A Home Based Online Business
would allow you to do something
that you love and work at your
own retirement schedule.
If you are a Baby Boomer looking for a Retirememt Business as a new challenge in our retirement, a Home Based Online Retirement Business of our own could be the dream job you're been looking for.
But can we really afford such entrepreneurial freedom?
With the right financial strategy, the answer can be a resounding - YES!
Finances can make or break any new business, but managing finances wisely is especially critical for Baby Boomers, who are notorious for not saving.
To join the self-employment ranks, Baby Boomers should first figure out how much money we'll need to launch and operate our online business for six months to a year. Operating out of our home will keep startup costs low, but you'll still have expenses. Make a few calls or search the Internet to determine average prices for your estimate.
Is being self-employed a new idea for Baby Boomers to consider?
Smarter Baby Boomers have been taking this into consideration for the last decade. In 2000 there was fewer than 10% of us self-employed, but now in 2009 self-employed Baby Boomers have grown to over 26% of us.
What do those Baby Boomers know that you don't yet know?
Owning a business is a great alternative to your current popular retirement plans. Being self-employed gives you the choice between paying into Social Security and investing in yourself. In fact, in most cases, if you stop paying into Social Security in your 50's, you will still receive just about the same benefits as you would if you paid into it until you are 70.
Decide where we'll obtain seed money.
Because it's often difficult to get bank loans for a startup, other options include our personal savings or credit cards. But one thing we don't want to do is tap into your retirement savings or pension.
Develop a plan for covering our living expenses.
Remember that in the early days of the business, we may not be able to take a salary. Set aside enough funds to cover our living expenses for at least two years. We might even consider working full time at a job while working on your Home based Online Business Part Time. That buys us time to learn the ropes, plus we'll reduce the need for that two-year financial cushion.
Starting Your Own Home Based Online Business
A very popular way to do this is to turn a hobby or interest into a Home Based Online Business. There are many ways that you can benefit when you own a business that you can't receive ordinarily.
With your own Home Based Online Business, you can then deduct from your taxes all of the tools and supplies that you use in your business. The room(s) you use in your home can be deducted by claiming a percentage of your rent or mortgage with its interest and taxes as well as a portion of your utilities, insurance, and even many repairs to your home. Also with an Online Business all of your Internet costs are tax deductible; including your website, online marketing costs and even your computer costs are tax deductible. The list goes on and on.
All of those things you are going to pay for whether you have a business or not and you will even pay tax on the money that you pay for them. Remember, the tax savings is net money and can be added directly to the bottom line of your retirement income!
Eliminate what you have to pay for Social Security - Receive Same Payout
By making these things tax deductible you can also limit (if not eliminate) what you pay into Social Security and now you can invest that money saved back into your own business or a retirement investment or savings program of YOUR choice. In fact, in most cases, if you stop paying into Social Security in your 50's, you will still receive just about the same benefits as you would if you paid into it until you are 70.
With your own Home Based Online Business, when you retire you can keep creating income to supplement your retirement and continue to keep those tax deductions that represent net bottom line income that most of the others will simply loose in their retirement years. This way you can receive income until you die and then you can even Will the income to your heirs. What do you have with Social Security?
Consider Building a Website to Support the Marketing of Your Business
If Baby Boomers start with the right financial strategy, our retirement Home Based Online Business will have the best chance to be successful without risking our future.
Get more Information and Request a Consultation on a New Online Business
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Book: Unofficial Guide to Starting a Business Online (Unofficial Guides)
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