When it comes to planning for retirement, you can’t begin too early and the options today, no matter when you decide to take charge of your future, are phenomenal, especially online.
I remember as a twenty year old, starting work offshore in the oilfield, I told my father, a career professional, that I wanted to retire at forty … and he went nuts! I just couldn’t understand it … but that was the age he was raised in – the age of the steady pensionable job! In hindsight, I should have taken at least some of his advice. My own plan hasn’t quite work out and now, following a significant downturn in recent years, retirement, or at least a semi-retired lifestyle looms. I actually see my father’s point about retiring. I think he was talking about retiring, doing nothing and waiting for death. This is a prospect that I still only see further down the road – although with Covid in the air, this forecast could now in some jeopardy!
A Comfortable Retirement is All About Income
Although 40+ is well in the rear-view mirror for me, I can see how retirement, in the sense that you give up that frustrating commute and the 9-to-5 salary role at 40+ and move on to make your own destiny rather than cater to the corporate or government plan, “forever and a day”, to end up with a minimal retirement plan at best or being down-sized in the interim!
Whatever you do, or are thinking of doing, you should know that we have some great options today. These include working ahead with your current job during the day, and working on your fortune in the evenings, at the weekends and while you sleep. Then when working on your fortune provides enough to where you believe that you can walk away … Walk Away!
Or at least walk away when you’re good and ready!
Build your work / business based income to cover living costs – invest the rest
Invest in such a way that you eventually generate a passive income
Build a financial moat around you and your family that no-one can touch
Once you have accumulated a passive income that sustains you, you have reached the point of choice, the point where you work or not, travel or not …
The following are a few thoughts as to the options (or hacks) for building your retirement or post-corporate income.
Ways To Make Some or Possibly Very Good Money in Time
Freelance jobs are usually a service, a project or a gig offered by someone to either a person or company on a fixed rate for completion. You could make a few hundred, even thousands, of dollars, over several projects depending on what you are selling.
The ways to make money in these contract or freelance roles are varied, numerous and pretty well paid, particularly when you are registers with such web based agencies as fiverr.com. You can read, write, edit, draw, teach based on your life experiences, learn how to decorate cakes, build furniture, make origami stars, etc., etc., etc. If you chose to make, buy or sell physical products, then, once you have a finished work, your still need to find a channel to sell it, and initially this can be problematic but not insurmountable.
Freelancing will generate an income of sorts but you are still trading your time for money and time of course is a limited and probably the most precious resource you have, and it cannot be replaced so manage this carefully.
The Tax Advantages Of Owning Your Own Business
You need to look into what your country or the country you plan on doing business. When you own a share of a business, you are a partial owner of that company. You do not need to rent an office, buy business real estate or even business cards first. There are however, considerable tax and liability consequences of owning your own business, a share in a business, or indeed stock in a corporation, but that is for a discussiona at another time. Suffice it to say at this point, that your tax situation often improves when you trade as an owner as opposed to a sole trader.
Real Estate Investment With Much Less Money
Real estate appreciation occurs when a property increases in value due to a change in perceptions in the real estate market. The most important thing, though, is to save diligently and invest whatever you manage to save in a portfolio you will be able to stick with whether the market is soaring or slumping.
Whether you want to retire early, pay off debts, or erase a temporary shortfall, you have the power to earn more money than you are making today. Unless you are born with a silver spoon in your mouth, you must have a financial plan that’ll stand you in good stead into the future.
Owning your own home, and eliminating the mortgage as quickly as possible, is generally a great strategy. Moving on from there to get additional property stock for as an investment, mortgaged to your company if possible may also be a sensible strategy. The trick is to manage any mortgages through your business, and not to take this liability home and put your family security at risk. Crowdfunded real estate investing, as opposed to raising a mortgage through your company, could give you a route to investing in the real estate market, without putting a lot of money upfront.
A good strategy that Jim Rohn used to talk about was to never buy your second car, before you’ve bought your second property, pay off any debt on your family property as quickly as possible, and never get into debt for your car if you can avoid it!
Opportunities To Make Money Selling Your Unique Products
In this age of online marketing you can earn money by building relationsips with potential customers online and directing them to your product offerings, to a product you sell, or give them your affiliate link to a product you are promoting. To promote a product, you are going to have a medium or method of sharing your experience with that product. Outside of checking in for a few minutes each day, this can be a relatively hands-off business model.
What you get out of this process will depend entirely on you and the efforts you put into learning the process, the marketing strategies and the time you put into promoting the products or services that interest you. When you are first starting out in affiliate marketing, sales for some of your products can be a sporadic at best, it is not uncommon to be all over the map trying to make money.
This can be a chaotic and somewhat stressful time while your skills are being honed but with access to the correct tools and mentorship, the pain and the time in the phase is much reduced..
An Online Affiliate Marketing Business From Home
It would be prudent to learn adn develop some level of marketing skill and a little training at the beginning will save weeks, months of pain as you work through the various processes involved in marketing either your products or services online.
You could probably get started with your own dropshipping business with a company like Oberlo, Shopify, AliDropship, and others but it can be a bit of a minefield, and a costly one at that if you are not very aware when you enter the advertising market, yes even with Facebook (and I have been burned myself there!)
I became involved with Mentors and found them to be an exceptional community of like-minded individuals where you can learn the processes, get started with online marketing quickly. As part of this community, you get a great initial grounding, move in teh direction that you like, at the pace you like to ‘earn while you learn’ and build your business from there.
You can begin building a sustainable business, working at your own pace, from the comfort of home. When you run an online business, you can work from home, or anywhere that has an internet connection. After going through the beginners lessons, creating your website and finding your business niche, you may decide you want to learn it all – and the more you learn, the more your goals, be they health, wealth or lifestyle, with a passive income become real.
Passive Income – To Make Money While You Sleep
To start making money for example on vending machines, you would need funds to buy a machine, stock it, and find a place to install it. Unlike building a business, you can earn passive income even without money to invest initially. To help make enough money to invest in passive income ideas, you need to increase and diversify your income streams.
The key to never working again is to build a stream of passive income that will provide residual income on a continuous basis that is higher than your monthly expenses. Of course, one of the best options here is to own a basket of quality, dividend paying stocks but not everyone will have built up such a basket during their corporate career so these options for additional passive incomes remain valid.
In conclusion, even if you do not have significant assets, or you are not interested in taking on the risk associated with a major investment, like a house, a franchise or other ‘bricks and mortar’ business, there are plenty of ways to generate additional income.
And that’s where I will leave you for now – more to follow …
And meanwhile, for more on building your own digital semi-retired lifestyle:
In the meantime, I would love to hear your comments below and will be only too happy to talk to you at some point.