This article the 6^th in a series from 7 Ways To Earn Extra Money aimed at people entering a work from home career.

People in work from home careers want to retire as well

People in work from home careers are looking to be financially free. Financial freedom means thinking and acting like wealthy people.

In his best selling The Richest Man in Babylon, G.S. Clason gives 7 basic ways to become wealthy. The key lesson I have learned from the book is about mindset. Unless you adopt a wealthy mindset your work from home career will simply provide you with more income. Wealthy people think in terms of solidifying their personal/business finance plan and then how to leverage extra income that keeps working for them, even after they stop working.

In work from home careers there is no company pension plan – unless you create one. So simple question, How much are you planning to put away for your future pension? Yes I said a pension. The day will come when you know longer wish to work or are unable to look after yourself.

The interesting thing is that many surveys show the younger a person becomes an entrepreneur the less a pension is on their mind. However figures show the sooner you start a pension makes a significant difference to your fund. This is because of the tax breaks you get and the effect on interest earning interest – compounding.

So a safe way of making extra money, once you have followed the first 5 lessons, is to secure your future income.

How do people in work from home careers deal with the unexpected?

The focus of this article is about securing your future. As people in work from home careers the same principle applies to us – even more so because we own our own businesses.

The following are the only ways to deal with the unexpected:

• Plan – Put in place arrangements to reduce the risk of the event happening
• Reduce – Take actions now that reduce the level of the risk
• Avoid – Change your plan so that the event will never occur
• Contingency – Have some spare resources you can use to deal with the event
• Transference – Transfer the management of the event to someone else

So for things like the possibility of long term sickness, sudden accident or disability and even untimely death the sensible thing to do is get insurance. You may want to think about other forms of insurance in particular identity theft, misuse of your business name and logo.

To quote from the book, “Provide in advance for the needs of thy growing age and the protection of thy family”.

Andrew Peel

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This is the 4^th in our 7 Ways To Make Extra Money based on The Richest Man In Babylon, (G.S. Clason). We focus on avoiding risky investments.

The bottom line for work from home careers

Those of us in work from home careers have usually done so to achieve a measure of financial freedom. The level of freedom is dependent on many factors, key ones being:

• time spent working on the business
• amount of money you have to initially invest
• your level of persistence and consistency

The bottom line is you are looking to make some extra money from your work from home careers. Even more importantly you need to ensure your savings are protected from loss.

The most common way to have your savings lose money is to invest in riskier investment vehicles before you know the basics of investing.

Home Internet businesses and emergency funds

People who are in a waged occupation are often advised to have at least three months in savings as soon as they can. So what should people in home Internet businesses do? Well actually it’s even more important you have an emergency fund.

An emergency fund is exactly what it sounds like, money you can use when something unexpected happens. You will normally have no sickness and holiday pay scheme. When you are financially free that means you will be a real business owner and you will be getting sufficient money from residual income to cover these period. Residual income is income from sources unrelated to your personal level of work.

It will take a period to get to that point so your emergency fund is your safety net along the way. Having stocks and shares or long term savings schemes is different from an emergency fund. The key features of an emergency fund are:

• You should make regular contributions to it until you have a level of cash that is equal to 3 months of your anticipated level of earnings
• You should be able to make immediate withdrawals from the fund
• You should never end up with less than the amount of money you paid in so this means it has to be a savings account of some kind
• Your money should be with a guaranteed banking institution of some kind, with some form of government guarantee scheme
• There should be no penalty for making as many withdrawals as you wish

You need to look for the best Interest Rate by doing research. Consider fixed rate accounts, however these have pro’s and con’s. At least if the interest rate is guaranteed you can project how long it will take to build up the fund. The downside is these funds often have penalties for more than X withdrawals a year. Make sure you get proper financial advice when setting up an emergency fund and take full advantage of any tax incentives.

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This is the second in a two part series on the Leadership qualities required in work from home careers.

Leadership in a work from home company

Wess Roberts, author of the best selling, Leadership Secrets of Attila The Hun identified the 17 qualities required in a Leader. You home business is essentially a work from home company because you own a business. To be successful you need to be a Leader therefore identifying these qualities and developing any areas where you feel you are weak. In the last post I identified the first eight of these qualities. Below are the remaining nine:

1. Timing – This is a crucial Leadership skill, knowing when to act and when not to act. There is no formula for this, this can only be gained through failure. This is why it the top people in work from home careers say they ‘fail their way to the top’.
2. Competitiveness – All Leaders must have an intrinsic desire to win. This means winning the important battles as opposed to winning at all costs.
3. Accountability – This means accepting responsibility for all failures and successes that occur on ‘your watch’ and avoiding blaming others and external circumstances.
4. Self-confidence – This is achieved by being in a business opportunity that trains and supports you to meet the challenges you will face.
5. Responsibility – Leadership is about seeing that things which need to be done are done. This is as opposed to getting involved in the detailed running of an associate’s business. You only direct them to resources and support them in their use.
6. Credibility – This is about having the intelligence to know where to go for information and advice and be able to pass that information on to others.
7. Tenacity – True Leaders persist even through disappointment, deception and even people leaving you. Persistence will see you through to the completion of the most difficult challenges.
8. Dependability – Leaders have to be depended upon to do the right thing in all situations. This has a strong link to business ethics.
9. Stewardship – This is a caretaker like quality where you encourage others to develop leadership qualities. Once you have enough competent Leaders in your business then you can really reap the benefits of your labour.

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