1. Rate- Every goods has a rate and by selling it generates income.
2. Remuneration- By providing services, people generate remuneration.
The above 2 were active income. That means, if we stop doing, it stops generating wealth.
The other 5 R are passive income, which means without active participation, we can generate wealth. Here are the other 5 R:
4. Rent- By renting property, product, IPR or any other services or goods can create continuous passive income..
5. Royalty- By writing books and publishing it through publisher, author can earn royalty income. They are other ways as well to generate this type of income.
6.Rights- By selling rights on certain Intellectual Property, a person can generate royalty income.
7. Returns- By investing in stock market, many people become financial independent based on the returns received on their investment.
