Everyone knows that a job is the most common way to make a living. The down fails for this is you have to trade freedom for security. And the government taxes earned income at the highest rate compared to portfolio dividend income from stocks, and passive income from real-estate. Let us not forget the business owner or corporation has a host of taxes deduction that an employed person does not.
What should a working class person do? The answer to think outside of the box. How can you improve your situation without quitting your day job? One way to do this to start a part-time business with Internet marketing, and it can cost just a few dollar or hire a student to do the hours of boring data entry on free online classifieds, directories, blogs, and social media. The alternative to this is to use a rented program to do this for you, there are many services that will auto submit to all of these services for you from a month to month or a one-time submission. The best way to find these type of services in search engines. You would love to start a business but don't have a skill, or a product or a service that can be easily transformed into a side income, what do you do? If you have the desire to start something but don't have the perfect product or service you can try your hand at affiliate programs. You are basically earning a sales commission on marketing some else product or service. Affiliated programs like Commission Junction and Clickbank will give you a host of both brand name and off-brand product to market.
But if marketing is not your strong point? Let say you're a great accountant and want to have a side business preparing tax returns? And you don't know a difference from a website from a blog? What do you do? There a great website called fiverr.com for freelancers service providers and some are priced very high and some are dirt cheap! You can a video production with spoke person for as little as $5.00, or higher a copywriter, or a web marketer from the same service starting at $5.00, some do charge more but still often a great value for small or starting enterprises. You don't have to take $10,000 bank loan.I was quoted $3000 for video production when I started my business. But hiring a professional spokesperson video for $11.00 off Fiverr.
Which the Fiverr advantage you can start building your business with outsourced freelancers for a few hundred dollars. Build a web page, hire a ad copy expert, hire a video spoke person to start your video marketing, hire a SEO expert to start your website getting hits and ranking high on google. Explore other marketing channels like email marketing, social media marketing, backlink marketing, News Releases or paid advertisement like on Facebook or Google's Adword. I hope your head is not spinning with all these types of marketing channels?
So, what if starting your own business is not your dream? What else, the simple way to bring in extra income is purchasing stocks that offer a dividend, or EFT (EFT are like mutual funds, that they hold a portfolio of many stocks, but have tax advantages over mutual funds, and can be purchased or sold like stocks in dividend classification). When is the best time to purchase these stocks after a major crash or issues when the market is low? You can pick companies that you know and trust and will feel will be there for the next 100 years.
One of the best investments in the rental business, buying home or apartments and renting them out. This is a win-win situation in the tax code. You only need a 20% down payment and can get a loan which is a tax deduction, and you can also get a deduction on the devaluation of the property at 100%, not the 20% percent which you own, What if you do not want to be called at 3 am about a problem? Simply, One can hire property managers to do all the dirty work. This is a lifetime of income. And when the investment goes up in value you can refinance the property and take out the equality to purchase additional property. This will require a lot of time to research and find the correct investment. If you are willing to put in the time you can make a big return.
Author: Derek P. Bliedung
Columbus Financial Coach & Success
The Art of Saving & Making Money