It is true that passive income has a huge advantages that could be tapped into.
The implications of passive income
- Thread starter Johnson2468
- Start date
You are right but all of them have their risk but it is good to know how to manage the risk before you decide to engage in it because it is not easy to opt out after you have spent so much money on it
In my country the taxation based on the passive sources of income is relatively very lower than that collected on the active sources of income this is because the people working on that sector are still energetic and very promising.
I think when you start a blog site with any catchy niche you can as well make a reasonable passive income. Affiliate marketing is a very genuine profitable business to start up. Their advantages are more than the disadvantages.
Well, effective risk management in everything you do is very important and necessary. Almost every type of business is risky and you must learn how to manage it.
Understanding taxation is very important for an investor. It is one of the things you need to study if you want to be financially literate. With this knowledge, you won't be paying unnecessary taxes or getting into trouble for evading tax.
Yeah, in almost every business venture problem always arises. so learning about risk management is important and necessary if you want to maximize profit on the long run.
One implication of a passive income is financial security. If you have a good passive income, you can sustain your family's financial needs and wants. It is so crucial without a passive income, especially in this trying time.
If you have access to a reliable passive income then it's an avenue to generate financial freedom as well.
Exactly, one must also choose the one that sustains for years like my milk tea business. I considered it my best passive income and by next year I'll expand by adding another branch.
These are the reasons why some people do not go all in to rental services because of the tax it will incure on them and again it is not a bad thing to pay up the tax as it would be for the good of the nation if not for the fact that we have some dubious leaders that sits on those tasks making it lot as if paying of task is a waste.
What was the passive income that you engage in? share the link so that I can also take advantage of the same.
My milk tea selling business and the buying of private lots by square meters are sources of my passive income. I will expand my milk tea next year. I gained in thousands buying and selling of the lots I bought two already.
