It used to be that going to work for forty years would provide you with enough income to support your family today and a nice pension to support your retirement. Those days are gone. Financial gurus today are stressing the importance not relying on a job for your financial security. They are recommending that the best way to secure your family’s finances now and in the future is through a part-time home based business.

Here are five reasons you NEED to start a home business:

1) Jobs are not secure or keeping up with the cost of living. More and more people are being laid off as work is outsourced to other countries or struggling industries are forced to cut back. Further, while the economy shows signs of growth, the money has not reached the hands of middle and low-income families. In fact, salaries have not kept pace with the cost of living making families poorer! Perhaps you have been wondering why you used to be able to live on your salary and now you can’t. Odds are you haven’t had a raise in years and if you have, it wasn’t enough to cover the increase in living expenses. Having a home-based business can help fill this gap, and also fund your retirement and even replace your income.

2) Job related pensions and retirements are not secure and may not be enough to support you. Everyone is aware of financial troubles suffered by investors on Wall Street. But many companies are also cutting back or eliminating their pension plans. Many don’t offer any sort of pension plan at all. With Social Security in financial trouble, you can’t expect to have the government or your boss secure your retirement. It’s up to you. A part-time home business can help you earn extra money that you can invest in your future.

3) Tax benefits. Many of the tax advantages that benefit the rich are available to you when you have a home business. Please note, I’m not a tax expert so you should always consult a tax professional on your taxes. However, as a home business owner you have many tax deductions available to you on many things you are already paying for such as Internet access fees. While the government takes its cut off the top of your salary, it allows businesses to first deduct their expenses for doing business, and then pay taxes on what’s left over, which generally results in lower tax payments.

4) Money savings. If you are able to bring your business home full-time, you can save huge on the costs related to working such as commuting, childcare, etc. In fact, when I first came home, I made significantly less than I did when I worked outside the home, but I had more money! That’s because nearly 3/4th of my income went to pay for work-related things.

5) Improved well being. Stress, lack of sleep, no time for oneself much less a family are all the result of jobs that ask you to work more for less. The health implications for this kind of life are staggering with increased depression, heart disease, and more. Adding a side income from a home business can take the burden off of fears of losing a job because if you get laid off, you have some savings to fall back on. But if you can replace your job with your business, you can set your hours, take time for yourself, spend more time with the family, and be able to take better care of you.

According to financial experts such as Loral Langemeir (The Millionaire Maker), David Bach (Finish Rich books), Robert Allen (Multiple Streams of Income,) Donald Trump and Robert Kiyosaki, financial security comes from being in control of your income and developing passive income streams. All of these authors indicate that it starts by being your own boss.