Let’s look at a few telling statistics, and then let’s talk about you…and me.
According to Forbes (linked to below), only 18% of American workers feel like they’ll have enough money for retirement. That means 4 out of 5 American workers feel like they won’t. They either won’t retire, or if they do, they’ll live in penury! Couple this with the looming Social Security shortfall, and you have a tragedy waiting to happen.
Those are the big, overall numbers. Sometimes, the big picture loses meaning because people think it won’t apply to them. They’ll win the lottery. They’ll recoup the money the lost ten years ago through bad investments. The tooth fairy will sprinkle their retirement account with tooth fairy dust some night while they’re asleep.
Sounds harsh, I know. But this is a harsh issue.
It used to be that people worked for a company or some sort of entity and they got a retirement that lasted as long as they did. Now, with longer life spans, more economic stress (costs more to live), and less money saved, most people will outlast their savings. This isn’t a pretty picture. I hope it doesn’t apply to you. Statistically, if I were a betting man, though, I would probably win the bet if I assumed that it does apply to you.
Although, we as a society are going to have to deal with this…or not, you and I as individuals have options. We have the means to correct where we’re going financially for ourselves and our families, and even if overall older Americans shipwreck themselves on reefs of poverty, we don’t have to.
We can take charge of the situation.
As I see it, there are a few things going on.
You have to make more money than you spend. I’m not being silly when I say that making more than you spend is different from spending less than you make. Here’s why.
Unless, you already have a good income, it is really difficult to spend less than most families make. After health care costs, housing costs, the car, education, student loans, technology, and a host of other expenses that really weren’t nearly as onerous when I was younger, most families really don’t have anything left over.
You could get a second job. That’s one solution. But often with what you’d spend on transportation and child care, you’ll just be breaking even, if that.
You can change careers. That too has its issues. You’ll probably eat up in student debt the extra you’re making in a couple of years when you get done.
It is, unless you think outside the box.
How about starting a home based, part time business?
Millions of people have done this. Over a period of twenty years, an extra $500 per month that you don’t spend and that you save in some way will make a massive difference in your retirement outlook.
This leads me to the following.
Starting a home based business puts you in the category of making more than you spend, instead of spending less than you make. You get to have a decent life style, and you get to prepare for the future.
It gets better!
I have run a home based business full time for the past five years. Actually I run two. I could never ever think of working in the traditional sense of having a job. Hello…Freedom?
A home based business lets you spread your entrepreneurial wings without borrowing a million or so dollars and sacrificing your health for the next ten years. You’ll get to challenge yourself, and your kids will know who you are!
Okay, let me give you the prefect scenario! What if you could combine this home based business concept with investing money and building real wealth? Wouldn’t that be the best of both worlds? You would make an income…and…build an asset.
I know, I know. This sounds way too good to be true. But it’s not!
I do this right now!
If you’re interesting in knowing how, hit me up here on LinkedIn. Just reach out to me and message me. I’ll be happy to tell you what I’m up to. It’s a little mind blowing, and a little out of the box, but it works amazingly well. It works for me, and it will work for you.
Just let me know.
BTW, here’s the article in Forbes that sparked this whole line of thought in my head.