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 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.
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's the answer? For me it's going to be having a stream (or multiple streams) of income coming in until I die. I believe that's a viable solution for most baby boomers, especially in these uncertain and volatile times. But how do we accomplish that? Here's a list of 6 possible solutions.
1. Get a reverse mortgage on your house. If you've got substantial equity in your home, you can refinance it with a reverse mortgage and take out a lump sum or monthly payments until the day you die.
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. 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. A traditional home-based business. Do you have special skills, talent, or training? You could market yourself or products you create on Ebay or Craig's List. Maybe you know how to build furniture, or do taxes. The possibilities are endless.
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. Network Marketing. Probably my favorite choice for one reason - it offers residual and leveraged income. Residual because once you get customers they continue to buy month after month. Leveraged, because when you sign up distributors underneath you, you earn money off of their efforts in addition to your own.
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!
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.
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's the answer? For me it's going to be having a stream (or multiple streams) of income coming in until I die. I believe that's a viable solution for most baby boomers, especially in these uncertain and volatile times. But how do we accomplish that? Here's a list of 6 possible solutions.
1. Get a reverse mortgage on your house. If you've got substantial equity in your home, you can refinance it with a reverse mortgage and take out a lump sum or monthly payments until the day you die.
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. 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. A traditional home-based business. Do you have special skills, talent, or training? You could market yourself or products you create on Ebay or Craig's List. Maybe you know how to build furniture, or do taxes. The possibilities are endless.
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. Network Marketing. Probably my favorite choice for one reason - it offers residual and leveraged income. Residual because once you get customers they continue to buy month after month. Leveraged, because when you sign up distributors underneath you, you earn money off of their efforts in addition to your own.
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 teaches people how to build their business on the web. His focus is on web 2.0 training. Learn more on how to retire comfortably at Baby Boomer Retirement Plan.
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