The Truth About Passive Income

If you search the internet for “passive income”, you may find a definition or two, but mostly, what you find are websites trying to sell you on the passive-income-flavor-of-the-day. It’s frustrating, I know. I don’t know about you, but before I jump into any opportunity or even before I take a trip, I like to do my research. That being said, there are a lot of good opportunities out there. But before you start spending money, let’s discuss what passive income is and, most importantly, what it isn’t. 

passive income

Webster’s dictionary defines passive income as “of, relating to, or being business activity in which the investor does not have immediate control over income”. I don’t think that tells the whole story. Passive income is money that you receive over and over again without having to do much work (notice I didn’t say “any work”). It is different than earned income in that you are not receiving money for your time (like you would a job). But depending on the passive income stream that you choose, you may in fact have immediate control over your income. But I’ll get to that later.

Why would you want passive income? Well, like Robert Kiyosaki explains in his book Rich Dad Poor Dad, that is the main difference between the rich and the middle class. The rich invest their money in various passive income streams. When their passive income exceeds their expenses, then they are financially free. “Financially free” simply means that you do not have to have a day job to pay your expenses. And you are “free” to then do whatever you want!

What Passive Income Isn’t

Before I go into telling you what passive income is, let me first tell you want it isn’t. Passive income is not the same thing as “residual income”. Residual income is money that you receive on a regular basis after having done work once. The best example would be TV sitcoms. Some actors get “residuals”. Actors get paid for filming the show. Afterwards, some actors get paid each time the show repeats. Sales people that sell services, subscriptions, or renewable products (like insurance) sell that item once and, providing the customer renews, will get a commission off of each renewal. Royalties from the sale of books and music are also residual.

Many say that multi-level-marketing or network marketing sales provide you with passive income. Guess what? That’s residual too.
If you have a small business or are self-employed, even if you are making a lot of money, this is NOT passive income. If you receive a salary from your business, that is earned income. There is a way to turn this into passive income, however – so stay tuned.

You know, I have to say that starting your own website cannot be passive income. Whether you are selling a product (such as an eBook, seminar or other information) or a service, you still have to market your website. You will have to do this regardless of whether you are selling your OWN products or have the rights to sell other’s products. Marketing your website is work, simple as that. But it’s not a job. And once your marketing efforts start taking off, you can make a lot of money with little additional effort. But that is residual in my book, not passive.

What Passive Income IS

Passive income is a lot of things. The first thing that comes to mind, and also, I believe, the most popular example is real estate. If you own investment property and are getting a positive cash flow from a house, commercial property, or apartment, that is passive income. If you rent rooms in your house, that’s passive income too. You only have to set this up once, and then the income comes in month after month. Interest income from savings accounts, CDs, and money-market accounts are passive – the bank pays you for keeping your money in those accounts. If you have a website with banner ads or Google AdSense ads, that can be called passive as well.

If you invest in any business, but don’t manage it, your profits are considered passive income, exactly what Webster was thinking about when he wrote the definition.

What about business? Well, that depends on how you set it up. Rich people create businesses and set up a system that the business follows. That way, if the owner goes on vacation for a month to Fiji, the employees follow the system and the owner still gets the profits. Any business will of course start out with a lot of work, but if you take the time to set up a business so that it gets reproducible results (exactly like a franchise), those profits become passive. And, according to the IRS, any salary you get from your business is considered “earned” but profits are considered “passive”. It is vital when starting a business to check with an accountant and an attorney to set up your business that financially benefits you the best.

What else can be considered passive income? How about self-storage facilities, parking garages/lots and dry cleaners! They all require some time to start up, but once they are set up, you collect money over and over again.

Residual vs Passive Income

Residual and passive income are like siblings. They are both very similar and most people really consider them synonyms. What does it matter, anyway? They are both excellent ways to get money in your hands month after month after month without trading your time or your freedom. How can it get better than that?

Reality Check

Beware of anyone that tells you that there is NO work involved in passive income. Passive income does not mean no work! If you are going to invest in a business, a stock, or a real estate property, you will have to do your research (this is called “due diligence”). Research is work! You will also be required to manage your investments, to check up on their progress and make changes as necessary. That’s work too!

The good news is that research and management is only a part-time endeavor. And most of the time, that work can be done from almost anywhere, including on a beach in Fiji.

Let us not forget the FUN factor. I’m sure there are some of you reading this who like, even love their jobs (if you still have one). Some of you have your own business – and congrats to you! But most of us are in jobs just because we need to feed our families and pay the bills. Looking into passive income streams and investing your time and money can bring you many, many returns. Researching for and implementing your passive income plans so that you can live your dreams is FUN. Getting money every month, week, or even every day is FUN. And trying out new strategies and managing your money – when you have some to manage – is FUN.

I hope I’ve done my job and given you the passive income basics. If you have any questions or thoughts, feel free to contact me through my website. I’d love to hear from you!

A. Annika Smith is the of “Room 4 Rent: How To Turn Your Extra Rooms Into Extra Money!” [, the only real estate book of it’s kind. She helps others quickly earn passive income by renting out rooms with little money to start so that they can save their home or realize their dreams

 

Singapore Branch Office – An Overview

Foreign companies that want to have a business presence in Singapore can setup a Singapore branch office that is treated as an extension of its parent company. With this arrangement, the head office has a direct liability for all the activities. 

Official Site

This business formation is considered as a non-resident entity which means that it is not eligible for any tax benefits and exemptions which are typically enjoyed by local companies in Singapore.

In terms of taxation benefits, this business arrangement is generally not appealing. However, it is important to note that only the sales and revenues of the branch office will be covered by taxes and not the parent company’s.

According to the Accounting and Corporate Regulatory Authority (ACRA), the name of a branch office should be the same as its parent company unless if the business name is already existing in Singapore.

Under the Singapore Companies Act, a foreign company is required to appoint at least two local residents who will act as a director to oversee the activities of the branch office. Meanwhile, there is no requirement on the number of foreign or local staff who will be employed by a branch office.

In addition, this Act allows a branch office to perform any business activities as long as these are in line with the parent company’s goals and nature of business, and are considered legal in Singapore.

One downside of a branch office is that even the parent company is required to submit its audited accounts every fiscal year, an arrangement that most foreign entrepreneurs are not comfortable with.

It is important to note that ACRA does not allow foreign individuals and business entities to self-register their own companies. With this consideration, it is important for foreigners to hire a professional firm that can assist them in the registration processes.

The processing for branch office registration generally takes one to two days. This can take place even without the presence of the foreign entrepreneurs or their employee-representatives (since their hired professional firm will act on their behalf).

Meanwhile, ACRA will send an email notification if the branch and its name has been approved. There is no hard copy provided unless a foreign company will request for this during the post registration process.

In Singapore, email notifications are sufficient for most business transactions such as the signing of office lease agreement and bank account opening.

 

Singapore Business Registration: How to Set Up a Ltd Company

There is no better country to establish a business or corporation, than the top global Asian country in the world. Singapore has always maintained a strong trading reputation because of its welcoming tax laws and their favorable intellectual property laws. The majority of Singapore businesses are recognized and registered as private limited companies. 

company registration singapore

Setting up a private limited company is the type of business which is highly favored and is the top most common type of structured tax entity. Foreign and local entrepreneurs over 18 years of age, can start and register a company in Singapore. There are regulatory and legal requirements that business owners must secure through a professional firm to submit on their behalf to properly begin operating in Singapore.

A professional Singapore registration company is the only type of assigned firm that can register or incorporate a company in Singapore. The business registration and corporate Singapore laws state that local or foreign individuals can not register their own company or business. Entrepreneurs can both operate a company while residing outside of the county or they can operate a company while residing in Singapore. Either choice still requires a permanent, physical Singapore address, but no P.O. Box numbers, which is where a licensed registration company can work on a business owner’s behalf.

The main Singapore registration agency that a new company must register through is The Accounting and Corporate Regulatory Authority (“ACRA”). The ACRA requires that Ltd company must have a specific paid up capital to register. Other licenses, immigration or visas, employment passes and other regulatory documents must also be obtained through a registration company. Starting a business in Singapore will require professional information, such as:

– a registered rubber stamp
– an established Singapore bank account
– a registered company seal
– share certificates for shareholders, which must also include a shareholder’s allocation.

To set up a Singapore Ltd Company, the following steps are required:

1. Establish an approved name for the company. Quick tips for a successful approval is a name that is not obscene, is not similar to an existing Singapore company name, is not already reserved and does not have any trademark infringements.

2. When the company name has been approved, then the Certificate of Incorporation process takes place. A registration fee is required. Filing documents include various forms that require a Memorandum and Articles of Association (“MAA”) which outlines the company’s by-laws, structure and business activities. A Certificate of Identity, a Declaration of Compliance, office registered hours and the Director’s and top staff identities are additional information to be filed. Whatever registration firm that is chosen to represent a new business owner, will supply the necessary incorporating forms needed.

Additional requirements for a Singapore business registration in setting up a Ltd company entreats a private limited company from 1 or up to 50 corporate or individual shareholders. Shareholders can be a Singaporean or a foreigner, a director must be a Singapore resident or a foreign employment pass holder and a secretary must also be a Singaporean.

 

The Importance of Teaching Your Children Fire Safety

Fire is very important in our life. It seems like everyday we need fire. Nevertheless, fire can be dangerous that you have to be careful. It will be more serious when it deals with kids. To teach your children fire safety as early as possible is very important to minimize the risk. Thus we want to help you with this article on how to teach your children fire safety.  

https://articlesfiresafee.jimdosite.com/blog

At the very beginning, your children should understand that fire is extremely dangerous. Make sure that the sentence is stuck on their mind that they will always remember it. If your children are too young that they cannot understand the warning, then you had better always supervise their activities. Keep away all fire sources from your little children for best preventive acts. 

https://www.wikihow.com/Practice-Fire-Safety

If your children have ability to read, you can cultivate this idea by creating an easy-to-remember memo, for example a poster. It is better that you ask them to involve themselves in creating the poster that they can more easily remember the sentences they make. Use some simple ideas like the following:
1. Don’t play with candles, matches, or any other fire sources.
2. If you use candles, tell them that they must not leave out the candles whenever they are going to bed or leaving the house.
3. Be careful while using gas stove (for children at school age).
4. Keep anything flammable away from fire sources and electricity.
5. Tell them to be careful when they plug some devices to electricity socket.
Put the poster on the wall, or on the back of the door of their bedroom.

Also, you had better install smoke detectors in your house and tell your children not to play with them. Check the batteries to keep the detectors to work well. The next thing you can do is to teach your children fire safety. If they catch on fire, tell them that they should stop running to drop their body, and roll onto the ground.

If the house is on fire, tell them to get out of the house as fast as they can. Make sure they understand that life is everything and first priority. It is important to warn your children not to take anything valuable, or anything they love, with them when the house catches on fire. For example, you can say, “If you lost your Barbie, Mom and Dad can buy another one for you. But remember, life can’t be replaced that you have to save your live no matter what happens”. Those are tips to teach your children fire safety. We hope it will be useful for you.

Speaking on teaching little children, Alvina Prescott would love to share some information on tools that you probably need in other teaching activities.

The Increasing Popularity of Cosmetic Dentistry

The cosmetic dentistry industry has experienced a tremendous boom in the last few decades, due to a number of different seasons. Cosmetic dentistry involves treatment to improve the appearance of teeth and gums. Unlike regular dentistry, cosmetic dentistry may not be necessarily done for health reasons but instead to improve personal image and style. Teeth cleaning is regarded as general dentistry because it is necessary to keep teeth clean in order to prevent them from decaying. Teeth whitening however is categorized as cosmetic dentistry as it is not necessary to have white teeth. Changing the color of the teeth will not make any difference on their performance https://kingwooddental.jimdosite.com/blog

More than ever before, people are conscious about their appearance and how they feel when they look good. With time, people have also started to experiment with their looks and they are not shy in trying new products to help them feel and look better. In the same way, lots of people have also shown interest in facial surgery in order to enhance their appearance. Dentistry has not been left aside either and more and more people are now visiting a cosmetic dentist in order to get great looking teeth through quick cosmetic methods.  https://www.wikihow.health/Treat-Sensitive-Teeth

Over the years, cosmetic dental procedures have become less and less invasive, a factor that has contributed significantly to the increased popularity. Most cosmetic dental procedures are now painless and provide impressive results. Whether a person is looking to create a brighter smile or fix a more serious problem, cosmetic dental work is no longer seen as a risky or painful treatment option. Cosmetic procedures are admittedly expensive but the results are long-lasting and once the treatment is finished, you can expect the results attained to last for many years to come.

Another factor that has helped cosmetic dentistry gain popularity is the ‘celebrity effect.’ With famous stars openly acknowledging (and sometimes even advertising) cosmetic dental procedures, it has become more desirable to achieve a similar look. Television shows, such as those with makeovers, also reinforce the desirability of cosmetic dental work. Over time, this has made the idea of cosmetic dental procedures more acceptable and wished for by a larger majority.

Cosmetic dentistry is now established in the industry and is very popular among people of all age groups. With today’s improved technology, getting great looking teeth is possible within a short span of time, sometimes in as little as an hour. Most dentists offer some kind of cosmetic procedures, even if cosmetic dentistry is not a specialty. With cosmetic dentistry being more accessible, pain-free and accepted than ever before, it is clear why the procedures are now so popular.

 

The Importance of Using Professional House Painters

Some home improvement jobs are easy for home owners to tackle, but others need to be done by professionals. Otherwise, you risk making a mess, unsafe installations, and even destroying your home! 

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Don’t take that risk! Use professionals when you’re ready for your next home improvement project. Commercial painters use the best, high-tech painting equipment which produces a superior finish so your house gets a beautiful paint job. The difference between a professional job and an amateur one is usually easy to see.

With painting, it frequently has to do with inadequate surface preparation making bubbles or improper technique, leading to streaking or stripes. Some of these differences between professional and DIY jobs have to do with equipment; your average homeowner simply doesn’t have the high-quality tools used by commercial painters and contractors. However, the differences can also stem from experience; as a part-time home-improver, you simply can’t beat the training and experience of a full-time professional. So why spend hours trying to get results you can’t possibly achieve!

It is also important to note, that while the defects listed above may only seem cosmetic, they can cause serious problems: the paint is there to protect as well as beautify your home, if it isn’t properly applied the paint will flake off and chip, exposing your house to the elements. Once the wood is exposed, it will begin to weather and deteriorate; frequently, even allowing moisture into your home. Dry rot and mold then result. It may seem easier to do it yourself, but in the end, the price you pay isn’t worth it–not when you’re risking your home and your family’s health.

At first glance, it may seem like you can handle painting your house yourself, but to do the job right you really need professionals. Their tools and experience guarantee a job done right, the first time.  

Randymars Painting and Contractors is a group of talented professionals committed to quality workmanship and customer service. We take pride in our work, so whether we’re painting a house, tiling a bathroom, or pressure washing your walkways, we’ll always do it right the first time.

Take Advantage Of Expertise And Experience Of A Company Formation Agent

21st century is an age of specialization. Unlike earlier times, when a person could be master of all trades, modern people are expert in one or two particular subjects. Now, one is the master of his own domain, with extensive knowledge and high level of expertise; but the same person cannot be expected to have similar or good knowledge of another important subject. 

http://offshoremoss.eklablog.com/offshore-company-formation-slogan-of-modern-times-a184599274

Even it would not be surprising if he is found to be ignorant about something that he may need at any moment. The fact is that, people are so much engrossed with one particular subject that they hardly have time or interest to bother about other things. This trend gave way to so many agencies that offer service on various important fields like company formation. Since a businessman have little time and expertise to incorporate a company, it is the company formation agent who accomplish the task for him. 

Offshore Company

A businessman is primarily preoccupied with conducting business. Buying stuff, processing and marketing them, managing the clients, updating the relevant things and a lot more works are there that he needs to take care of. He hardly gets time to research and know about the way a new company is incorporated. So, when he gets into the task of forming a company, he finds it outside the area of his expertise. Ultimately he resorts to a company formation agent.

It is not altogether impossible for someone to form a company without the help of a company formation agent. But the task may become tiresome and time-taking. Instead, it is better to set an agent for the purpose that has expertise and experience in doing this thing. The task may become even easier if an online company formation agent is chosen for the task. He will incorporate the company over the Internet which means the company will be formed within a very period of time.

The Author is an experienced writer presently writing on topic like offshore company formation [

Gibraltar Company Formations – Save Money With A Gibraltar Offshore Company

Gibraltar is a small island off the coast of Spain, governed by the UK and due to it’s geographical location is on important port in addition to it’s role as an offshore financial centre. A company formation in Gibraltar has been a popular choice for European businesses for many years, providing an essentially British experience but with the benefits of an offshore financial centre. 

More info

However, whilst it offers the corporate structure flexibility with a minimum of just one director (which can be a corporation) they do not offer quite the same extent of privacy with a public register containing the names of directors and shareholder.  

offshore company formation

There are no requirements to disclose to anyone the identity of the owners or shareholders of a non-resident company in Gibraltar and the Gibraltar government would only ever do so if an order is received by the Supreme Court. This would only be granted on suspicion or serious criminal activity. This privacy is further protected by the minimal reporting requirements for example, companies are not required to keep accounts and lodge them with the Gibraltar government. Whilst still providing this high-level of privacy, Gibraltar is one of the High Disclosure Offshore Centers which puts it into the same category as the likes of Jersey and Guernsey. In most cases, this is seen as a good thing as it makes Gibraltar one of the safest destinations for companies looking to move offshore.

Gibraltar offers a slightly different corporate tax structure to a lot of offshore jurisdictions in that taxation on residents is actually comparatively high however non-resident companies have much lower tax, one of the cheapest offshore jurisdictions. The tax advantages of having a Gibraltar offshore company include the fact that there are no capital gains taxes, gift taxes or wealth taxes. Due to the close relationship between Gibraltar and the UK, Gibraltar does have income tax for companies and they are also required to pay stamp duty on on any property purchased, debt obligations, shares and any other securities.

One reason for the rapid growth of smaller businesses and individuals forming offshore companies particularly in Gibraltar but also in similar jurisdictions, is the development of the banking systems abroad. Not only have the regulations and security around international banks increased in Gibraltar whilst still maintaining all the privacy, but they also provide more secure banking solutions but even leading local banks such as HSBC having an offshore arm dedicated to providing a quality banking solution to the leading financial jurisdictions such as the ones mentioned above.

Due to it’s close links with the UK, Gibraltar is a popular choice for companies looking re-locate or start-up in a place where they can benefit from the tax advantages whilst being in a high disclosure financial center, essentially meaning they have all the protection and reliability associated with the UK, even having it’s local currency as the GBP.

FletcherKennedy are UK based offshore company formation and incorporation specialists providing a comprehensive range of UK and offshore incorporation related services.

Article Source: http://EzineArticles.com/6262712

Hiring an Interior House Painter? Check Out These Tips First

Painting the interior of your house is no small project. If you are like many people you don’t have the time to do the project yourself or your want more professional results that you can get doing it on your own.  

Naperville IL – Community Paint Pals – Community Painting Pals LLC

The logical thing to do would be to hire an interior house painter to do the job for you. While this sounds like an easy task there are actually a few things you should consider before jumping in and hiring the first painter you stumble upon in the phone book. Here are some tips for hiring an interior house painter that will help you get the best value for your money, get professional results and make sure the job is done right.  

this content

Cost

One of the most important considerations when hiring a painter is cost. Prices can vary wildly between companies so it is a good idea to call around and get quotes from as many companies as you can before hiring one.

Time to Complete the Job

The last thing you want is for your house to be torn apart for weeks while you are waiting for a painter to finish the job. While you are calling to get cost estimates for the job be sure to ask each painter how long it will take for them to complete the project. Some companies may be able to finish the job in a day or two while others can take a lot longer.

Reputation/References

Even if you find a company that is inexpensive and promises to get the job done quickly, it is still not a guarantee that you will get good results or that they will stick to what they promised.

The best way to make sure that a company or individual painter is really qualified and will stand behind their promises before hiring them is to look into their reputation & references. Find out how to learn more about an interior house painter or company before hiring them including where to find real customer reviews, who to ask for recommendations and how to get insight into their past work and experience

Hiring an Interior House Painter? Check Out These Tips First

Painting the interior of your house is no small project. If you are like many people you don’t have the time to do the project yourself or your want more professional results that you can get doing it on your own.  

naperville painters

The logical thing to do would be to hire an interior house painter to do the job for you. While this sounds like an easy task there are actually a few things you should consider before jumping in and hiring the first painter you stumble upon in the phone book. Here are some tips for hiring an interior house painter that will help you get the best value for your money, get professional results and make sure the job is done right.  

naperville painters

Cost

One of the most important considerations when hiring a painter is cost. Prices can vary wildly between companies so it is a good idea to call around and get quotes from as many companies as you can before hiring one.

Time to Complete the Job

The last thing you want is for your house to be torn apart for weeks while you are waiting for a painter to finish the job. While you are calling to get cost estimates for the job be sure to ask each painter how long it will take for them to complete the project. Some companies may be able to finish the job in a day or two while others can take a lot longer.

Reputation/References

Even if you find a company that is inexpensive and promises to get the job done quickly, it is still not a guarantee that you will get good results or that they will stick to what they promised.

The best way to make sure that a company or individual painter is really qualified and will stand behind their promises before hiring them is to look into their reputation & references. Find out how to learn more about an interior house painter or company before hiring them including where to find real customer reviews, who to ask for recommendations and how to get insight into their past work and experience