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RE: 3 Types of Income .:. Walk & Talk Series
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!
0E-8 BEE
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).
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