants may have outgrown us.

Types of income sources1

Tertiary source of income:

On outgrowth of our wants and/or passion pushing us to try new things, our next source of income starts. There is catch in pursuing our passion. Know that not our passion brings us financial benefits.It may just fill our curiosity or time. Our sources of income can be many in numbers but our focus should be to limit the waste of our valuable energy and time. People seeking third source of income are out there yet to find their liking or looking for a side adventure. Exercising our smart brain and using power of delegation can help us build ‘n’ number of income streams, not just three.

Types of income sources2

A small story on Mr. K’s types of income sources.

Let me tell you a story of a friend of mine, Mr K. There might be a friend or friend’s friend in your circle too. K works in a multinational IT company with a handsome pay which we can’t comment or complain more. The job of his was borne out to satisfy financial needs and wants or we can say job chosen out of commission. His dream or passion to build a brand made him a start a side hustle with office and machines in it. The story goes forward with his calling to start another venture in online business with a two YouTube channels and a blog collaborated with his friends.

In this story, the protagonist my friend “K” want to accomplish his dream of building a brand and moves through various hurdles to reach it. We may be stuck in a job that we may not love or like but it can be used as a base for launching our rockets to our desired destination or job. My friend’s primary source did not align with his source of happiness. So he moved on to his secondary source or stream of income on the aim of fulfilling his passion. His every venture that comes in future will be to satisfy his longing for building something worthy.

Types of income sources3

Get Inspired:

The day jobs of great personality and leaders are quiet interesting to read and it certainly deserves a complete set of books. We will cover some in our coming blogs. It is also interesting to read about day jobs of superheroes, villains, leading ladies, favourite characters and so on.

Types of Income Sources of Great people!!

Leonardo da Vinci,not leonardo di caprio, was an Italian painter, sculptor, engineer, military advisor, architect and a polymath. His famous paintings “Last Supper” and “Monalisa” are still an example to his genius and observational expertise of details. Da Vinci’s unlimited thirst for knowledge had made him to venture into different arena of art and science. His day job started as a painter and gradually developed into court sculptor, architect & military advisor to the Duke.

Albert Einstein authored his ground-breaking scientific papers on “Theory of relativity” in Annalen der Physik journal, while working as patent clerk in Swiss patent office in 1905. Later with his passion and rigorous hard work became world famous scientist and won Nobel prize for physics in 1921. A symbol of peaceful protest and non-violence, Mohandas Karamchand Gandhi or Mahatma Gandhi was an attorney and a public worker before he became the father of Indian nation.

Word of Advice or Request:

We can be anything we want by investing considerable amount of time and effort on it. The most essential thing about having n number of income streams is to be smart enough to generate income even you stopped working. Also not get overwhelmed or burned out by the different works . We might have unlimited energy and curiosity to explore everything in this world but trying to accomplish everything at once will leave us exhausted. A small tips or advice from our Arhaaths team ,is to have a steady primary income source. Add to it, one or two secondary /tertiary income sources which may serve your passion or commission. Doing many works may generate lot of money but always remember to do the things we love the most.

Note : Images are taken from different sources for representation purpose.

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