Wealth Creation 101 – Start Earning an Extra Income Now!

Wealth Creation 101 – Start Earning an Extra Income Now!

Gone are the days when a family could survive upon a single income. Today the inflation and economic factors are such that survival on two incomes has become hand to mouth. Going by this trend we can very well imagine what the future holds for us. Two incomes certainly will not be enough. It’s best to prepare for the worst and expect the best instead of vice versa. Its best then to have multiple incomes flows into your finances than to have an insecure future. The concept and importance of extra income becomes all the more apparent.

Home based businesses to earn extra income have become widely accepted all over the world. They have become most desirable businesses to start for apparent reasons:

Imagine how it would feel to get up at your own time and not hurry to office in the regular chaos of snarling traffic. And then, to begin the day as though you are fresh form home and nothing has happened. Listen to the Boss ordering you around and giving you the grind for deadlines.

If you are willing top do that extra bit of work or travel that extra mile for your boss, I am sure you will be more than willing to do so for yourself, especially if you feel that it would improve the quality of life of you and your family.

Extra Income does not come for free. It involves hard work but of the kind you would want to do. It is not hard work when you are doing what you always wanted. A little bit of inspiration could get you off the mark, wouldn’t it? Let’s get going point wise;

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1.         You will be your own boss with no one looking over your shoulder. Freedom of time, moment, goals, finances everything left to you.

2.         Work at your convenience. Be your own time master. Flexibility benefits are more for mothers and people having other responsibilities apart from profession.

3.         Flexibility to do whatever you want to do, whenever you want to do it.

4.         The above factors help you to pursue your regular income job until you are sure of the extra income business. You can always switch.

5.         Job security and fear of unemployment vanish.

6.         Sense of pride. Make you more of a complete person who can proudly say that he/ she is an entrepreneur who has achieved something.

7.         Self confidence going through the sky. This factor will help you face most hurdles in life with a lot lesser heartaches and stress.

8.         Limitations of earning do not exist. You can earn as much as you want by just stepping up the speed 

9.         Many countries offer tax benefits for home based businesses, since it is considered extra income. So greater credit ratings with lesser tax obligations.

10.       You can retire at your own time, at 30 or at 60, it’s entirely up to you.

Extra Income can be of two kinds – Linear and Residual.

Linear income is the extra income you earn on an hourly, daily, weekly or monthly basis. There is no more future commitment attached to it from your end or form the receiver’s end.

Residual income is an extra income where you work hard once and reap the fruits of it all for many years in the future. The reward for the same effort paid over and over again.

In normal course of a career, any individual earns a linear income through a job or a profession. You are earning only for the time you can spare on work on a daily basis. Some earn a higher linear income. Most smart people try to shift to residual incomes from their linear incomes through extra income routes to have a secure retirement and future. Starting with one residual extra income effort a year would be a good idea.

Internet gives a lot of options in the extra income route. One has to be careful in selecting the right one from them by recognizing the hype form the straight talking ones. Almost all these programmes have residual income components in them. Select one and give it everything you can, when you can earn the residual from it, time to start off with the next one. All the best.

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