Make your money work for you, rather than you work for your money. Tony Byrne, managing director of Wealth & Tax Management, explains how.
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ARE YOU fed up working for someone else? Fed up making money for your employer and not for yourself? Fed up running your own business? Tired of the constant pressure just to maintain your current standard of living? Don’t like your boss?
Become your own boss instead. Make money work for you rather than giving your time to earn money. That makes sense, right? Then read on.
Most people of working age have one sole source of income. It is from their job. What happens when you lose that job? Your income disappears overnight. Does that make any sense? Working for someone else is meant to be more secure but relying on one source of income cannot be certain, can it?
What’s more, most people give up the majority of their time to work for an employer so they don’t have much time to create income for themselves.
So create your own multiple sources of passive income instead.
Passive income is where money works for you rather than you working for money. Passive income streams can come from investing in investment funds or shares, selling products online, publishing online courses or other side hustles in which the earner does nt have to actively participate.
Does this mean you do not have to give up much of your time to earn passive income? Too right it does.
Just think about it. Time, not money, is your most precious resource. It is the one thing we will all run out of one day. As Benjamin Franklin once said: “Waste neither time nor money but make the best use of both.”
For advice on creating multiple sources of passive income, take advantage of a one-hour Discovery Meeting either at our offices or by a video conference call at our expense worth £270 to each of the first three readers who contact us before November 30. You know it makes sense. We offer a great cup of coffee too. Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk.
- The Financial Conduct Authority does not regulate passive income from unregulated sources. The contents of this article are for information purposes only and do not constitute individual advice. You should always seek professional advice from a specialist. All information is based on our current understanding of taxation, legislation and regulations in the current tax year. Any levels and bases of relief from taxation are subject to change. This article is based on my own observations and opinions.
