This article the 6th 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”.
Please Comment
Please Digg, StumbleUpon or Re-Tweet
For immediate access to look inside a top-tier home Internet opportunity simply enter your details below.
Tags: Andrew Peel, APeel Solutions, Direct Sales, part time careers, work at home job search, work from home australia, work from home canada, Work From Home Careers, work from home company, work from home on computer, work from home uk
Twitter: davidallred
I tried leaving a comment four times before it let me submit one.
The first time we had heard of “The Richest Man in Babylon” was while listening to a Jim Rohn CD. On that CD he said that only 1 out of 10 people at that conference would actually get the book and even less than that would implement the simple wealth building strategies in that book, one of which is putting 10% of your income into savings. It’s amazing how much you end up with over a period of time. Even though the book is simple and short, I think the most profound principles of success come from discipline to simple principles.
.-= Dave@Entrepreneurship´s last blog ..Zorro’s Circle of Influence =-.
I work as a freelancer at home and I’m young. But I make sure that I pay monthly for my security in the future (pension) as self employed.
.-= Teena@V8 Supercars´s last blog ..Eco Tour, Full Moon 9km Bushwalk and Photography Class – Royal National Park, Sydney =-.
Dave,
Firstly sorry about the problems leaving comments. I will look into it. I myself have had problems leaving comments on even DoFollow Blogs.
Thanks for your great contribution to my series. I myself still find I have to discipline to apply the principles. Strange that the simplest things are the hardest to continue to do yet we solve many complex problems on a daily basis. Once again sorry for the problems you had and thank you for persisting. Andrew
its a really nice blog post very interesting article.
.-= vortex debt group´s last blog ..Vortex Debt Group Credit Solutions =-.
James,
Thanks for dropping by and I am glad you found the post useful
Andrew
Teena,
It’s good to see that you are providing for your future.
Andrew
I, too, am young but I knew from watching my grandparents that I wanted to prepare early for my retirement. My husband and I set up funds at the age of 25 but it is more difficult when you work for yourself because you have to do all of the research and work yourself, instead of like my husband’s 401k in which money automatically goes in every week and we don’t think about it. I tell everyone to start as young as they can. My sister, who is ten years younger than me, began saving at 21 for her retirement.
One way people who work from home can do something similar to a 401k is to set aside by regular payment to a low risk pension vehicle every month. That way you will see it just like any other bill and pay it. Seek the advice of a qualified Financial Adviser for your country and ensure you make it clear you are looking for low risk long term gains as task efficient as possible
Thanks for taking the time to comment.
Thanks a lot for this article. Especially in Germany a lot of people dont know how to treat with all of those “unexpected” things that suddenly happen if you are working at home, working for your own. I hope more people will follow and will have the heart to go into business for themselves.
Hello and welcome Michael from Germany. As you say business people should always be on the look out for the unexpected and know how to react.
Andrew