Posts
Lately I've seen an ad on TV where people are carrying around a big orange number. The idea is that this number is the amount of money that person needs to save so he or she can retire comfortably. The ad generated a strange response in me - one of anger - and I wasn't exactly sure why.
Then I realized it wasn't really anger I was feeling, it was more of a sense of desperation and anxiety. My wife clued me in that that was exactly what this company wanted me to feel, so that I would be inclined to follow their advice. That's what negative advertising is all about. It did get my attention, but I don't think it generated the kind of response that the company was hoping for.
Their solution is to sign up with them and they'll help you save and invest properly to end up at the "magic number". That might work for someone just entering the workforce, or even someone in their thirties, but I'm 52 years old. I have very little savings, and in my opinion not a lot of hope to increase that to the one or two million dollars that most of those numbers in the ad represented, even if I hired the best financial mind in the world to help me make decisions.
What are people my age supposed to do? I've decided that I'm going to generate multiple streams of income coming into my bank account every month for the rest of my life. Furthermore, I think this is a great solution for most baby boomers. How do we really know what that number is, anyway, with the rising cost of gas and the decreasing value of real estate. These are uncertain times. So how do we generate those multiple streams? Here are a few ideas.
1. You can refinance your house with a reverse mortgage. If you have a bunch of equity in your primary residence, you can take out a loan and not have to make payments. You can then get a monthly payment, a lump sum, or just have it available to use if necessary.
2. You could get a job. Maybe all you'll need is a little extra to supplement your pension, savings, and social security. A part-time job might fit the bill to help you stay afloat.
3. Franchises. There are lots of different franchise opportunities available if you don't mind putting up some money up front. Some of them aren't that expensive, and they encompass a huge range of businesses. A restaurant, a cleaning service, an auto repair place. If you've got some money saved up, this might work for you.
4. A traditional home-based business. Do you have special skills, talent, or training? You could market yourself or products you create on Ebay or Craig's List. Maybe you know how to build furniture, or do taxes. The possibilities are endless.
5. You could start your own home-based internet business. Affiliate marketing is a hot topic right now, and you can make a some good residual income by setting up websites that promote other peoples products. All you have to do is send the customer to that merchant's site, and you'll earn a commission. Once you get the sites set up, they are self-sustaining and can generate income month after month.
6. Network Marketing. Probably my favorite choice for one reason - it offers residual and leveraged income. Residual because once you get customers they continue to buy month after month. Leveraged, because when you sign up distributors underneath you, you earn money off of their efforts in addition to your own.
There's no time like the present to start thinking about your retirement. These are just a few ideas, now get out there and make it happen!
Then I realized it wasn't really anger I was feeling, it was more of a sense of desperation and anxiety. My wife clued me in that that was exactly what this company wanted me to feel, so that I would be inclined to follow their advice. That's what negative advertising is all about. It did get my attention, but I don't think it generated the kind of response that the company was hoping for.
Their solution is to sign up with them and they'll help you save and invest properly to end up at the "magic number". That might work for someone just entering the workforce, or even someone in their thirties, but I'm 52 years old. I have very little savings, and in my opinion not a lot of hope to increase that to the one or two million dollars that most of those numbers in the ad represented, even if I hired the best financial mind in the world to help me make decisions.
What are people my age supposed to do? I've decided that I'm going to generate multiple streams of income coming into my bank account every month for the rest of my life. Furthermore, I think this is a great solution for most baby boomers. How do we really know what that number is, anyway, with the rising cost of gas and the decreasing value of real estate. These are uncertain times. So how do we generate those multiple streams? Here are a few ideas.
1. You can refinance your house with a reverse mortgage. If you have a bunch of equity in your primary residence, you can take out a loan and not have to make payments. You can then get a monthly payment, a lump sum, or just have it available to use if necessary.
2. You could get a job. Maybe all you'll need is a little extra to supplement your pension, savings, and social security. A part-time job might fit the bill to help you stay afloat.
3. Franchises. There are lots of different franchise opportunities available if you don't mind putting up some money up front. Some of them aren't that expensive, and they encompass a huge range of businesses. A restaurant, a cleaning service, an auto repair place. If you've got some money saved up, this might work for you.
4. A traditional home-based business. Do you have special skills, talent, or training? You could market yourself or products you create on Ebay or Craig's List. Maybe you know how to build furniture, or do taxes. The possibilities are endless.
5. You could start your own home-based internet business. Affiliate marketing is a hot topic right now, and you can make a some good residual income by setting up websites that promote other peoples products. All you have to do is send the customer to that merchant's site, and you'll earn a commission. Once you get the sites set up, they are self-sustaining and can generate income month after month.
6. Network Marketing. Probably my favorite choice for one reason - it offers residual and leveraged income. Residual because once you get customers they continue to buy month after month. Leveraged, because when you sign up distributors underneath you, you earn money off of their efforts in addition to your own.
There's no time like the present to start thinking about your retirement. These are just a few ideas, now get out there and make it happen!
About the Author:
Matt is an internet marketing guide, teaching people how how to promote their business online. He specializes in attraction marketing. You can view a full version of this article at Baby Boomer Retirement Plan.
No comments:
Post a Comment