Did you know that an architect could earn money from several income flows?
Here are 7 Income streams for an architect:
- Earned Income is the money that you earn by doing something or by spending your time e.g. the money that you make in your job, the salary you get by working for someone else. …
- Profit Income you earn by selling something for more than it costs you to make. e.g. Businesses selling their goods at a profit, whether at the retail or wholesale level, as distributors or manufacturers. Buy a chair for 100€ and sell it for 150€.
- Interest Income is the money you get as a result of lending your money to someone else to use, e.g. putting it in the bank, lending it to someone etc.
- Dividend Income is equally passive and not only that, it also makes you a shareholder of a company. This is the money that you get as a return on shares of a company you own. For e.g. the dividend that most companies announce at the year end.
- Rental Income is the money that you get as a result of renting out an asset that you have, like a house, or a building. Now, this income is even better but there are inherent drawbacks of this kind of income over the above 4 types of incomes.
- Capital Gains is the money that you get as a result of increase in value of an asset that you own. For e.g. when you buy shares at $10 and sell them at $11 – the $1 is capital gains, or if you buy your house for $200,000 and sell it for $220,000 the $20,000 is your capital gain.
- Royalty Income is the money you get as a result of letting someone use your projects, ideas, or processes. If you write a book, you earn royalties when someone buys a copy. If you design a project, you make money when someone buys your designs or adapts it professionally.
How many income streams do you have? Comment below