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    Home Business Ideas: Innovative Ways to Quit Your 9 to 5 and Obtain Multiple Streams of Income
    Home Business Ideas: Innovative Ways to Quit Your 9 to 5 and Obtain Multiple Streams of Income
    Home Business Ideas: Innovative Ways to Quit Your 9 to 5 and Obtain Multiple Streams of Income
    Ebook61 pages36 minutes

    Home Business Ideas: Innovative Ways to Quit Your 9 to 5 and Obtain Multiple Streams of Income

    By Nichola Lett

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    About this ebook

    Wanna be your own boss, work in your pajamas, and make money doing what you love? Turn your dreams into reality with ...

    Home Business Ideas: Innovative Ways to Quit your 9 to 5 and Obtain Multiple Streams of Income

    This is not a get-rich-quick scheme designed for people looking for easy money. The methods described in this book will work for anyone willing to put in the effort. But once rolling, a home business can be a ticket to the financial freedom you've always wanted. No more living paycheck to paycheck. No more scrounging for extra cash after the bills are paid. With the tools described in this book, it is possible to live debt free and even quit your full-time job.

    Don't wait! Real financial freedom is just a click away. Download your copy today and begin a journey that is destined to change your life. This is one book you cannot afford to miss.

    LanguageEnglish
    PublisherNichola Lett
    Release dateMay 17, 2018
    ISBN9781386221623
    Home Business Ideas: Innovative Ways to Quit Your 9 to 5 and Obtain Multiple Streams of Income

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      Book preview

      Home Business Ideas - Nichola Lett

      Introduction

      Passive Income

      PASSIVE INCOME, IN the simplest of terms, is the income that comes regularly and periodically to the recipient with minimal effort. For example, if you are renting a room in your house, you’ll receive rent each month. You’re earning money without actively working for it. Therefore, this income is a passive income.

      That’s not the only way to earn passive income, however. Other sources that can generate passive income include stocks, lottery wins, capital gains, online work, and dozens of other income paths and venues. These categories are widely accepted as an integral part of passive income even though the IRS only focuses on rental incomes when taking passive income into account. In addition, the IRS also includes the total income from the businesses in which the recipient is not materialistically participating in as well.

      What does material participation mean?

      If you’re an investor who invests in some type of business, but does not participate in daily operations of that business, you are not considered to be engaging in material participation. You will still get a share of the profits from whatever the business earns, but you’re not in an office making day-to-day operations decisions, thus you aren’t actively participating. Ta-da, passive income!

      Why is this considered passive income? This type of earning is passive income because the investor isn’t participating in the running of the business. However, if the investor begins to manage the company affairs, the income earned by the investor could turn into active income. It’s all about how much and where you decide to participate.

      Multiple Streams Income Streams

      There are many ways to create a passive income that will supplement your regular salary. If you make enough money, you won’t have to worry about covering any new expenses you might incur, and you can also build a substantial savings. The only drawback is the potential need to keep your 9 to 5 job for steady income. If you make a nice living with your passive income and you can quit your day job, that’s great. On the other hand, if your side income doesn’t cover all your expenses, you should consider multiple income streams. Multiple income streams allow you to generate money from different sources. For example, one person might work as a virtual assistant and music reviewer. So, multiple checks are received at the end of every pay cycle.

      Starting a Home Business

      The benefits of starting a home business are numerous, but there are a few big pluses that definitely warrant a mention.

      You are your own boss:

      With a home business, you don’t have to work for someone to make a living. In a day-to-day job, you might work for a demanding boss that makes your life miserable. You may also want more control of what you’re doing. By being your own boss, you make your own rules.

      A newfound passion for what you do:

      People often lack the passion for what they do for a living and don’t feel motivated to work. With a home business, the amount of money you earn depends on how much work you do. If you don’t work, you don’t get paid. How’s that for motivation?

      Lower taxes:

      Even though the tax laws vary, every region imposes certain taxes on 9 to 5 jobs. In general, if you’re running your own business, the taxes are considerably lower compared to taxes implemented on corporations.

      No office politics:

      Have you ever walked into a room and everyone stops talking? Do you hate working with that lady that stabs everyone in the back to get a management position? These scenarios and others happen to people every day. What’s the answer to this? Start your own business. You choose who you want to work with, if anyone, and can leave all the backstabbing, office politicking, troublemakers behind.

      Vacation:

      The average vacation time for an employee with one

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