There is a popular ad on TV recently showing people carrying around a big orange number - apparently to represent the amount of money that particular person has to have saved in order to retire with the same kind of lifestyle that they lead currently. I found myself getting angrier and angrier every time I saw that ad, and I really didn't know why.
Then I figured it out. It wasn't exactly anger that I was feeling, it was more of a feeling of stress or despair. And I guess that's probably the whole idea. My wife told me that that's how that's the most effective type of advertising: they make you feel desperate. Well it sure worked with me. However, I don't think the solution they offered gave me any hope, personally.
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.
So what do we do? As far as I'm concerned, I'm working at creating a residual type of income that will flow into my bank account for the rest of my life. I think this is a good plan for most boomers, especially those that find themselves in a similar situation as I have. How do we go about doing that? Here are six ways that I can think of.
1. Get a reverse mortgage on your house. If you've got substantial equity in your home, you can refinance it with a reverse mortgage and take out a lump sum or monthly payments until the day you die.
2. How about a part-time job? If you don't need a lot of extra money because you've got some savings, a pension, and/or social security, maybe a part-time job will be enough to make retirement work for you.
3. You can purchase a franchise. There are all kinds of businesses out there if you're willing to put up the capital to get started. Some are very expensive, and some aren't. Do some research, this might be a great option.
4. Start a traditional home business. Maybe there is something you're good at and you can market that skill. It can be building something, making something, or even offering a service, such as bookkeeping. You can sell your product or service on Craig's List or ebay.
5. An internet-based business. There are tons of merchants who pay affiliates to promote their products and then pay a commission on any sales that are made from those promotions. You don't need to have and inventory, you don't even talk to the customer, you just send them to the merchants website. This is a good option, because it frees up your time as it's residual income that keeps coming in month after month.
6. You could start a network marketing business.I really like this idea because it offers two types of income - residual and leveraged. By residual income I mean income that comes in every month, whether you work or not. Most network marketing companies have consummable products that the customer buys every month. Leveraged income comes when you sign up a distributor underneath you. Then every time that person makes a sale, you get a piece of their pie.
These are just a few suggestions on how baby boomers can retire with a good income. I encourage you to do some research, and figure out what works for you. - 16890
Then I figured it out. It wasn't exactly anger that I was feeling, it was more of a feeling of stress or despair. And I guess that's probably the whole idea. My wife told me that that's how that's the most effective type of advertising: they make you feel desperate. Well it sure worked with me. However, I don't think the solution they offered gave me any hope, personally.
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.
So what do we do? As far as I'm concerned, I'm working at creating a residual type of income that will flow into my bank account for the rest of my life. I think this is a good plan for most boomers, especially those that find themselves in a similar situation as I have. How do we go about doing that? Here are six ways that I can think of.
1. Get a reverse mortgage on your house. If you've got substantial equity in your home, you can refinance it with a reverse mortgage and take out a lump sum or monthly payments until the day you die.
2. How about a part-time job? If you don't need a lot of extra money because you've got some savings, a pension, and/or social security, maybe a part-time job will be enough to make retirement work for you.
3. You can purchase a franchise. There are all kinds of businesses out there if you're willing to put up the capital to get started. Some are very expensive, and some aren't. Do some research, this might be a great option.
4. Start a traditional home business. Maybe there is something you're good at and you can market that skill. It can be building something, making something, or even offering a service, such as bookkeeping. You can sell your product or service on Craig's List or ebay.
5. An internet-based business. There are tons of merchants who pay affiliates to promote their products and then pay a commission on any sales that are made from those promotions. You don't need to have and inventory, you don't even talk to the customer, you just send them to the merchants website. This is a good option, because it frees up your time as it's residual income that keeps coming in month after month.
6. You could start a network marketing business.I really like this idea because it offers two types of income - residual and leveraged. By residual income I mean income that comes in every month, whether you work or not. Most network marketing companies have consummable products that the customer buys every month. Leveraged income comes when you sign up a distributor underneath you. Then every time that person makes a sale, you get a piece of their pie.
These are just a few suggestions on how baby boomers can retire with a good income. I encourage you to do some research, and figure out what works for you. - 16890
About the Author:
Matt helps people learn how to promote their business on the internet. His focus is on social marketing training. Get more information on how to retire comfortably at Baby Boomer Retirement Plan.
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