Consolidation of Debt and The Loans of Students Plus Income Types



The consolidation of debt from the loans of a student should be taken seriously. In tough economic times, jobs are scarce and unemployment may be on the rise, but with the education you are receiving you are ahead of many people. Therefore, obtaining a financial education and straightening out your financial situation is important.

Were you aware that even in tough and good economic times there are other ways to make an income? A job is only one source of income that many people think of first when they graduate college. But, there are other sources of income that can help you as well. This is one of the reasons I encourage people to obtain a financial education.

I will explain the four types of income in the following paragraphs. Think about the type of income that you would like to make besides making income form a job. Remember, you have a choice on where you want your life to go. It is just a matter of making different decisions and hopefully getting blessed as you make those decisions.

The Four Types of Income

Earned Income

Passive Income

Residual Income

Portfolio Income

Keep in mind that any of these types of income can be obtained. It just takes financial education, focus, persistence, and drive to make these.

Definitions

Most of the time, earned income is income that comes from having a job. Earned income can also come from bonuses, commissions, and tips.

Passive income is income that is generated from rental property and intellectual property. Intellectual property includes patents, trademarks, and copyrights.

Residual income is usually made from working for a network marketing company.

Portfolio income comes from interest, dividends, and royalties. An example of this is stock dividends that are paid on a monthly basis.

Now that you know the different types of income, you should start making goals on where you want to make extra income to help pay off the consolidation debt from the loans you have as a student.

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