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.
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. 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 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. Look into a home-based online business. There is a lot of money to be made doing affiliate marketing, where you promote other peoples products and earn commissions based on sales that are made because of your recommendation. This is pretty cool, because it can be a residual type of income, where the money keeps coming in month after month, which leads to time freedom.
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. - 16738
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. 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 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. Look into a home-based online business. There is a lot of money to be made doing affiliate marketing, where you promote other peoples products and earn commissions based on sales that are made because of your recommendation. This is pretty cool, because it can be a residual type of income, where the money keeps coming in month after month, which leads to time freedom.
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. - 16738
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 read a full version of this article at Baby Boomer Retirement Plan.
