Article Advise

submitted: Aug 16th 2008 | by: MattHellstrom | Total views: 1 | Word Count: 639 | |

There is a popular ad on TV recently showing people carrying around a big orange number - apparently to represent the amount of money that particular person has to have saved in order to retire with the same kind of lifestyle that they lead currently. I found myself getting angrier and angrier every time I saw that ad, and I really didn't know 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.

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. 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. 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. A franchise might be an option. There are many different business plans available for those that have a little money saved up. These businesses range from restaurants to auto-repair facilities, and there is also a huge variety in start-up costs, too. This might be something you want to look in to.

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. You could start your own home-based internet business. Affiliate marketing is a hot topic right now, and you can make a some good residual income by setting up websites that promote other peoples products. All you have to do is send the customer to that merchant's site, and you'll earn a commission. Once you get the sites set up, they are self-sustaining and can generate income month after month.

6. A network marketing business. This is my top choice for the simple reason that it offers both leveraged incom and residual income. Leveraged income means that you sign up distributors underneath you, and you are paid a small part of any sales they generate for the company. Residual income is accomplished by setting up customers that continue to buy your companies products on a month-to-month basis, and you earn commission on every purchase they make.

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.

About the Author

Matt is an internet marketing trainer, teaching people how how to build their business online. He specializes in attraction marketing. You can view more information at Baby Boomer Retirement Plan.

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