CREATE A LONG-TERM, NO-FUSS, WEALTH-BUILDING PLAN THAT WILL GET YOU OUT OF AN OFFICE CUBICLE FOR GOOD
Entrepreneur Media has teamed up with Nightingale-Conant, the world leader in self-development, to show you how to escape the 9-to-5 rat race, harness the power of passive income, and earn a steady stream of cash while living your best life. Whether you want to escape your corporate life and start a side hustle, spend more time with your family while your real es-tate investment rakes in the cash, or build a financial nest egg for the future with a passive investment stream, The Power of Passive Income will get you started on your journey.
You will learn how to:
Assess your personal skills, resources, and lifestyle
Identify passive income and time-for-money models
Get out of your debt hole and into your nest egg
Manage your income and expectations for success
Generate a six-figure income with the right strategy for your goals
Redefine wealth based on what matters to you
Free yourself from the need to work for someone else—and make yourself rich instead. Maximize your income, minimize your stress level, and get the absolute most from every moment with The Power of Passive Income.
Product Details
About the Author
Table of Contents
Product Details
ISBN-13:
9781613083963
Publisher:
Entrepreneur Press
Publication date:
02/19/2019
Sold by:
Barnes & Noble
Format:
eBook
Pages:
248
File size:
2 MB
About the Author
Nightingale-Conant has been the world leader for personal development content for over 50 years. Founded by Earl Nightingale and Lloyd Conant in 1960, the company features thought leaders in the areas of personal development and leadership in courses, audio, seminars, and other educational platforms. For more than 40 years, Entrepreneur Media has been setting the course for small business success. From startup to retirement, millions of entrepreneurs and small business owners trust the Entrepreneur Media family; Entrepreneur magazine, Entrepreneur.com, Entrepreneur Press, and our industry partners to point them in the right direction. The Entrepreneur Media family is regarded as a beacon within the small to midsized business community, providing outstanding content, fresh opportunities, and innovative ways to push publishing, small business, and entrepreneurship forward. Entrepreneur Media, Inc. is based in Irvine, CA and New York City. Robert W. Bly is an independent copywriter and marketing consultant with more than 35 years of experience in B2B and direct response marketing. He has worked with over 100 clients including IBM, AT&T, Embraer Executive Jet, Intuit, Boardroom, Grumman and more. He is the author of 85 books, including The Marketing Plan Handbook (Entrepreneur Press 2015), and he currently writes regular columns for Target Marketing Magazine and The Direct Response Letter.
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Table of Contents
Contents Foreword by Robert W. Bly Introduction Chapter 1: Laying the Groundwork Chapter 2: Breaking Your Barriers Chapter 3: Ramping Up for Online Success Chapter 4: Leveling Up Your Online Strategy Chapter 5: Making Your Mark in the Stock Market Chapter 6: Leveling Up Your Investing Game Chapter 7: Investing in Real Estate Chapter 8: Leveling Up Your Real Estate Investment Strategy Chapter 9: Building Wealth with a Side Hustle Chapter 10: Going Solo with Multilevel Marketing Chapter 11: Opening Doors with Franchising Chapter 12: Creating a Passive Income Legacy Chapter 13: The Future of Wealth Resources About the Author Index
With passive income, you can have money coming in even as you pursue your primary job, or if you're able to build up a solid stream of passive income, you might want to kick back a little. Either way, a passive income gives you extra security.
Passive income is money that doesn't take much time or effort to make and you don't earn it from a traditional job. It can include earnings from rental properties, dividends from stocks, selling courses online, and other projects where you're not involved in the continued generation of revenue.
Passive income provides an additional earnings source and acts as a financial safety net. From cushioning against job loss to funding life's luxuries, the benefits of passive income extend far beyond having an extra paycheck.
Passive income is money you can earn with little effort and without working a traditional job. You can earn passive income by renting out property, through dividend stocks or a high-yield savings account.
Cultivating a passive income mindset involves embracing delayed gratification and understanding that success doesn't happen overnight. By setting realistic goals and staying focused on the long-term vision, individuals can weather the inevitable ups and downs of entrepreneurship and investment.
Living off passive income alone is feasible, but the amount needed depends on your lifestyle and expenses. Generally, financial advisors suggest having enough invested to generate 25 to 30 times your annual living expenses.
Generally speaking, passive income is taxed the same as active income. However, the exact tax treatment will depend on the exact source of your passive income and your financial situation as a whole.
The easiest side hustles are those that allow you to work from home and on your computer. Things like freelancing, social media marketing, answering surveys, and proofreading for other small businesses are pretty easy side jobs from home that can still turn a nice profit.
The problem with earned income is that in order to reduce tax exposure you must always spend more money. Passive income, from rental real estate, is not subject to high effective tax rates. Income from rental real estate is sheltered by depreciation and amortization and results in a much lower effective tax rate.
Active Income has time constraint as long as we can work, while we can earn Passive Income even if we cannot work anymore. Active Income is the way we work and receive returns almost immediately, such as earning wages, while Passive Income takes a long time to generate income.
Passive income is named as such because it doesn't require any regular action on your part; once you have the stream established, it can mostly be set and forgotten. Generally speaking, passive income is taxed the same as active income.
Yes, you can live off of passive income. It's easiest to live off of passive income if you live in an area with a low cost of living. To live off of financial investment and cash-equivalent income, you'll need a larger amount of money. To earn $30,000 per year, you'll need $600,000 invested at 5% per year.
Introduction: My name is The Hon. Margery Christiansen, I am a bright, adorable, precious, inexpensive, gorgeous, comfortable, happy person who loves writing and wants to share my knowledge and understanding with you.
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