Passive Income Tip:
Rental properties are defined as passive income with a couple of exceptions. If you're a real estate professional, any rental income you're making counts as active income. If you're “self-renting,” meaning that you own a space and are renting it out to a corporation or partnership where you conduct business, that does not constitute passive income unless that lease had been signed before 1988, in which case you've been grandfathered into having that income defined as passive. The IRS notes, “It doesn't matter whether or not the use is under a lease, a service contract, or some other arrangement.” However, income from leasing land does not qualify as passive income. Despite this, a land owner can benefit from passive income loss rules if the property nets a loss during the tax year. If you hold land for investment, any earnings would be considered active. (investopedia.com)
Your millionaire strategy is right here! In this series, I’ll show you how to make money and create wealth through side hustles, passive income and investing. Don’t miss the full series and your chance at a better life!
More than two-in-three households live paycheck to paycheck and couldn’t afford even a small emergency expense! It’s a constant stress that keeps you from being financially free and realizing your dreams. I’m starting a new series with this video to give you everything you need to change your life, to create wealth and become a millionaire.
In this video, we’ll set everything up by creating that millionaire mindset. I’ll show you how to make your financial goals real to motivate you. I’ll reveal the truth about how the rich get rich and show you three habits all millionaires possess. Then I’ll share three rules for getting rich and a simple checklist to put you on the path to making money and creating wealth.
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Throughout the series of videos, we’ll follow two people from the Bow Tie Nation that have used these ideas to become successful. They’ll show you exactly how they did it, how they make money and inspire you to start your own story. I’ll show you how they’re using side hustles, passive income and investing to become millionaires!
We’ll start this video by creating your millionaire mindset and making your goals real. This means creating a story around your goals, a mental picture, that will motivate you to push through on your plans. This mental picture will be critical to reaching your million-dollar goals.
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I’ll also share the habits all millionaires possess and what it takes to create wealth. You have to be ready to put in the work, make a commitment to improvement and have a whatever-it-takes mentality. This is not a get rich fast strategy but it will work and it will make you a millionaire.
Beyond those millionaire habits, there are three business rules that will help you make more money. First is to always be thinking how you’re going to grow the business to make money even when you don’t want to work. You’ll also want to reinvest your profits to grow the business and make more money in the future. Finally, be thinking about other income streams and how you can make more money in other ways.
It's a long video and there’s still four more in the series. Nobody said becoming a millionaire would be easy…well, some people say it but they’re trying to sell you something. The real way to getting rich is built through work, creating a business, passive income and investing. If you’re ready to make that commitment, I’ll show you how to get there!
0:00 Your Millionaire Strategy for 2022
2:13 How to Create a Millionaire Mindset with Goals
6:05 The Truth of How the Rich Get Rich
8:31 3 Millionaire Habits You Need to Master
13:55 3 Rules to Creating Wealth
17:42 Simple Checklist to a Making Your Million-Dollar Strategy
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
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