If you are in your 40’s or 50’s you may be thinking more and more about how to time the market so you can retire in the lifestyle you had planned for. If you have a 401K or an investment plan that is mainly invested in the stock market you probably feel the way that I do. Like we were hit with a brick. Timing the market so our retirement plans are at a high value the years we want to retire seems impossible. Keeping at that level during all of our retirement years is not likely. If you are already retired you know what I am saying first hand.
WHAT CAN YOU DO?
Most people are under funded for their retirement right now. Afterall how can we divert more money into our savings or retirement plans when the cost of living is going through the roof? In my opinion the best way to fight this situation and fix this “fixed income” problem is to plan and work to create more than one income stream for the retirement years.
Listed above are 8 different ways to create additional income streams to start flowing money into your accounts. They all have different advantages and risks. I think the best way to deal with a fixed income situation is to start building multiple income streams right now. Do it well before you need them.Additionally, it does not have to involve stopping or redirecting your current retirement investments at all.
I recommend that you focus on what is called residual income or passive income. As it says above you keep getting paid on work you already did. To me that is one of the best kinds because it is not attached to a continuation of spending the other most valuable asset you have to earn it. Your TIME!
PASSIVE INCOME BUSINESSES
Now before I even say this, just stay with me here. I suggest you start a network marketing business. Are you cringing right now?
I know many people; possibly even you, have been involved in a network marketing business previously. If you have been, then I am sure there was a good reason that you joined and that possibly that reason still exists. If you had a great experience that’s wonderful. If you had a less than ideal experience, please don’t condemn the whole industry for the action of a few people who were not properly trained. It is still one of the best ways to get additional income coming in to your bank accounts!
A very well know author Robert Kiyosaki said in his book, The Business of The 21st Century that the business model that holds the most promise for building genuine wealth for the most number of people is a business model, called network marketing.
Here are some of the advantages:
- Simply start building a business asset that anyone can start today. The advantages are minimum cost to get started.
- Great Residual or Passive income potential
- Training is provided usually to those who need to learn some new skills.
- They can now be built mostly or completely online
- Use your spare time and build a long term income.
- Easy process of building a business of your own.
- No employees or products to buy and ship to customers.
- Additional business deductions are possible as well.
The network marketing space has many companies available to you. Their older companies that have been around for 40-50+ years, like Amway, Herbalife, Shaklee and many others. I don’t always suggest that the new shiny business is the one to join. In this case however I can highly recommend that you take a look at the LiveGood Business Opportunity first.
I can confidently say that they have solved all of the main issues people have with network marketing businesses.
- No high cost or starter pack to buy
- No overpriced products
- No Autoship or minimum purchase requirments
- No 1 on 1’s or home meeting needed. Build online, easily using your cellphone
- Non-recruiting income is also an option
- No bugging your friends and family anymore.
- The ongoing cost is $9.95 per month for your membership.
I hope you will check it out. Either way, start the process of developing additional income streams as one of the parts of your retirement planning process. It is far better than waiting to see what happens. Be proactive and do what is in your control. This puts you back in charge of fixing your fixed income.
Thanks for reading!