3 Types of Income .:. Walk & Talk Series
Creating another Walk $ Talk video in such a short time was a surprise for me too! 🙂 But, the weather is great at my place, I switched my walks from afternoons to mornings, and I really enjoyed them! The idea of recording a video during the walk happens by nature... 🙂 I was watching a short YT video a few days ago about 3 types of income, and I had to share my points of view about it, implementing that knowledge to compare it with HIVE!
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First of all, I didn't know about this concept before, which shows how bad education is (ironically, that was one of the statements in the video)... So, I have probably explained wrongly the 3 types of income in the video, and I would suggest you check out the linked post to find more info... I did that AFTER recording the video when I realized that I made mistakes in my explanations... Anyway, there are some other titbits in the video and I didn't want to leave them unpublished!
The main problem was always a lack of good education... Maybe before, we could have excuses that people didn't have access to books, schools in remote locations, or similar... But today, we have all the information in 2 clicks by mouse, we can't use those excuses... The lack of financial education is something that worries me the most... From my personal example, I can say that I had almost ZERO education about that in my school... I didn't know about earned income, passive income, and portfolio income at all! I remember, when I was like 7-8 years old, that we went to the bank with the class to open a savings account, and that was it...
So, in this video, I have tried to bring closer these 3 types of income to you as, according to statistics, over 90% of people have no idea about the other two types... Most people know that they can earn by doing their job, but they have no idea that the real value and wealth are almost always in the other 2 ways of earning! Is that done by purpose or not, I don't want to go into it... But, it is a fact...
What was the most interesting is the fact that we have all these 3 types of income in the Hive ecosystem! And the same as with "real life", most people are missing the other two types! How do I know that? Well, it's easy to see these things as transparency of HIVE, where you can check wallets and steps what people are doing here...
The majority of people are creating content, harvesting rewards, powering down, and using ALL their funds for everyday life... Which is fine, to one extent... but... That could be a "life-patch" for your current financial situation, but it is not your long-term solution! It is the first type of income, and without dipping your toe into the other two, you will always stay at the same place...
I think that you will get the point after watching the video... It's a short one, so you can give it a go!
Thank you for your time,
--ph--
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If we keep using our funds for everyday life, we won’t be able to save up a dime for the future. It’s good to spend but should be done with limits
There is always an option to save on the side, at least some small percentage... ANd crypto isn't like fiat... it will appreciate in value in time...
Nice to see you, nice to see nice weather too. :)
I'm here for the other two types of income. Earned income could only come up eventually.
You are absolutely right about the general lack of education in economics and finance.
In my opinion it is intentional as financially illiterate populace is easier to keep in line.
Yeah... I didn't want to sound too conspiracy theorist, but it is easier to "control" the masses when they aren't educated... Money is power, and keeping most of the population without it is a powerful tool...
🤣🤣🤣 The “What’s happening?” from the start made me laughing. You're too serious in the videos, you can smile more! 😁
Aesopo already explained in his story about the cicada and the ant the same thing you tell us in the video. In 2600 years we continue to do the same thing. 🤦♀️ Being an ant is less sexy but more productive.
It's amazing how little (or nothing) we have evolved all these years... Maybe one day we will understand...
Thanks for the feedback... Will do my best to give a smile or two occasionally... 😂
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A lot of people live paycheck to paycheck but I do agree that it is unsustainable. I think that you need to grow your wealth otherwise it's just something that won't last that long.
Unfortunately, that's true... Many people live paycheck to paycheck without any chance to get out of that... In Western countries, people didn't experience heavy inflation, and that will (and is) happen and caught many people off-guard... :(
I use to say that the best way to benefit from Hive is use it to set up something that can earn you income. This way you can actually use the incoming profit from that venture and eventually increasing your stake.
Thanks for explaining everything, the 101 of owning stakes, passive income, HBD and all that.
That is how it SHOULD be used... Unfortunately, a lot of people took only the "money-making-machine" part out of it... Content creation - cashing out... 😞
A person with a good plan can set up a decent thing that generates money with Hive and then come back to give back, unfortunately many don't care, and it's why I try to support people who want to grow themselves and grow this place to.
I hope I get this chance when the market gets better, many don't get it..
That's something that we talked about in the last HHHLive show... On one side, we have to give a chance to newbies and support them, but on the other side, many of them will not stick and appreciate that support... And by doing that, we can lose our "old Hivians" that we were supporting... Sometimes, I have a feeling that Dolphins and Orcas are "forgotten" on HIVE, and they are doing a lot of work to retain people on HIVE (of course, not everyone does, but a lot of those that I know are doing it)
Again, in my opinion, we should meet somewhere in the middle... and balance in supporting new and old Hivians...
I am not competent to comment on these that extract profit, I invest all my money immediately 😀 ( both Hive and everything else).
A few months ago I got pissed off because the bank charged me monthly maintenance for the amount of foreign currency I have in the account.
Well, in order to pay off the monthly maintenance, I put a term into savings...
ahahahah... Please don't get me into "banks talk"... They are second on my "blacklist", right behind politicians... lol... Or, maybe they share the first place... 😃
I never heard of portfolio income. I will check that out ty!
See? That's exactly what I was talking about! We didn't even HEAR about these things! How can we know how to implement them, when we weren't educated about it? Anyway, better late than never!
I will check some reliable sources on the internet for this portfolio income. I know earned and passive. I will let you know my take on this tomorrow again thank you for this new information I'm pretty sure I will learned from it!
Ah interesting how they classify the types. I always viewed the second and third type together as "investment income", but I think they kinda classify one as interest/dividends (realised) and the other type more like capital gains (mostly unrealised unless you sell).
Actually I feel that nothing is really "passive" at the end of the day. Everything needs some form of due diligence and monitoring, just that some require less and some require more. Even HBD is not always 20%, and it might change any day.
You are right that most people seem to only view work income as the only source of income. I remember when one of my colleagues retired early in her late 40s, everyone was shocked "how would she survive if she didn't have a job and a monthly income", but I sort of know she had it all planned out. She probably have saved up well, invest well, and have assets that generate enough income for her lifestyle, and hence, why would she then need to spend 40 hours every week slogging at the desk.
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Love your story! You should go deeper into details and create a post about it! It could inspire and motivate people to think differently, to prepare themselves!
Hahaha I try to avoid talking about personal finance sometimes, because everyone has their own way of saving and spending. And I am not qualified to give financial advice too. Haha.
It's not personal, it's about your friend... You don't have to share names... :)
Ah hehe! Will think about it!
I think in many cases people know about the existence of other forms of income, but they either got burned in the past and don't want to try again or think they aren't good enough to try certain things, even though some of them only seem difficult at first and the terminology might foul people into thinking it's above their capabilities, but in many cases it's just a matter of getting used to them.
I'm not sure about how many know or don't know... From my personal experience, I didn't know about these things for my first 30 years of life and I didn't learn about these things at all... Maybe, I was in the minority, but that's irrelevant...
You are right about the "knowing about it, but thinking that you CAN'T do it"... That's something that I mentioned many times, and also, spoke about in Hamburg's Q&A session (unfortunately, there is no recording of that part), as people from "undeveloped" countries have that feeling of "inferiority" that is brainwashed in them... That has to change, and the only way to do it is to empower people!
You probably knew, but mot in a structured form and which puts each type of income in its category. Haven't you heard of people renting out properties or investing in stocks before 30? Haven't you heard about musicians earning royalties? I'm sure you have. It's just that you couldn't place them as one type of income or another.
For example, I don't particularly agree with this classification because there are things included in there as passive which aren't exactly passive (rental income - you need to make repairs, improvements, look for new tenants, deal with troublemakers, etc.), while some things that rightfully go into the portfolio income category that are also passive income for the investor (interest, mutual funds, other types of managed funds, sometimes dividends, if it's a company with a long history of paying good dividends and you don't have to make your homework every time).
Well, all that is true, and it looks like my expectations from the education system are too high... Also, as I didn't grow up in a wealthy family, that's why all that was science fiction for me... lol...
I didn't have a need to "implement it"... 😂
Ah yeah, the education system lacks incredibly in this area. At least they took you in school to create a bank account. They didn't bother over here. Maybe they knew crypto was coming, lol.
All I know is based on self-education too.
Unfortunately for most people, lack of financial education is a fact of life. In Hive so many users (many more than we would like) see Hive as a source of income creating content but do not see the important aspect, the one where you build your account to generate more in the future for you and for those who are related to you. Hive is much more than a site to create content and that's why I think that when we curate content we have a responsibility in that matter too.
That's the message that we have to spread around! We need more people who do more than 1 thing on HIVE... More curators, more engagers, and more educators will show the power of HivePower! Author rewards work for our present, but HivePower works for "future us"!
My Financial Master has spoken!!!
(with a bit of fatigue in his voice from the morning walk) 😅
Thanks for talking space bro, I understood the class... There are really no excuses, but many also do not have the interest to investigate on their own, sometimes even I myself fall into ignorance, but I let myself be carried away by good examples like my brothers of Liotes and Mrs. PH. It's been a rough few days around here, so I appreciate you sharing the video, it's a personal reminder for me to do things right 🙏
I have to admit that I get upset when I realize that many of my friends do not understand the big picture, or that they are too lazy to research it more... But, on the other side, we always come back to the thing that if everyone would do it, it wouldn't be "exclusive" and so good!
Huh... sorry to hear that... I hope that it's nothing too serious. Are you don't OK?
We are having a hard time in crypto, but it will be better... Just HODL on... :)
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