Let's get straight to the point - creating a second stream of income can change your life. As I said before, if all you did was spend less and save more, you could probably start late and finish rich. But if you spend less, save more and MAKE more, nothing will stop you from achieving your goal of financial freedom. And if you ALSO develop a second income stream, you can finish richer than you might have if you'd started early.
Wealth Is All Around You
Part of finishing rich is understanding that wealth is all around us. Everywhere! Every day, people who are not as smart as you are making money in every kind of business you can think of. Look around. Just about everything you can see right now is the result of a business that someone owns. Just about everything you use, consume, or enjoy - someone's business created it, manufactured it, shipped it, or serviced it. And these days, what with the Internet and corporate downsizing and jobs being shipped overseas, it is both crucial and smart to consider starting your own business...while you still have a job that provides you with a paycheck.
The Next Wave Of Millionaires Is Being Created At Home
The American Dream of owning your own business is coming true. According to the Bureau of Labor Statistics, there are currently more than 20 million home-based businesses in the United States, generating an estimated $500 billion a year in revenues. One out of every six working adults in the United States is connected with one, more than half of them on a part-time basis. Back in 2005, Newsweek magazine said that fully half of all households will be involved in some sort of home-based business.
As a result,most experts expect the next wave of millionaires to be dominated by small-business entrepreneurs, especially those with home-based businesses. Indeed, a survey by Money magazine found that one out of every five home-based businesses produces an annual gross income of $100,000 to $500,000. And the Small Business Administration reports that nearly 20,000 entrepreneurs have already grossed more than $1 million a year operating from home.
Now It's Your Turn To Join Them
I'm not suggesting here that you quit your day job (not yet, anyway). After all, while it might not make you rich in the long run, your day job BRINGS YOU INCOME. What I want to do in this post is to introduce you to a number of different approaches to creating a business you can run on the side while you keep your day job. As you will see, becoming your own boss is not easy. But it's not impossible.
Depending on our interests and abilities, there are all sorts of things you can do to develop an additional source of income. You can perform a service (like painting houses or editing resumes) or you can make something and market it (like cookies or jewelry) or you can buy something and re-sell it. You can take a skill you use at your regular job (like word processing or graphic design) and offer it on a freelance basis - on your own, of course! Or you can turn a hobby into a side business (like cooking into catering or sewing into tailoring). Finally, instead of you working for extra money, you can put your money to work for you by investing in real estate.$
[Ed. Note. Ray Buckner is dedicated to helping you take control of your financial future with a web-based business that you can operate from anywhere in the world – including a coffee shop, your kitchen table, or anywhere around the world where there is Internet access. Discover how you can achieve the American Dream and your financial independence here. You’ve never seen anything like this before.]
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