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Passive Income
Is passive income neccessary?
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[QUOTE="Jasmine, post: 256982, member: 49159"] Passive income is necessary for two reasons: One, to build your net worth, and two, to save money on taxes. Unless, you are earning hundreds of thousands dollars as a salary, it is difficult to rely on your active income. Unless you are a CEO or manager, your monthly income will be hardly enough for you to build your saving. Having passive income means you have additional income source. If you have passive income sources, you can use that income to buy assets, and build your net worth. Between 2014 and 2018 Elon Musk is reported to have paid 3.27 percent of his income as tax, however, between the same period, the average worker is said to have paid about 20 percent tax. Do you know why a billionaire pays lower taxes competed to his net worth? That because most of their money comes from passive sources and passive income has lower tax. [/QUOTE]
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