Most people don’t have a retirement plan. In fact, most people don’t even want to think about their retirement because they’re too busy thinking about work, school or family. But the truth of the matter is, we all need to think about our retirement so that it’s not an afterthought.
If you don’t have a retirement plan, this article discusses five ideas from the best financial advisor to help get you started.
If you’re still relying on the traditional method of saving up enough to retire, you’re probably not going to be able to retire. In fact, if you look at the statistics, only 4% of people make it. That’s because the cost of living is rising faster than your salary.
But there’s a solution. It’s called “hustling.” And it won’t take as much time as you think. Here are 5 ways to get started:
1. Start a blog
Blogging is one of the best ways to generate passive income on the internet. You can set it and forget it and people will still find your posts through search engines and social media. If you have something valuable to say, starting a blog can be the foundation for all of your other side hustles.
2. Sell Your Knowledge
If you’re an expert in anything from accounting to zoology, there are people out there willing to pay for your knowledge. Whether it’s through a blog or a book or an online course, selling your expertise can be extremely lucrative.
3. Become an Author
The good news about writing a book is that you can start with nothing more than an idea and end up with a product that generates income for years to come. The bad news is that the bar has been raised pretty high by professional authors with teams of editors and publicists behind them. But don’t let that discourage you. Self-publishing has never been easier thanks to e-book platforms like Amazon Kindle Direct Publishing
4. Rental Property
It’s no secret that real estate investing has been one of the most successful ways to build wealth over the last 100 years. But if you’re not already an investor, where do you start? The best way to get started in rental property investing is by renting out your own home while renting somewhere else. This way, you don’t have to worry about finding tenants or keeping up with maintenance and repairs. All you have to do is collect rent checks from your tenant every month and deposit them into your bank account.
5. Buy something and resell it for a profit
The most popular method of making money online is to start an e-commerce store. You can sell your own items, or you can become an affiliate, which means you sell items from other people and take a cut of the profits.
If you’re looking for a more low-risk way to make money, then selling items you already have might be the right choice. There are sites like Poshmark and eBay that allow you to sell your clothes and other household goods. You can also use sites like Decluttr if you have electronics lying around that you no longer need. Decluttr will buy them from you, and they’ll even pay for shipping.
It can be challenging to come up with all of the money needed to make one retire early, especially since most of us don’t earn anywhere near $1 million a year. So, as your best financial advisor, I thought it wise to share five things that you can do right now to bring in some extra income. While nothing on this list is going to make you rich, they can definitely help you add a few hundred dollars – or more – to your bottom line each month. And, every little bit helps when it comes to building up your retirement savings for an early retirement.