When I speak to people about making money in their own business, I often
ask them how much money they would like to make. Most say $5,000 – $10,000 per month. This is certainly possible and some people will go on to earn this and much more, but there are those who will never earn at this level. Some people may only earn an extra $500 per month. Does that mean they’ve failed? Absolutely not! Just look at what an extra $500 could do.
Suppose you started your own part-time, home-based business and were making an extra $500 per month. Remember, this is part-time and in addition to your regular income. You didn’t have to quit your job to earn this and you’re only working 5-10 hours per week. What could you do with the extra money?
Well, you could buy nice new clothes. You could take the family out to dinner once or twice per week. You could save up for a great vacation or pay off nagging debt. The possibilities are endless.
“But I want to become more financially stable and $500 per month won’t do that.” Believe me, I hear that statement a lot. My response is usually, “Oh really? Let’s look at that.”
OK, let’s suppose you’re making that extra $500 and it’s part-time money in addition to your regular income. Instead of buying something like new clothes or a new TV, let’s say you used it to pay down debt.
First, you start with your credit cards. Let’s say you have $5,000 in credit card debt and you had only been making the minimum payments. To pay it off would take years. Now, by adding this extra $500 per month, to what you were already paying, you would pay those credit cards off in ten months or less.
Once the credit cards are paid off, let’s look at the car note. You take the money you are currently paying on your car loan, add the extra $500 you are making in you own business AND the money you used to pay on your credit cards. What happens? You pay your car off in a matter of months and not years. Let’s go on.
Once the car is paid off, you take a look at your home. You take the money that you used to pay for your car, the money you used to pay on your credit cards and the extra $500 per month you are earning and you add these figures to the money you are already paying on your house. Remember to apply any additional payments to the principal. What would that mean to you? Well, you would pay your home off in record time.
Just imagine that it is ten years from now. Your credit card debt is gone. Your home is paid for and you took the money that you used to pay for your home and purchased a new car for cash. You are pretty much debt free and all you ever earned from your home-based business is $500 per month. Would this make a difference in your life? You bet it would!
I’m not saying that you should settle for $500 per month. I’m just saying that you should set realistic expectations and discover the power of what such a modest sum can really do for your life.
Obligatory Disclaimer: The purpose of this article is not to render financial advice, make income projections or guarantees of results. Your results will depend on your individual financial situation, the effort you put into building your business and the choices you make along the way. This article is for illustration purposes only.
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