Understand These Three Types Of Income If You Want To Get Rich

Everyone knows that trading time for money is one of the least efficient ways to get rich. Most of the people who go down this route never achieve any meaningful level of financial freedom.

But did you know that there are different types of passive income (and I’m not talking real estate vs stocks) or that you can retrain your brain to spot “once in a lifetime” opportunities on a regular basis?

Allow me to explain.

1. Event Income

Event income is a one-time windfall that drastically increases your net worth. These are no-brainer situations where you take on a little bit of risk, with the goal of reaping potentially massive rewards.

In many cases, these situations will be incredibly obvious. All you need to do is recognize the situation, and then take action.

Here are some examples:

• A lopsided boxing match where one fighter is obviously more skilled (Floyd Mayweather Vs Logan Paul).
• Spring and fall of 2020, when many blue chip stocks were trading at historic lows.