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* Hourly: you are paid for time spent working. To increase your income, you must increase your skills, find a new position, or work longer hours. If you stop working, income stops.
* Production-based: you are paid by lines typed, or another measureable and specific task. To increase your income, you must increase your speed at completing task or work longer hours. You might also be able to subcontract some work out to others at lower rates, but then you must often pay your subcontractors before you are paid so you need some money set aside for that. If you stop working, income stops.
* Project-based: you are paid for completion of a specific task. To increase your income, you must increase your price for a specific type of work, or increase your efficiency (perhaps by developing templates). If you stop working, income stops.
* Passive: you are paid for setting up stream of income. You often make very little initially, but checks keep coming in whether you work or not. The most likely streams which would yield passive income are real estate and network marketing.
Putting together your plan ------------
When developing your sources of income, consider:
* Including multiple sources of income. This gives you fall-back positions. If one source goes away - say, you are laid off - you still have other income streams to keep you solvent.
* Including both active and passive sources of income. Passive streams often take a long time to build up, but once they do you can stop your active sources and spend your time with your family! So find a few hours a week to build your future, and spend your remaining working hours paying your current expenses.
Here is a program which covers those objectives:
* Locate a home-based position or some project based work - for short term income
* Create an item to sell - book or craft - for short term income. This will also benefit you in longer term; once you've developed a book or located a supply source, you can continue to market it without much additional effort.
* Join a network marketing program - to begin developing a passive income stream. You will need to commit at least 5 hours a week to it to be successful. Your income will increase over time, and you can quit your job once it brings in enough income to cover your expenses.
* Begin an investment program - for even longer term benefit. Read "Nothing Down" real estate books, begin regular investments in a mutual fund, and set a goal to read one book a month in this area.
And now final key - get started! If you don't implement your plan, you won't ever achieve results you want. So write down your goals for next 30 days to implement your plan and get going!
Resource List ----------
Here is a list of resources (most free) to fill in details of your home business income plan:
Finding a home-based job:
* How to Find a Telecommute Job article: http://www.income-building-blocks.com/Telecommute.html
Starting a consulting business:
* Action Plan marketing web site: be sure and sign up for their free newsletter, it is excellent http://www.1shoppingcart.com/app/aftrack.asp?afid=18658
Creating items to sell:
* InfoMasters course: send a blank email to mailto:email@example.com
* Selling handmade crafts article: http://www.income-building-blocks.com/market-handmade.html
Selling your products:
* Improving online marketing results article: http://www.income-building-blocks.com/online.html
* Selling online without a web site article: http://www.income-building-blocks.com/noweb.html
* Affiliate masters course - send a blank email to mailto:firstname.lastname@example.org
* Why Residual Income web site: http://www.whyresidualincome.com/healthyandwealthy/
Investments: Recommended books from Amazon.com:
* Nothing Down for 90s by Robert Allen
* The Wall Street Money Machine by Wade Cook
* Investing for Dummies
General home business / success
* Rich Dad, Poor Dad by Robert Kiyosaki
* The Cash Flow Quadrant by Robert Kiyosaki
* The E-Myth Revised by Michael Gerber
(c) 2002 Carol Woods
Carol Woods is the editor of Work at Home Income, a weekly publication of Income Building Blocks. IBB offers free ideas, information and inspiration for moms who work at home - or want to! For lots of free ideas to help you find a work at home job or start a home based business, visit us at http://www.income-building-blocks.com and sign up for Work at Home Income!