So let’s assume you have a design business that makes around £5,000-£50,000 profit for you put month. You work hard but you have a couple of hours extra a day that you want to improve the profitability of your personal income. My advice is going to show you how you can turn this additional cash flow into tax-free income. Now that are tax implications to the 2 methods I’m going to outline but for the methods I outline, they have some great tax free earning potentials.
The first is forex trading. If you don’t know forex trading is trading 2 different currency pairs against each other, so for example the dollar vs pound or the yen vs euro. There are hundreds of currency pairs and over 5 trillion dollars is invested every single day in the forex markets! This makes the market extremely profitable but also extremely volatile, so before you get started I’ve outlined 3 things (resources) that you should read, with the utmost concentration.
- Foreign exchange questions and answers – This is a huge guide of FAQs when it comes to foreign exchange. Perfect for someone who is interested in forex and making money through the markets, but who isn’t yet familiar with the terms and strategies.
- Babypips School for forex – This is a personal favourite of mine and what I personally used to learn forex. It’s created by one of the no BS forex traders and its 100% free. Starting at the very basic level (pre-school) and going through to their University level which outlines advanced trading strategies, its great for anyone who wants to learn all the information from start to finish!
- Investopedia – It’s the investors guide to anything. They have so much great information on this site its scary. For example any word you don’t understand or any concept just Google it or search in their site search and it will come up with a great definition for it. As well as the glossary they have beginner through to advanced trading strategies and everything in between. All the information is totally free so I’d recommend getting there today and having a look around.
If forex trading isn’t your thing, don’t worry I have a second method for you, and that’s trading commodities or “stocks.” Stock trading is one of the most misunderstood methods to generate additional income. This is 100% not gambling if you do it right, and although you can never guarantee profits, its almost guaranteed when using the correct outlined strategies. I won’t name all of these here as this article would be 10,000 words long. Instead I will just say there are 2 books you should pick up. The first is the naked trader by Robbie Burns and the second is come into my trading room by Elder. Both are 100% awesome and no BS, these aren’t get rich quick books. Instead they will show you how you can make a great ROI every year (20-50%) FOR LIFE.
Let me know what you thought of the article and remember to share if you enjoyed the read!