What Is Passive Income?
Passive income is the term used to describe additional earnings or income streams which can provide additional finances for you and your business projects. Passive income generally is used to describe a ‘side business’ which can be relatively easy to set up and provide a stable additional income on top of your active salary.
Passive income for some is an additional financial safety net, this is down to the fact that one person may have multiple passive incomes across multiple platforms/industries, etc. meaning that when one income is reduced or stopped, other sources of income are still in place.
Is Passive Income Taxable?
As we cater to individuals around the world, we cannot comment on tax situations that may be relevant, and specific to you. As tax can have long-lasting effects, we always recommend speaking to your relevant tax authorities to seek clarity before undertaking any passive income stream. When it comes to taxes and income, we strongly advise you to take all necessary precautions to maintain your own tax compliance.
What Are Some Examples Of Passive Income?
Passive income has many forms and the list of potential incomes is a long one. Some examples of passive income are a monetized blog, dropshipping business, or affiliate programs.
Benefits Of Passive Income
Passive income will prove to be an ‘extra’ source of income with little to no input from you. These forms of income can greatly improve your overall finances and provide a healthier financial situation.
Having multiple streams of income can provide an additional financial safety net. This means if one income stream stops, if you have multiple streams you will keep on earning money.
As you branch out into new markets to discover more passive income ideas, you will ultimately learn about markets and gain skills that will remain with you, meaning you will upskill your knowledge base.
Understanding Passive Income
There are three fundamental classes of income: active income, passive income, and portfolio income.
Passive income has been a commonly used term as of late. Conversationally, it’s been used to characterize cash being earned normally with practically zero work being done by the person.
Famous kinds of passive income incorporate real estate, distributed lending, and dividend stocks.
More recently the term has been used to describe methods used to generate additional income streams to boost one’s finances. Although this is broadly correct the finer details of passive income can be quite complex.
If you are looking for additional income streams but are not sure how you may be affected by tax and other factors, we would strongly suggest seeking legal advice prior to partaking in any form of passive earnings.
How Can I Get A Passive Income?
You can get a passive income anytime, anywhere. All that is required is an internet connection and some dedication. Our courses will provide you with the resources needed to set up your own passive income and allow you to add additional income streams, boosting your financial portfolio.
You can now browse our free courses* section and find a course that you think you would enjoy doing. Pick a course you think you will be interested in, as there will be a learning aspect to our guides and courses it will be much easier to learn something when you are working towards something you like rather than dislike.
After you have found the topic that you would like to target, we recommend brainstorming ideas so you have an idea of whether you want to create a dropshipping store selling apparel or a blog you can write while you travel, the options are endless, and unfortunately, this is one area that is completely up to you to decide.
Once you have your idea in place, write down a brief version of it. Then head into one of our FREE online courses to get moving on establishing your next income stream!
*Free courses will be available for a limited time only. Our courses may be made private at any time, and in some instances without warning.