Tag: Retirement
Ways To Make Money
by admin on Jan.30, 2010, under General
Most people with day jobs find it increasingly hard to keep up with their monthly bills but can’t afford to leave their jobs during the recession. While being employed is a good way of earning regular and decent income, you can increase your total income with other ways to make money.
The problem with a day job is that you may have to leave it someday, whether voluntarily through resignation or retirement or involuntarily through termination or business closure.Your best option is to find a variety of income streams and start to make money from them. These income streams are also referred to as passive income.
‘Passive income’ is earned without any extra effort on your part. Most people dismiss passive income as an ineffective way to become rich because the amounts that you may earn at the outset may seem insignificant. With regularity and discipline, passive income can eventually overtake your compensation income. Here are a number of ways you can make money with passive income:
Deposit account
Saving a portion of your monthly salary in a deposit account can earn passive income in the form of interest. The larger your deposit, the higher the interest you will earn. This requires self control and regularity as the only way to generate greater passive income from deposit accounts is to continue adding funds in it and rolling over the interest it earns along with the principal deposits. Ask your bank for deposit options such as time deposits and treasury bills.
Internet businesses
You can also make money when you decide to learn about internet marketing and sell your own or someone else’s products (affiliate marketing) and advertising in your own website. An affiliate marketing business in particular is really inexpensive to set up – you can start immediately with the registration of a domain name (around $10 per year) - but it can earn continuously without additional effort, even while you sleep.But what is even better is that you don’t even have to have a website!
Buy To Rent
Renting out a room, condominium unit, or house is a good way to make money on a monthly recurring basis in the form of rent. Naturally an inital investment in real estate is required, but if is within your means, you might borrow in order to earn. It is rare that rental income will not exceed mortgage repayments – and you are able in most cases to offset a lot of costs associated with rental property ownership. The income amounts you can derive from rentals depend on the location, size and upkeep of the property.
Stock market
Those who have mastered buying low and selling high will propser in stock market trading. If you have extra funds lying around, now is a good time to buy stocks as the markets are down and stocks are under-priced. Hold on to your stocks and sell them when the prices start to climb.
To make money using passive income, most experts advise against putting all your eggs in one basket. Diversification assures you of constant income streams and prevents you from losing all your money in case an investment fails.
By far the one that is the least expensive to set up is an online business. If you attend a quality internet marketing course, for instance Fast Web Formula run by an expert like James Schramko, you will be equipped with the skills needed to make money online. However, whichever way you choose to earn money while still employed, the keys to success are getting the right mindset – the millionaire mindset – and taking advice and mentorship from proven experts.
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Retirement Plans Being Jeopardized? Need to Increase Your Retirement Monies?
by admin on Oct.19, 2009, under General
Risks to Your Retirement Income
Assuming you’re part of the Baby Boomer Generation, you’re likely giving serious thought to retiring – if you haven’t already retired. And if you have previously left work, you may be evaluating if you’re going to be able to remain retired.
Today’s economic crisis aggravates the retirement question considerably by compounding the following retirement related risks:
1. Life Expectancy Has Increased
Today, life expectancies are longer than their parents’ generation. For example, in 1970, a 60-year old white male had a life expectancy of an additional 16.2 years; however, by 2008, his life expectancy had expanded to twenty years.
So how is the Baby Boomer going be able to afford to pay for those additional 3.8 years? Following are several possible solutions:
> Expedite pre-retirement nest egg building
> Work longer
> Move in with family members
> Accept quality of life
2. Rising Health Care Costs
Predicting and planning for ways to cover one’s health care costs are some of the most difficult financial planning tasks, largely because medical costs are so individualistic, with needs varying greatly from one person to another. Long-term care needs are even more difficult to predict and arrange adequate funding.
Health care costs have grown more than 5% (inflation adjusted) for the past 15 years – and that is greater than the increase in family income. Medicare costs will probably rise as well at similar rates.
3. Legislation May Affect Retirement Income & Supplemental Programs
It has been widely reported that the expenses associated with the major entitlement programs (e.g., Social Security, Medicare, and Medicaid) are growing more rapidly than other sectors of the economy, and some experts challenge their long-term viability because of the cumulative effects of increased life expectancy, size of the retiring population, and increasing health care expenses in general.
Moreover, immediate questions concerning continued health insurance during retirement, and at what financial levels, are rampant in today’s economy – and these questions are given even more fuel by the reorganizations occurring, especially among the auto industry.
We are still witnessing much discussion concerning a national health care program – but such discussions have been active for decades, with few results to show for those efforts. Although President Obama will be leading such efforts this year, most people anticipate a lot of opposition from Congress.
Most people think that seniors over age 55 will be exempted from cuts in these entitlement programs, but providing complete coverage for them is a two-edged sword – doing so increases the likelihood of a new value-added tax, which would likely add to retirement tax burdens.
4. Sometimes One’s Retirement Date is Dictated, and not a Free Choice
According to a 2004 Health and Retirement Survey (HRS), 37% are forced to retire due to feeble health or downsizings, etc.
5. 401Ks Became 201Ks
Did your retirement savings (including your 401k) take a major hit with the stock market meltdown in 2008? My investments were deeply affected. Many people saw their 401k and other stock market accounts take a 50% hit, which has led many comedians to rename them “201k”. For many people, their 401k was the bulk of their retirement savings, so this stock market meltdown substantially damaged their retirement plans.
Humpty Dumpty Was Not a Retirement Expert
Some of the news is good news. You can fix a broken “nest egg”.
You can work an extra year or two, take a part-time job or work from home to supplement your earnings, start your own business, etc.
If you’d like to start an online business, but are hesitant because you’re not an internet expert, a excellent place to start for gathering all the education about internet marketing that you will need to be successful is to sign up for the Online Success for Beginners classes.
A study by Butrica, Smith and Steuerle (2006) indicated that working just one (1) extra year can improve annual retirement income by 9%, while working just five (5) extra years can generate an additional 56% annual retirement income.
If you’d like to learn how to produce a supplemental income, so that you can have a rewarding, financially secure retirement, check out Darren Salkeld’s new MaxPro Marketing System and get his FREE Report and FREE Audio describing the age-old secrets of creating wealth.
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Downsized? Can’t Find Another Job? Earn Money While Doing Your Job Search
by admin on Jun.09, 2009, under General
Have you recently been downsized?
Since you’ve been laid off, have you discovered how difficult it is to find a new job during this recession?
Current Situation
If so, you’re in good company. Since December 2007, the official beginning of this recession, more than 5.7 million jobs disappeared during this recession. According to the Associated Press (AP), after the May 8th release of the April, 2009 unemployment numbers:
- 13.7 million people were unemployed in April, 2009, and that was the largest number since 1948
- 539,000 jobs were lost in April alone
- 8.9% unemployment, but if workers who’ve been laid off and just given up or taken part-time work, are included, that number jumps to 15.8% – the highest since 1994
If you’ve been unemployed for more than a month, you may be feeling frustrated, angry, depressed, or maybe even a little panicky as you watch the pages of the calendar turn, with still no job on the horizon.In addition to this immediate financial crisis, you’re probably concerned about the long term effects as well (e.g., college education for your kids, a comfortable retirement for you and your spouse).
There are basically three options in this situation:
- Panic
- Keep doing what you’ve been doing (the same things that haven’t yet found you a new job), or
- Try something different
Option 1: Panic
The first option, panic, is entirely counter-productive, and should be avoided at all costs.A little fear, while uncomfortable, can be an excellent motivator – one that can help us get ourselves out of a dangerous situation by either running or energizing us to stay and fight. Panic, however, overloads our system, resulting in fuzzy thinking, confusion, fatigue, and gets us nowhere.
Option 2: Continue Doing What You’ve Been Doing
If doing what you have been doing had been successful for you, you wouldn’t be reading this article right now.Unless you’re willing to change, and try something new, you’re only going to end up with more of what you already have.
I don’t know about you and your industry, but people in my industry – good people – have been unemployed for more than six months, unable to find a comparable job to the one they left; or even, any job at all.What results have they achieved – despite answering countless help wanted ads and sending out a ton of resume? Zilch, nada.
In this recession, people aren’t even getting callbacks about jobs they’re qualified for.
Option 3: Try Something Different
The third option – do something different – seems to be the only plausible solution. With so many options on the table, it is difficult to know where to start?
Have you considered start an online business .
- Let this be the last time you have to worry about being downsized.
- Stop letting your job steal quality time from your family.
Become your own boss! Invest in your financial security by starting your own home business!
The home-based business industry accounts for approximately $427 billion annually and provides many tax benefits, more control over your time, your work, and your income. Effectively, you’d be using the Law of Large numbers and applying it to your personal situation, much like insurance companies do to minimize their risks. They spread the risk of loss across thousands or millions of policyholders.
An internet business will reach thousands, and millions, of prospects allowing you to spread your recessionary risks across multiple people, regions and countries.To minimize your recessionary risks, do like the insurance companies do – apply the Law of Large Numbers.while building a life of your dreams
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