Baby Boomer Retirement Plan
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by Matt Hellstrom
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 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.
What this company wants is for you to sign up with them as financial advisors, and they’ll help you reach your number. While this might be a solution for some people, especially younger ones, I just don’t feel it applies to someone like me that’s in their fifties. I have put a little money away, but I don’t feel there is any way for me to save more than a million dollars by the time I’m 65! That’s the minimum amount of most of the numbers under the people’s arms.
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. 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 home-based traditional business. If you’ve got hidden talents, this could be a great option for you. Maybe you know how to work with wood, and you can build birdhouses, or furniture, or guitars. Then, you can sell them on Ebay.
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. A network marketing business. This is my top choice for the simple reason that it offers both leveraged incom and residual income. Leveraged income means that you sign up distributors underneath you, and you are paid a small part of any sales they generate for the company. Residual income is accomplished by setting up customers that continue to buy your companies products on a month-to-month basis, and you earn commission on every purchase they make.
These are a few ideas. Everyone is different: you’ll have to discover what works for you. But do something, it’s never too late!
About the Author:
Matt is an internet marketing guide, helping people learn how to build their business online. His focus is on attraction marketing. You can read a full version of this article at Baby Boomer Retirement Plan.
