My Business Guide

Many entrepreneurs have worked their way into a box.

Business Home Internet They started a businesses to provide freedom, but in reality what they have is job plus financial risk. They have placed themselves at the center of their business universe, and although in theory they can take all the time off they want - they can't ever. On top of that, if they want to increase their income it usually means working harder. In fact, many are afraid to grow their businesses at all, because they think it will mean more work and more stress. And it will!

However, if you have investment income of $2, 550 or more, you won't qualify for the federal earned income credit. Investment income includes taxable and nontaxable interest and dividends, capital gains, net income from rental of personal property, net royalty income, and net income from passive activities shown on Schedule E, including real estate rentals (see IRS Publication 596, Earned Income Credit, if you are on the borderline and need to know exactly which lines on Schedule E to look at in determining your passive income).

Business Mlm Opportunity The added revenue just isn't worth it to them.

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Now these same entrepreneurs (and you may be one of them) think the way out is to create some form of "passive income."

If you have investment income of more than $2, 800, you may not claim the EIC. Investment income includes taxable interest, tax exempt interest, dividend income, capital gain net income, certain income from rents or royalties, and certain income from passive activities.

Based Business Home Internet What they mean by this is income based on a product you create once and then earn money from forever - or at least a long time - without having to do much - or any - additional work. The fantasy is to sit on the beach, sipping margaritas, while the money rolls in.

However, necessity income generally increases with age, those who own pets may be more inclined to seek veterinary services.

Business Homebased Opportunity I recently did the same thing. I created a program to help people systemize their businesses and called it "The Way Out." In fact, the plan was for "The Way Out" was to be a passive income generator. A business that could earn money all by itself. One that could run on automatic.

If you set up a corporation, both on the income earned by the corporation and on your individual income. If you qualify, you may want to set up an S Corporation, which the government taxes the same way as a partnership but still has the advantages of limited liability. Ask the IRS for a copy of Tax Guide for Small Business, publication number 334.

Based Business Home Mlm Well let me tell you - without solid systems, there ain't no such thing.

Business New Opportunity Unless they are totally digital, passive income streams require logistics and fulfillment, creation, upkeep and production, just like any other business.

Business Home Online Without good systems, delegation and outsourcing - passive income is far from passive. And without a strong sense of personal focus and a concept of your own highest-and-best-use, passive income can end up taking 20 hours a day. Or more. Forget about sitting on the beach...

Best Business Home Opportunity Of course, it's not all bad news. What we call passive income should really be called renewable income. Now that I've written and produced The Way Out, I can sell it and run the program for years to come. BUT WITHOUT GOOD SYSTEMS - it will still be a ton of work.

Business Investment So here's the good news: strong systems can transform the myth of passive income into reality.

Business Home Making Money We now have systems for producing and updating home study modules, systems for interviewing guest experts, systems for producing CDs, books and booklets, systems for fulfillment and logistics, systems for invoicing, systems for communicators with our participants and home study students - I've even got systems for developing new material. And I've outsourced much of the work I would "normally" do myself.

Based Business Free Home Can you see all the various steps that go into "passive income?" And that's without addressing the joint ventures, email writing, speaking, offline PR, and networking that go into marketing a successful passive income stream.

Business Internet Online Hey - passive, it isn't. It's a myth. It takes tons of work. And if you go the systems route, THAT takes a ton of work.

Best Business Opportunity So is it worth it?

Business Computer Home Absolutely. Because if you approach it properly, most of the work is front loaded. In my case I get to build a portfolio of products which can create revenue for years to come, and in the process serve thousands more people than I could one company at a time. But it sure is work.

Business Idea Opportunity Visit www.turnkeycoach.com if you'd like to find out more about how to build systems for your company.

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Paul Lemberg is the President of Quantum Growth Coaching: More Profits and More Life for Entrepreneurs, Guaranteed. To get more business coaching tips, tools and secrets visit our business coaching website.