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Five Reasons You Need to Start a Home
Business!
by Leslie Truex
Published on this site: March 21th, 2007 - See
more articles from this month
It used to be that going to work for forty years would
provide you with enough income to support your family today
and a nice pension to support you in your retirement. Those
days are gone. Financial gurus today are stressing the
importance not relying on a job for your financial
security. They are recommending that the best way to secure
your family's finances now and in the future is through a
part-time home based business.
Here are five reasons you need to start a home business:
- Jobs are not secure or keeping up with the cost of
living.
More and more people are being laid off as work is
outsourced to other countries or struggling industries are
forced to cut back. Further, while the economy shows signs
of growth, the money has not reached the hands of middle
and low-income families. In fact, salaries have not kept
pace with the cost of living making families poorer!
Perhaps you have been wondering why you used to live okay
on your salary and now you don't. Odds are you haven't had
a raise in years and if you have, it wasn't enough to cover
the increase in living expenses. Having a home-based
business cannot only help fill this gap, but it can fund
your retirement and even replace your income.
- Job related pensions
and retirements are not secure and
may not be enough to support you.
Everyone is aware of
Enron and big losses investors have taken due to dot-com
troubles. But many companies are also cutting back or
eliminating their pension plans. Many don't offer any sort
of pension plan at all. With Social Security in financial
trouble, you can't expect to have the government or your
boss secure your retirement. It's up to you. A part-time
home business can help you earn extra money that you can
invest in your future.
- Tax benefits.
Many of the tax advantages that
benefit
the rich are available to you when you have a home
business. Please note, I'm not a tax expert so you should
always consult a tax professional on your taxes. However,
as a home business owner you have many tax deductions
available to you on many things you are already paying for
such as expenses to run your home and Internet access fees.
While the government takes its 30% off the top of your
salary, it allows businesses to first deduct their expenses
for doing business, and then pay taxes on what's left over,
which generally results in lower tax payments.
- Money savings.
If you
are able to bring your business
home full-time, you can save huge on the costs related to
working such as commuting, childcare, etc. In fact, I make
less now than I did when I worked outside the home, but I
have more money! That's because nearly 3/4th of my income
went to pay for work-related things.
- Improved well being.
Stress,
lack of sleep, no time for
oneself much less a family are all the result of jobs that
ask you to work more and more for less and less. The health
implications for this kind of life are staggering with
increased depression, heart disease, and more. Adding a
side income from a home business can take the burden off of
fears of losing a job because if you get laid off, you have
some savings to fall back on. But if you can replace your
job with your business, you can set your hours, take time
for yourself, spend more time with the family, and be able
to take better care of you.
According to financial experts such as Loral Langemeir (The
Millionaire Maker), David Bach (Finish Rich books), Robert
Allen (Multiple Streams of Income,) Donald Trump and Robert
Kyioski, financial security comes from being in control of
your income and developing passive income streams. All of
these authors indicate that it starts by being your own
boss.
Leslie Truex is a work-at-home consultant who has been
helping people like you work-at-home since 1998. Get her
free Work at Home Success newsletter with work-at-home
jobs, home business information, and much more at
http://www.workathomesuccess.com
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