How to Recession Proof Your Income

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By Anne Wanchic
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(16 Ratings)

A Recession Proof Lifestyle

We all want to provide the best for our family. How do we Recession Proof our Income so that a Recession cannot impact our lives? It is more about keeping your money, and making more on an industry that is Recession Proof.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

Internet
Home Based Business

Step 1

More Income for you Family

To Recession Proof your income start by keeping more of your hard earned money in your pocket. That is not hard to do when you have a home based business. With a home based business, you not only make money, but there are other added benefits as well. Start by finding a home based business that you can easily do, can get excited about and that is in a Recession Proof industry. I chose travel, because people will always travel. They may spend less in a recession, but finding families a good bargain getaway is also very rewarding. With travel, you do not fill your house with boxes of products, or have to take time to make or create products, you are selling fun, recess, and quality time - and the startup costs are minimal!
For the purposes of this article we will look at travel as the business, but you can choose whatever you feel is a great business for you!
Step 2

Take back your tax money!

With any home based business, you can save money on your taxes and keep more of your tax money in your pocket! You don't have to quit your day job, but you will need a designated room in your home that is strictly used as an office for your part (or full) time home business. Keep good records of your business expenses - paper, startup costs, cell phone usage, promotional materials, equipment, percentage of utilities that your home office uses, and write those expenses off your income taxes. As a travel agent, you can even take a vacation, and turn it into a business trip by review and promoting your travel business - which then can be written off your taxes, too! Result - you keep more money from your (or spouses) day job, and you pay less money April 15th!
Step 3

Special Discounts for Travel Agents

With any home based business, you can set your own hours, work as much or as little as you need, save money on your taxes and create a second income. And if you choose to be an online travel business owner, you can save money on your own travel, while helping other families do the same. So for travel business owners, step three is saving money on your own travel - you get commission on your own travel, sometimes get upgrades for being a travel agent and can qualify for fam trips - trips reserved at lower prices for agents to preview or review hotels, tours and resorts that want your favor and clients' business.
Step 4

Go on Vacation - And Make Money!

As an online travel business owner, you can still work another job because your business can run without you. Once you direct friends, family, and other contacts to your travel website, you have done your job. Online travel is a passive form of income because people can book travel without your help, over the internet and you are still making commission. You can be making a commission while you are at your day job! Essentially, you can hold two jobs at the same time without having to be two places at once. You make commission while at your other job, while you are having dinner, while you sleep, while you are at the beach, while you are on vacation - you get the idea!
Step 5

Be Successful!

So you see, you have options! You can start making more money, without quitting your job, becoming a business owner, getting more money back on your taxes and see your new business take off as far as your talent and desire will take you! But the most important step is to recognize the opportunities when they come up in your life and take action! Taking action will get you more money in your pocket and recession proof your income! See the Resources area below for more information and links to help you.

Comments

brantsbabe said

Flag This Comment

on 10/22/2008 Info. we all need right now with the current state of affairs. 5*

2besure said

on 10/17/2008 Something to think about.

kohuether said

on 10/1/2008 This is very interesting - having a travel business that focuses on budget travel seems like a good idea in these times. Another good one is freelance writing - a lot of businesses are downsizing in this department but still need to get the writing done. They've been hiring freelancers!