Lately I've seen an ad on TV where people are carrying around a big orange number. The idea is that this number is the amount of money that person needs to save so he or she can retire comfortably. The ad generated a strange response in me - one of anger - and I wasn't exactly sure 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.
This financial company wants you to become a client of theirs and they will advise you on how to save and invest so that you can reach your orange number. While I'm sure they are very good at what they do, I think this ad is more geared toward those in their twenties and thirties. What about those of us in our fifties? My savings are minimal, and I just don't see the possibility for me to increase them to one million dollars plus in the next 15 years, even I had Warren Buffet as a financial advisor!
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. A reverse mortgage on your residence. If your house is paid off or mostly paid off, you can borrow against the equity in order to get monthly payments, get a lump sum, or just have the money available as a line of credit.
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. 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 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. 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. - 15431
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.
This financial company wants you to become a client of theirs and they will advise you on how to save and invest so that you can reach your orange number. While I'm sure they are very good at what they do, I think this ad is more geared toward those in their twenties and thirties. What about those of us in our fifties? My savings are minimal, and I just don't see the possibility for me to increase them to one million dollars plus in the next 15 years, even I had Warren Buffet as a financial advisor!
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. A reverse mortgage on your residence. If your house is paid off or mostly paid off, you can borrow against the equity in order to get monthly payments, get a lump sum, or just have the money available as a line of credit.
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. 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 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. 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. - 15431
About the Author:
Matt is an internet marketing trainer, helping people learn how to promote their online business. He specializes in attraction marketing. You can read a full version of this article at Baby Boomer Retirement Plan.
