|
|
Like this article? PLEASE +1 it! |  |
|
How to Generate Tax Efficient Income between Jobs
| Guest post by: Patrick Bailey |
Article Overview: If you are like most people, looking for suitable employment in these uncertain economic times can be very challenging. This is particularly true when the employment you are seeking is for a specific job or in a field that you love. Indeed it can be very daunting if not downright frustrating. The reality is that whether you have a source of income or not you still have bills to pay and few people have the luxury to view a wide range of possible job opportunities before they make a decision. What you really want, like most people, is to get the job search over as soon as possible to restore some kind of stability and perceived security to your life. In this article we look at ways to generate ongoing tax efficient income while you look for your ideal job.
 |
Free Download - How to Generate Tax Efficient Income between Jobs By Patrick Bailey |
How to Generate Tax Efficient Income between Jobs
In many ways the urgency of getting some kind of income coming in will determine your behaviour and will surely test your courage and decision making abilities.
You might require money right now and so will accept the first offer you get; on the other hand you might have savings, or the stamina and self confidence to turn down offers while you continue your search. It is hardly likely though, that you will turn down, too many offers.
Regardless of which group you fall in, the good news is that many people before you have been in the exact same situation and have succeeded. I did and so can you.
Your mission, should you choose to accept it, will be to
generate enough income to equal or exceed your personal living expenses, until
you land your ideal job.
What type of Job am I looking for?
·
The industry in which you choose to work may
not be as important as the type of job for which you are looking. In
other words many skills and jobs can be used across a wide range of industries
e.g. secretarial, organizational skills, manual labour, sales, book keeping etc.
Working across a variety of industries can be beneficial as it exposes you to
different business models.
Your most precious assets, right now, are time and money so
you want to use your time and money wisely. Since you are not yet gaining
working experience in your chosen field, you will have to rely on your present hard
and soft skills to generate money. So at the very start you are going to have
to evaluate your hard and soft skills and know how to apply each one. Knowing yourself, your personal traits and
social and economic needs is an important foundation without which you have
little chance of making enlightened employment decisions.
Now, it is not enough to simply know your broad interests
and technical aptitudes. You also should be aware of your social temperament,
your ability to handle pressure and stress, your willingness to be open to
opportunities and change, what kind of lifestyle do you want and what are your
personal values.
You must know what motivates you and what kind of
encouragement, feedback, guidance and recognition you need to feel fulfilled. Are
you persistent? Of all the principles persistence will be the most crucial factor
in your achieving success. And know your ability to build relationships. Now….
Your job or income generator should have
the following characteristics
·
Income must provide enough cash flow to cover and
/or exceed basic living expenses.
·
Flexibility. You control when you work. You want
a job that will allow you time for interviews, career searches and more
lucrative opportunities.
·
Cost
effectiveness. You want the value, of the income generated, to exceed the physical
and emotional cost of your effort, time and money. It should also compensate
for the reduced ability to pursue your dream.
·
High hourly rate. The higher the rate the less
hours you have to work to provide the same income.
·
Controllable hours. You should be able to
increase or decrease the hours worked as needed.
·
Tax efficient. Part time job vs. part time
business or self employment. Taxes take a considerable part of all income
earned. For this reason how you earn your income is very important since it
determines how much money you will have left to spend. Tax efficient income is income which you receive first before taxes, but does not create a large tax burden when you file your annual return. For most jobs taxes are usually deducted at source, so you have to earn more to ensure your take home pay is enough. Some investment income and self-employment are more tax efficient.
·
Ideally it should be relevant or related to your
chosen field or job or to some financial goal you want to achieve.
·
Generate passive or residual income. Many times
the job which you initially accept might not be the right one for you. Having
an incoming income, independent of your job, can give you more breathing room
if you choose to move on.
Potential Income Generators and Sources of income
The following is a partial list of some of the avenues that I used to provide for my family while I sought employment in my field.
v
Tax preparation services, Book-keeping and
accounting
v
Self employment income
v
Summer jobs
v
Real estate
v
Landscaping,
v
Courier, Newspaper delivery,
v
Restaurants, Hospitality industry
v
Home based business
v
Service station attendant
v
Research and focus groups
v
Job fairs, industry expositions and seminars
v
Sewing clothing and clothes repairs
v
Hair styling
v
Hobbies: Writing, Photography, Art
Summary: Looking
for meaningful employment in uncertain times can be challenging and sometimes
frustrating, but you can still generate a living income by using your hard and
soft skills effectively and persistently. Not only can you generate or exceed
your living expenses, you can gain valuable knowledge and experience which will
enhance your future value to prospective employers.
Online Business Opportunities Anyone Can Use
Hiring is tough!
How To Go About Earning Extra Income
Ways To Generate Internet Income Consistently
Turn Your Computer Into An ATM: Make Money Working From Home
Most and Least Stressful Jobs
Home Business Expert: Multiple Streams of Income
The Best Ways To Find Data Entry Jobs
Passive Income Defined
Home Income Opportunities To Earn Extra Money Online
Self Employed Opportunities for Retirees
Extra Income Ideas Well Worth Looking Into
Earn Income Online With Computer Jobs At Home
A Closer Look at Mystery Shopping
SMEs - South African SMEs and development capital
Strong Desire to Make Money - The Key to Make More Internet Income
Is it Really Worthwhile to Have Legitimate Online Businesses?
Work at Home: Successful Secrets of the Wealthy
Residual Income Opportunities You Can Use To Earn Streams Of Income
Profitable Home Based Business - How To Generate Extra Income
Article Tags: employment, family, income taxes, jobs, tax planning
|
About the Author: Patrick Bailey RSS for Patrick's articles - Visit Patrick's website Our Mission is to educate and increase the awareness of our clients in as many aspects of tax savings,planning and preparation as possible. We strive to empower our clients with the knowledge that wil enable them to make the decisions which are best for them. Over the years what has given me the most satisfaction is being able to educate and increase the awareness of how much we are affected by taxes. I am deeply grateful for the opportunity to have shared and helped people, from various walks of life, gain a better understanding of their taxes and save on their taxes, For more than 20 years,my commitment to my clients is to serve them with INTEGRITY, HONESTY AND COURTESY. My clientele includes individuals, small business owners, incorporated individuals, entrepreneurs,. I am available for one-on-one information sessions with individuals or small groups. Click here to visit Patrick's website   Analyse This Why all Taxpayers Should Have their Taxes Analysed How much Taxes are You Willing to Pay How to Generate Tax Efficient Income between Jobs Whose Money is it Anyways |
Related Forum Posts
LEADERS
- L- Loyal
E- Eager to learn and serve
A- Active
D- Delegate
E- Efficient
R- Reliable
S- Smart
Re: What are your success criteria?
- [quote="DwayneGarrett":1igrdgib]Out of curiousity, what has to be present for you to know that your business is a success?
The top three things for me are:
1. Maintaining a 6 figure income year in and year out.
2. Creating and promoting my own products.
3. Income not solely dependent upon my personal effort.
How about yours?[/quote:1igrdgib]
I would have to say mine were:
1. Monthly Residual Income that exceeds all expenses by 110%
2. Free time to create and promote my own products (relies on #1)
3. 5% of all revenues generated by my team going to feed starving kids
Now that is "feel good work".
Re: Helping a Grade 5/6 student make money fast
- 1,Let him create a blog using wordpress.
2.Post topics that student like him are happy about
3.Put adsense on it
4. Generate advert from his school business
If he did it well in few months , he will be earning money to take care of his need
Re: What If Steve Jobs Hadn't Returned To Apple In 1997?
- Thanks for sharing with us Yinko.
Steve Jobs is definitely a visionary. Not only his products are innovative in a technological sense, but he's managed to turn a tech-company's products into a lifestyle.... a lifestyle!!
[quote:zfqoq43n]Fast Forward to today. Apple has the sexiest products in the business: iMacs, Macbooks, iPhones, iPods and more.[/quote:zfqoq43n]
I think not only tech would be different (music players and phones), but ways we can think of marketing and branding. What Steve Jobs did was of course no easy task for the smaller businesses, but he did start somewhere.
What I did not know was that Apple is worth about as much as Google.
How do you think Apple accomplish what they did? In terms of strategy wise?
If you could advice Steve on one thing, what would it be?
Re: Facebook Fan Pages
- What will always draw me to something valuable in Facebook Fan Pages is how they are giving information on a regular basis so that's what I could recommend. Generate more interesting contents on a regular basis and yes, giving freebies to those active followers could even motivate the others more.
Good luck!
Share this article with your friends. Fund someone's dream.
Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.
by: 
Build Your List with Joint Venture Giveaway Events
May 2012 Top 100 Social Media Experts to Follow on Twitter
What to measure to be phenomenally successful in business
10 mistakes of media relations
Making Money Blogging Can Be Tons Of Fun 
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
What is Give Back Marketing?
When the Going Gets Tough, the Tough Log On
Sales is a Flawed Model
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.