There is no disputing the fact why you need a home based business today.
The current global economic climate makes it very vital why you need a home based business.
The most risky position to be in is relying on one source of income such as a Job. Jobs are no longer secure today and employers have no loyalty to employees anymore.
The best thing you can do for yourself is to start a home-based business and here are some reasons why you should.
Did you know that the USA tax codes are designed to reward entrepreneurs?
This is a main advantage why you need a home based business.
Having a home based business allows you to legally take business deductions of which there are over 435 and counting.
The wealthy understand this and that is why they all have multiple businesses.
I am not a tax professional, therefore, please consult with your tax professional for more advise with regards how you can minimize your tax liabilities.
Multiple Sources of Income
This is another reason why you need a home based business.
Having multiple sources of income ensures that you are able to withstand any economic situations.
As you know, the economy goes through cycles and if you have only one source of income, then you are seriously disadvantaged when there are down turns in the economy.
Your main goal should be how to create, grow and maintain wealth.
Wealth is created by investing in income producing assets such as real estate, stocks, bonds, gold, silver, businesses, just to mention a few.
By investing in assets that appreciate over time and also using leverage, you can exponentially increase your wealth.
Create Your Ideal Lifestyle
The current trend right now is everyone wants to be an entrepreneur.
Unfortunately, most people go about this the wrong way.
Starting a business requires a great deal of commitment and resources.
Everyone’s situation is unique and the best way is to maintain your 9 to 5 job until the income from your home-based business replaces the income from your 9 to 5 job.
You will have the freedom to do whatever you choose to such as, traveling, live where ever you choose, have the resources to donate to charities and provide a better life for your family.