Why you should do your tax return
Personal finance #1
How many millionaires are there on Medium?
Every day I see articles on Medium about different ways to generate a passive income or how to build a second financial pillar. Some of them advertise exorbitantly high sums of money, and it’s often impossible to talk about a second mainstay, since many of the ideas require significantly more time than you could spend doing them alongside a full-time job.
This is not to say that I don’t think much of a second mainstay or consider passive income useless. Quite the contrary — in today’s world, it’s increasingly important and may eventually help you out of a job that no longer satisfies you.
Also, you’re no longer trapped in that hamster wheel where you have to put up with everything from everyone above you in the hierarchy.
Nevertheless, I would like to point out something that helps you in a much simpler way when starting to earn passive income and which, unfortunately, is disregarded far too often.
The dry subject of taxes
In order to build up passive income, in many cases you need a certain capital base that then works for you. If I build this up from my income, then I have to pay taxes every year. This reduces my…
