Create Your Own Secure Retirement
Thinking about retiring can be intimidating. If you’re young, it seems like it’s “forever away” and not a real-time concern. If you’re later in life, perhaps after a layoff or an economic setback, the prospect of not having a retirement can be downright frightening. The later you are when you start preparing for retirement, the more time-value-of-money you have already lost from a traditional investing standpoint.
To make up for lost time, we address the “Create Your Own Secure Retirement” process in terms of creating asset equivalents to traditional investments. Let’s define what we mean by asset equivalent. We’ll use a conservative ROI value of 4% APY to illustrate the concept. If your goal is to earn an extra $300 per month in sustainable income, you would need to have $90,000 in face-value investments producing 4% APY to draw $300 monthly. If, on the other hand, you needed $6,000 per month in monthly income, you would need $1,800,000 in face-value investments producing a 4% APY. It’s not “chump change”, and it certainly seems out-of-reach if you are in your 50’s or 60’s (or older) and just beginning to save towards retirement. In fact, it may seem hopeless.
However, exploring your options, there are ventures you can begin (realistically) for a few hundred to a few thousand dollars. Applying some of the Income Brainstorming Exercises from The Financial Acumen Course®, it may take less than a month to raise the startup capital for a well-suited venture. The course explores a series of venture types to create a good fit based on personality, goals, and risk-aversion tendencies. Together, we explore ways to convert your interests, skills and/or hobbies into one or more income streams to support your retirement. We also provide insight and education on reducing your tax burden so you can keep more of what you earn.
Putting in the requisite work and commitment to building an asset equivalent, it’s possible to begin a venture that produces a sustainable $6,000 per month (and increasing) such that it continues to yield the equivalent return (or better) as a $1,800,000 face-value investment. In other words, creating a cash flow asset which produces $6,000 per month is like having $1.8M in the bank at 4% interest, but without the investment. And with the right venture and coaching, it may be achievable in just a few short months or years, rather than a lifetime.
We look at ways to Fast Track your success, and we apply tools, resources, and coaching to help you become financially independent.
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