Turning Liability into Assets

So you want that new car, boat, or expensive motorcycle.  But you know right well that it is going to get you into a very large debt!  Does this mean you should not get it?  Well not necessarily!

We just have to change our thinking on how we look at those things that we want!  It is not wrong for you to want the car or the boat. They are enjoyable and they are fun.  But would if we bought it and made it a business?

First of all, this will not work with all the toys that you want.  From a tax point of view you can get in trouble with some of the things that you call as a business expense.  But even with that thought, there are many ways we can work even those toys into a business!

Secondly, it has to make business sense.  If it is not bringing cashflow, then there is no sense in trying to make it work!  Do not force something into a business if it makes you bend over backwards to make it work!

Finally, if you do it right you can enjoy that toy when you want to enjoy that toy.

If people will rent it, you can have cashflow.  If you can have cashflow, then it will work in your business budget.  And if it works in your budget, then that means you can get a toy.

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If you can rent it, and people will give you the money for it! It might be worth it! Sometimes you might have to think outside the box.  And sometimes your outside of the box thinking may lead to something that makes a small business…big business.

To learn more on how to make passive income CLICK HERE!

Here is a great book on Cashflow

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