Global Residual Income Builder in a Subsistence Economyby Esther G. Online Self Improvement In a previous article, we discussed the importance of eliminating debts as the starting point to building a solid residual income base. It is important to reiterate that debts are liabilities and it is not possible to talk about building residual income with liabilities.
Today, we will talk about the importance of a subsistence economic base in the process of building residual income.
The word subsistence means the the action or fact of maintaining or supporting oneself at a minimum level. Beyond debts, a sincere analysis of what it takes to live at break even point is necessary. This is the position we will define as hand to mouth earning.Until you have determined the break even, hand to mouth situation in your economic situation, you will not know what it will take to move forward.
Many people realize they cannot break even or live beyond hand to mouth on a regular single stream income. There are many ways people have used to resolve the shortfalls.
Some get a second job and work impossible hours to make ends meet.Usually, the end of the day is the beginning of the next day and exhaustion is a well known daily situation. Family alienation follows because whether or not you like it, out of site, sometimes breeds mutual contempt and can lead to out of mind as well.
Getting both spouses work sometimes helps. However, that also means paying someone to take care of young children and increased taxes on that extra income flowing into the household. Unfortunately, sometimes, that extra income desperately needed to break even actually breaks the family earnings outside a safe tax bracket and triggers more taxes.
Owning a business is the only solution that has tax friendly consequences on the increased income in the family. The choice of business should enable time freedom for the family to thrive as a unit. There is no use getting a business that ties all free time into a situation akin to the having a second job.
That is where Global Residual Income Builder comes in handy. It is a business model that requires some time to set up, is easily maintained, and can run on autopilot.
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Created on Dec 31st 1969 18:00. Viewed 0 times.
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