Now to make a million dollars a year it is necessary to know that most of the millionaires are dependent on more than one source of income to make million-dollar in a year. So here I share 7 Best Way Of Income To Make Million Dollar ( 2021 ).
  
Best investment idea which will generate passive income

 These Ways of income I am going to say here some of them are a passive source of income, some of them are an active source of income and some of them are a collection of both passive and active sources of income.

Here is the list of the source of income which I am going to discuss in detail.

  1. JOB
  2. Profit Income
  3. Interest Income
  4. Dividend Income
  5. Rental Income
  6. Residual and royalty income
  7. Capital Gain


JOB


It is one of the most common ways of income and also one of the most important ways of income.

Now if you are not sure about who comes in this category then here are some example: employes, CEO, Teachers, self-employed person, etc

If you don't know about the self-employed person, for example, the doctor runs its own clinic, shopkeeper, etc these are the person who thinks that they started their own business but they don't know that they have created their own job there earning is limited only also they can not expand their business, also they are not earning when they are not working and also lawyer came in this category also.

And to know more about self-employment and entrepreneur you can read this book.
                                                           


                                 

And if you don't have a job then go and get a job because to spend money you have to earn money. Also, you will get some experience with your job.

# Disadvantages Of Job :

The problem of this source of income is staying in this category the reason is simple this category converts time into money and we have limited time in a day. 

Second and one of the most disgusting parts of this source of income is a tax in some country it's almost 40% which is almost half of income.


So, to overcome this thing I have some more sources of income so that u can become independent from the job.

Profit Income

# What is profit income?


 This is the type of income where u transfer yourselves from employee to entrepreneur.

Profit Income is basically buying and selling goods, real estate, etc
at a much higher price than buying. 

Also in this type of income, you can promote the product of companies and from each sale, you will get some profit this type of income is called affiliate income.

And if you want to know more about affiliate income you can refer to this book which will make you master in affiliate marketing and you can earn thousands of dollars by implementing steps mentioned in this book.




                                 

Types of Profit Income


There are basically two types of profit income from which we can generate income to complete a million dollars.

But before starting let me give you my one suggestion which is in both of this I recommend selling the digital product if possible because at the initial level it is easy to scale digital products. 

Also, it will be difficult to ship your product overseas also unlike digital products this physical product required passive investment.

Individual: On an individual or small scale you can create your product manually or you can higher a person/organization/industry to help you to manufacture your product.                                                                                      


But the main disadvantage of an individual or small scale is the tax which is exactly like a job only. Tax in some countries can go up to 30 to 40 percent which is again not a great way of earning.

 So to overcome this problem you can prefer type 2.

Large Scale / Business: In this type of income you can give your idea or product to the industry and they will manufacture for you.

Also in some cases, you can give your product to a company and they will manufacture and produce for you, 

For example, you wrote a book for manufacturing you gave to a company and for advertising, you did the partnership with Amazon and they will advertise your book and each scale they will take competition and then rest all more is yours

One of the best things I like about this type of passive income is low and you save a lot of time and that time you can invest in other sources of income. also this source of income is for me one of the best passive sources of income.


Interest Income

#What is Intrest Income?

This type of income gives loans to people and in return taking some interest.

Here giving loans to people does not mean giving money to your friends or family if you do so then keep in mind you will lose your profit if not then you will lose your relationship so I advise you to invest your money smartly on a responsible person or organization I have given example below. 

 For more information, you can read this book.


                              

 Here then the main question came then how to rent money which is profitable. It's quite easy you can lend money to a reputed bank in the form of a CD. 

Note: Do not lend money to those types of banks you are about collapse you can easily know this by googling that bank and read a bunch of articles for more research you can watch a video about that bank. 
Similarly, you can lend money to a bank in the form of the bond as well as to the government in the form of treasury builds. 

 Although this is a bit tricky you can generate passive income from it at the same time this type of income is generated more money then you kept in the bank.

 If you want high return there are several ways where you can show your skills and intelligence in this field but at the same time, those methods are quite risky and dangerous. 

Dividend Income 

In this type of income, you can buy the stock of the company in order to become a shareholder of the company. 

Here the company will send you to check on each dividend profit. 

This type of income is one of the best sources of income one can generate millions of dollars just by focusing on this type of income if that person has the right knowledge of share market which any person can learn by reading The Intelligent Investor book this is one of the best business books of all time also one of the best investment books.


                                 

 Here I am not referring one-day share market that is speculation here I am saying instead of wasting your money you can invest that money in permanent stocks which I have given example at last 

 Now one of the most important parts of this type of income is that if you earn less than 38,000$ you have to pay 0% tax.

 Also if you earn more money then $425,801 you have to pay only 20% of tax which is far better than then job also this type of income is one of the best passive income to make million dollars and if you do bu=it more work you can earn million dollars in a month.

Rental Income 

Here rental income means buying a product and renting them this is again one of the effective and less time-consuming ways of income. also you can hire people for this also which will manage your business and also help you to grow your business.

Here you are not just limited to home rental homes you can invest your money in real estate like shop, industry field also buying expensive cloths cars, musical instrument, etc and giving them to rent

Also, you can invest your money in buying machines so that you can give rent to them those who need here rental income can be anything you just have to buy and give rent to people.
 for more information, you can click here...

So overall it's all about your imagination and what people around you exactly need. 


Residual And Royalty Income 
Residual income is when you continue to get paid after the work is done.

This includes royalties from books, movies, or songs and also income that comes from real estate or business investments where you don’t actually have to be present to earn it. 

For example, Bill Gates is still making a residual income from Microsoft even though he isn’t working there anymore.

For more information you can read this book which will give you full knowledge about Royalty Income: The Business of Getting Paid More Than Once

     
                           

 One of the best types of residual and royalty income which I personally like is book one of the best examples of this is harry potter which after still many years of its release still earning lots of money.


Capital Gain 


 Capital gain is a rise in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price.

 The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.

 Similarly, if you buy stocks and later sell them when they are profitable it is a great source of income.

For more information, you can refer to this book Capital Gains, Minimal Taxes: The Essential Guide for Investors and Traders

                  

Great Example :


 In the early 19th century, there were two friends a and b both had the same financial condition and at that time a decided to buy an expensive bike and another friend has a mindset of an intelligent investor.

 So a buy an expensive bike and b in stride buying bike of that company he bought stocks of that company. 

 Friend a get full satisfaction from his bike he made friends and do show-off in the party and overall a friend gets more appreciation them B but...

 After few years stocks of that company goes ups due to witch earning of b become so high from dividend profit due to which company sent friend b check whenever the company gets dividend profit.

 Due to which he can buy that bike every single weak whereas no one is ready to buy a friend a bike even at 100$.