Everyone knows the more financially educated you are about how many residual income business opportunities out here for yourself and family the better your lifestyle will be.
Being financially ignorant about how money works means, your going to struggle with earning money.
If the only way you know how to make money is trading hours for dollars your lost. If you’re only earning money as an employee, your time is not your own, you’re a couple of paychecks from poverty and don’t know it yet. You need to learn how money works to fix this.
Question, how many ways do you use to generate your annual income. Most individuals in America are lacking financial literacy for their financial future. Scholastic education alone will not give you financial freedom. But financial literacy is at the very bottom of every Americans priority list. But the knowledge will give you financial freedom. The extent of financial literacy is only how to balance a check book and savings account. People must teach themselves all four ways of generating long term income without this knowledge poverty is inevitable.
If you’re earning your money as an employee by trading hours for dollars.
Your called a wage earner. These people don’t control their own time. Nor do they control their own money. These people gave up on their goals and dreams, and have been hire to build someone else’s dream instead. Employees are the highest tax bracket in the earning industry. And 100% of your income comes from 100% of your effort. No work, no pay! Employees who are willing to increase their financial literacy can build on their own dreams and goals while building long-term residual income if they really want to.
Self Employment is the art of owning your job. Once again 100% of your income comes from 100% of your efforts. Your still taxed as an employee. And your time is not your own, and you still don’t control your money or time. If this is your current situation you’re in the best position to increase your financial knowledge. The more financially literate you are, the better for you in the long run to build a long-term residual income ideas.
Anyone with financial literacy, are owning their own Businesses. Because they understand how to make money work for them instead of working for money. As a Business owner you’re not taxed as an employee. Because they earn what’s called 1099 income. This income is not taxed before they receive their checks. Because Business owners have the ability to control the taxes they pay on the money they make from the business they conduct.
The fourth way is as an Investor. Now when a business (Assets) generates un-taxed profits. financial literacy will teach you how to find investment vehicle to bury your money in, so you won’t be taxed until you turn the money into cash. The governments wont tax you if your money is in an asset. If you’re struggling financially and wondering what you can do to learn how to increase your financial knowledge.
You must be willing to change how you think about residual income,
this will be a great starting point for everyone. Your environment also plays a huge roll in your financial future. Because your income is in direct proportion to the incomes around you. And also most people don’t believe in themselves so they won’t spend time to Increase their financial knowledge. Those who are not willing to change their environment of people will continue to struggle financially.
Don’t be slothful in your education about how money works.
If you’re struggling financially don’t continue being ignorant about how residual income can work for you instead. Financial education should be at the top of everyone’s priority list. This is your wake up call to stop working as an employee or self-employed. And start learning how to generate income through owning your own business and investing your profits in other business ventures. I hope you have found some value in this information.