Your Retirement Income Strategy Must Include A Home Business
Your Retirement Income Strategy Must Include A Home Business
When planning your retirement, today more than ever, you must be very creative and think outside of the normal realm when securing your retirement funds. The truth is not all folks in their 50's and 60's are prepared financially for their retirement years.
Is The 40-40-40 Plan Working?
I myself am among the many late coming baby boomers. As I quickly close in on this stage of life I am realizing that the so-called "40-40-40 Plan" will not provide for my retirement! In fact, with the ever-increasing stress in the economy people from every age group should seriously think about a back up plan.
These are very serious issues that need answers. And although if you are reading this and are about in your 20's and 30's you may not even be thinking this way, but you should and let me tell you why: You can not depend on your government to bail you out, doing so is foolish; You can not depend on some company to take care of you in your old age; let's face it, you can't even depend on the likelihood that your current JOB will be there tomorrow.
Fact: more and more Baby Boomers are retiring every year, and although statistics show that approximately 80% of all assets are held by the Boomer generation, I tend to argue with these "so called"statistic especially where it includes those on the cusp of Baby Boomer Generation and Generation X. In other words, there are too many of us who are going to be left without any retirement plan at all!
If you are like me, then the question needs to be asked, does your retirement income strategy include a home based business? If you've never considered this before, now is the time, in fact yesterday would have been better to have consider this option. With more and more folks losing their jobs and/or retirement funds, we are left with fewer and fewer options as the years continue to zoom by.
Why a Home Business?
There is some good news in all of this that I am happy to report. You see, with the growing internet marketplace, we now have virtual storefronts popping up everywhere! There seems to be an ever-expanding internet community of eager shoppers buying everything from services to groceries. For as long as this trend continues it is very likely that the internet will be the only saving opportunity for many people.
Time Is Of The Essence
If you are like many folks time may be running out, in securing these retirement funds. Some self-employed opportunities can take a long time to make any real money, maybe you need a business that will generate wealth in a shorter period of time. You are looking for a plan that can accelerate your earnings so that you are in profit in a short amount of time.
When Money Is Tight
Not everyone has $10K to throw at a business opportunity and what I love about the internet is that there are so many home businesses that are very affordable to do. There are direct selling, networking marketing, and multi level marketing businesses. This is a good direction to go in because the products are usually very good and you can find products and/or services that will fit every budget and interest.
Some home-based businesses are very costly to get going so be careful. You do not want to get into something that will eat into your current funds, you are looking for a biz-opp that will create wealth, not diminish what you currently have. You can have someone build you a website and sell products but it will cost a lot to get this going and take up a lot of time. Ebay use to be a good place to sell stuff, but it also requires a lot of time and dedication. There are companies out there that will charge you for their services just to get you going in a home based business. Be careful of these! Just do some research on the internet in forums and social networks. Research on the term "home based business" you will find all kinds.
Residual Income
As there are so many options to go in wisdom is needed in deciding what kind of home business to invest your time and money into. A few things you probably don't want to do if you are going to retire soon: you don't want to handle products, you don't want to house inventory, you don't want to provide a service. Here's the key: you will want to consider something that provides passive or residual income. This way you build your business for a short while and it creates wealth that will continue to be there even if you don't work it.
Word of Caution: I have to warn you - there is way too many opportunities out there and some are not opportunities at all. They are simply out there to steal your money. It is important for you to do your homework. It doesn't really matter what kind of home business you choose but you should make sure that it is something that will work with your lifestyle and your budget.
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