A major financial company has been running an ad on TV recently that really made me mad! The ad shows a bunch of different people walking around with big orange numbers under their arms. The number is supposedely what that person will need to have in savings in order to retire and live a lifestyle like they're accustomed to. At first, I wasn't really sure why these ads made me mad.
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.
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.
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. 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. Get a part-time job. If you have a pension and social security, maybe just a little extra will enable you to make ends meet. This might be accomplished by working part-time.
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. 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. 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. He specializes in attraction marketing. You can view a full version of this article at Baby Boomer Retirement Plan.
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