Many people look down on debt and despise owing money, but having good debt increases your leverage. Rich people tend to have property or vehicle debt but have plans to pay it off.
Although this tactic seems simple, many people spend more than their income brings in. You must control how much money comes in and how much you use for daily life.
Depending on how you file your taxes, you can write off business expenses, healthcare, childcare, property taxes, travel expenses, and rent deductions to lower the amount you pay to the IRS.
Passive income refers to money made while you sleep without much effort. Investments, funds, real estate, and vending machines are some examples that generate passive income.