Financial Freedom Tips with a
Residual Income Home Based Business

Let's say that you are starting today from a position where you have just about enough money to cover your cost of living - but that your income comes from a day job. You are employed or possibly self-employed. However, let's also assume that your income relies on your day job and that you can't afford simply to quit. What's the best plan?

I recommend that you avoid the get rich quick mentality. I believe that fast results are possible if you are the right person in the right place at the right time - and if you are open to the possibility. However, I do not believe that this is a useful way of thinking about building a homebased business. By all means buy a lottery ticket but I suggest a different approach that has a better chance of success for most people.

That said, what is the definition of financial freedom? To my mind it means that you have all the money you need and you never have to work again. Clearly different people have differing circumstances, needs and wants. So there is no 'one size fits all' answer.

In practical terms it will mean one of two things. Either you have a large pot of money that is very likely to last your life time. Alternatively you have one or more streams of residual income that more than cover your long term lifestyle needs. Both of these could in theory come from your home based business.

The pot of money could come from the sale of the business, whereas the residual income could come from retaining ownership. However, it is difficult to sell a personal business if it depends for its success on your personal input. So the residual income route is more likely.

To my knowledge, the two most likely residual income part time home enterprises, to suit someone with a full time day job, are network or multi level marketing or building an information web site. You can read about both these options elsewhere on the site.

One last word on get rich quick plans and financial freedom tips. Imagine you start a business making extra money at home. You are not likely to make significant amounts of extra income in the first year. However, if you follow a good plan and work steadily for three years you can see good results. After five years you may well get rich quick - but it will happen on day 1500 not day one. In other words, with a good plan and hard work you can gradually build residual income streams - and in time your homebased income can dwarf that of the average day job.

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