Sunday, March 30, 2014

Another Source of Income

    Today, people are starting their own home based businesses to supplement their income.  With inflation, the costs of things rise usually each year. The cost of things that are essential such as food, water, and shelter rise almost each year. The rent people pay for apartments continues to go up, usually once a year, as their landlord's cost increase. Some individuals try to find a second job to supplement their income. This can affect you taxes in a negative way as not as much taxes are taken off your check.  As taxes from jobs are the highest, an informed person realizes there has to be a more efficient way to increase there income. These individuals might look for a different option then working a second job.
     Some individuals start side businesses at home. A popular thing to do is businesses that involve network marketing. Some common examples are Arbonne, Avon, Scentsy and Grace Adele.  People become independent distributors starting off. They get a percentage of their own sales as commission.  To increase there income, they try to get people to sign up to be independent distributors who are underneath them. In turn, they a small commission on the sales from the people they signed up.  Next, then these people will try to recruit people also.  A majority of the population refer to this as a pyramid scheme.  One book that is about network marketing is Flip Flop Ceo.
    Individuals could also start home-based businesses that do not involve network marketing. With a home based business, there are tax deductions an person can take advantage of. 

Disclosure: I do not have a network marketing business and recommend individuals to do thorough research about the industry if they are interested in that type of business.


     I am not a financial planner, financial advisor, accountant or tax attorney. The information on this blog represents my own thoughts and opinions and should NOT be taken as investment or business advice.  Every individual should do their due diligence to make their own financial decisions based on their financial situation and tolerance for risk

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