If you want to change your financial life you have to understand financial education. The common definition of passive income is income that you earn without being actively involved, this is the one way you can generate cash flow, but to build it you need to work SIGNIFICANTLY for it. Intellectual property, Affiliating marketing, Investing, Traditional business, Franchising, Network marketing.
Earning money and how to change life:
By doing regular job you have to spend morning to evening 8 hours and travel to home to office = 10 hours. So you are busy over week and salary you get after deduction the tax. So have you ever thought how to change life or have more financial freedom? Never think that earning money easy, where we get education from school, college, university they do not teach finanical education because all these institution has their own policy and we are not aware that we need financial education as well. There are many information and way to change life will see online and around but all are not real! so you have to check and test to find out real information and to plan to do something beside your job.
Why you must need to be a business person:
As long you are earning money by any way meaning you are an entrepreneur / business person, either you are selling your time as an employee or selling services or production, only the thing you do not know that how to define a business person. In fact all we are business person, depends upon understanding and implementation, some are having more revenue / income than others.
What do you need to know to be a business person:
Anywhere you live you are under tax to declare and to pay, its one of main point to understand basic taxation ( you do not need to be expert on it ! at the begining). At the begining you may start business as solo trader ( without business registration ), but there is a certain limit of income, if you earn more than the limit you have to register your business. Based on your location you have to pay different types of tax monthly, quarterly. There is another tax is VAT ( Value Added Tax) its sales tax, while you sell something you have to charge to buyer some % of VAT and pay to govt timely. Following year you have to declare business and corporate tax for the previous and running year ( if your profit as for example $ 30000, you have to declare business and corporate tax based on % and pay this tax ) and same year you have to pay advace business and corporate tax based on the previous year tax in different installment. Different country has differnt rule: so please learn it from your local tax authority.
Marketing and sales:
Anything you want to sell ( service or product) you have to understand quality of services and product and provide great services to satisfy customer.
Each day your income and costing you have to note.
Some profitable business:
Textile business ( all business depends upon good management), real estate [ needs good planning and management ]
Where to invest:
Before doing anything you have to study about it yourself. Never invest money or pay money anybody to do business which you do not understand. Over 90% business fails because of ignorance to start up. Never think in a day you will be rich-- its wrong. Busines is long term process to build. Its a platform where you need people with integrity and ethichs.
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