Tuesday, April 28, 2009

Many Paths to Financial Freedom

by Aussie 0 comments

Some personal finance blogs discuss at great length the benefits of reducing your debts and cutting your cost of living. The reason is that this will free up more of your money to be saved and invested for the long term. This is perfectly rational reasoning and should be the first step to getting your personal finances in order. But it's only one side of the equation.

I was recently browsing through the Startup Nation Home-Based 100 winners. It's a list of 100 of the best businesses which are run by people in their homes. Reading some of the stories reminded me that as well as reducing your monthly expenses, increasing your monthly income is a way to improve your financial position.

Most of these businesses stemmed from very simple ideas. The founder identified a niche and worked out how to fill it. Many of these business owners were just following their passion and now they get to do what they love for a living. How good is that?

A number of these businesses also had very low startup costs and started as way just to earn a little extra money.

I bet many of us have at least a couple of ideas like this inside us. With just a little time and effort maybe you could get a small business up and running just like these people. Who knows where it could lead?

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