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A neglected conversation in passive income – By Douglas Vermeeren, The worlds #1 Passive Income Coach

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Douglas Vermeeren #1 Passive Income coach 6

The conversation that most people are having around passive income is always around how to make more money. While this is an important conversation it is missing a very essential component if you want to become wealthy. (it also lets you know clearly who understands wealth from Passive Income and who does not.)

A Passive Income Lifestyle and wealth through passive income must include more than an understanding of creating income streams, it must also include a conversation around how to preserve and protect the income generated through passive income streams.

NO, I’m not just talking about a boring conversation around tax strategies and financial planning. Protecting assets and money generated through passive income is generally more complex (and important) than what can be done around regular income streams. Often times passive income comes from untraditional or unconventional methods and that means you need to have specific and appropriate ways to protect it.

You will need to find an accountant who is well versed in how technology of today generates money, the expenses associated with the use of this technology and also an understanding that you may no longer be based in the country where you have paid taxes in the past. This is certainly true if you are a bit like me where you spend the bulk of your time abroad. In fact, you should have seen may tax returns for the years that I was abroad in Asia. As a non-resident in the country of my passport I paid very little in taxes. Obviously with more and more people gravitating towards a passive income lifestyle that includes travel and living abroad these are certainly considerations you need to be aware of.

As for marketing and technology it’s important for your preservation support team (account, bookkeeper etc.) to understand that marketing is the lifeblood of online passive income. Without it you cannot thrive. But they also need to understand the experimental nature of some of the campaigns. Not only can you discover tax deductions as a marketing expense but these can also receive benefits as R & D (Research and development) for you company. Just a consideration for you to be aware of.

And certainly the systems you need to create to support delivery of online products or digital delivery are often overlooked. These are components that traditional businesses often received benefits and deductions to create in the real world but are often overlooked online.

As the rest of the world catches up to the online world there will yet be many interesting changes and considerations given. Be sure that those you select to help you are aware and can support you in preserving your assets and capital.

Stick close as we explore some of these ways in the future.

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