How To Increase My Cash flow in Retirement
After turning 50, I was in a dilemma. I didn't have enough funds for retirement. After researching I put in place two passive income streams to boost my retirement income. This is what I did..
MONEY HACKS
Shane Lifeman
6/8/20245 min read
What Can I Do If I Have No Money For Retirement?
Have you at any point felt that something in your life simply was not working out? I had just turned 50 when I realized that retirement was not that far off. It was now time to sit down and go over everything as, like everyone else, I wanted to retire as soon as possible.
When I went over everything related to my finances and my retirement objectives. I realized very quickly that what I was doing was not working out for me, particularly with the dream of packing it in and enjoying my golden years. I realized I needed to take drastic action right now, or I would be stuck working for the rest of my life. I now have some serious concerns about my retirement future. My greatest concern. I had recently turned 50, and the only retirement paycheque I would be getting was my government. I had some cash put away, however it was not even close to the amount the financial specialists suggest you ought to have. Truth be told, at that point, my total net worth was around 47% of that sum. Working for me simply wasn't, working out.
How To Research To Increase Your Retirement Income
It was time to change things up. My response to my situation was to start researching, so I began watching YouTube to get some ideas on what I could do. My original search started with how to make money online. It felt like I had watched at least 1000 videos, and each video content was all B.S. In every one of these videos, they had the certainly stand out title stating You can make up to $100,000 in a month, and that was how they got you to watch their video, so they could earn a paycheque with their misleading titles by including the words - up to. I had had enough. I was disappointed and frustrated. It also felt like I had earned a YouTube Docterine degree in how to waste people's time.
I had a thought. Rather than looking for ways of earning cash the easy way, as the videos tried to demonstrate, why not change my search terms and search for something more specific? It’s been my dream to have multiple passive income streams, so why not start creating it now? The reason behind this other than I was lazy and did not want to work my entire life. Having multiple streams would protect my income in case I would lose one. I also thought traveling and possibly living abroad might be an option in my future, and just simply appreciate life for a change, and not work consistently until the end of my life at a job I disliked. This was my retirement plan, and I took action.
Low Risk Passive Income Streams For Retirement That Work
I wanted to set up two types of passive revenue. I would construct one stream through investing that paid a dividend
and another through a business that I could work from my laptop. As I mentioned, travel and living abroad were in my future. Concerning the business. I wanted to take it with me no matter where I went. I was going to live the laptop lifestyle.
For my investment strategy. I had many choices that could deliver me a dividend, such as loading up on the S&P 500, blue chip stocks, shared assets, and yes, Crypto. None of those were for me. In my research, I came across a product called REIT (Real Estate Investment Trust), and being a previous landlord. A REIT is a company that purchases and manages income properties. You purchase a share in the fund, and in return, you will get a percentage of ownership in their properties and profits. This is not an article promoting this product, and I urge everyone to investigate what is best for yourself, as what works for my situation could be catastrophic to yours
When I was a landlord, I learned fast that real estate, at least in my experience, was not passive. It was a lot of work. I was dealing with everything myself related to tenant and property issues. I decided after just several years that being a landlord was not for me, so I sold everything off. I was glad to escape the landlord business when I did.
My experience as a landlord was the deciding factor for me to place my money in this type of investment, as I saw the potential. I liked the idea of having a physical property attached to my investment as collateral security, and I did not have to do any of the work. When I looked at my options with REITs. I chose to put my money in a trust consisting of private home mortgages as well as private and commercial properties comprising of single and multiple rental units, and, surprisingly, a few hotels and some get-away retreats. My choice of a second fund was more specialized and concentrated on a type of property only. I felt this was great for what I needed and for my circumstances. I likewise chose to expand on the REIT and went with two different companies. My objective was not to generate a huge return but more of a consistent and safe return so I could sleep at night. I would reinvest the dividends until I needed them.
For my second source of income. I decided on self-publishing as I was already doing this as a hobby. I needed to take this more seriously, build it up, and stop treating it like a hobby.
I then decided the best thing I could do was a massive lifestyle change. I needed to live a simple and smaller lifestyle if I wanted to pull this off. This meant no more living large, and buying things to impress the neighbors I didn’t have the foggiest idea who they were, but I wanted to impress them or that $10 specialty coffee I loved so much at Starbucks.
The simpler and smaller lifestyle. I will admit was hard to get used to at first, but now I love it. I chose to carry on with a more modest and less complex way of life and pay cash for everything, which also included having no debt in any manner.
Would you like to know how this turned out for me? To answer this question. First, individuals will pass judgment and obviously will have an opinion, which they reserve the privilege to do. However, what is a good fit for me, others will object, and The main thing is what I view as a success, others will see as a failure, as well as the other way around.
In just two short years, at the age of 52. I had the option to leave my day job and enjoy the life I always wanted. I presently work when I want to. It made me realize I should have done this sooner. I probably won't have everything in life I want however, not many individuals do, Yet in all actuality, I do have everything in life that I need.
In making changes in your day-to-day life, age should not be a factor. My lifelong attitude has always been I will turn a particular age regardless. I can stay in the position I am presently in and never really change it, or I can find ways to start to change my future today and begin a path to a better life. Even billionaires start with nothing and like everything else in life. You just need to take the first step.
Shane Lifeman
Live Free Live Life
