Thanks to social security, Superannuation, and other programs around the world, many people have a guaranteed retirement income. And we have a lot to be grateful for because of it. When that income pales in comparison to the expenses we’re facing in retirement, then we have a responsibility to take care of the gap.
So what are you going to do? What is your plan B?
While we’re super-fortunate to be living in the developed countries where prosperity abounds, we still fall into traps that you might think would be obsolete by now. We still put off doing things we need to do – like plan for retirement, take care of our health, make living Trusts to take care of handing off wealth to our offspring, etc. You’d think that as a group, anyone in the 60+ age range would have heard enough data and had enough experience to make all these arrangements a no-brainer.
Let’s not put it off another day. Let’s figure out some strategies for growing your income, no matter what age you are or where you’re starting.
Business Ownership vs. Employee Status
To my mind, the best way to earn money is by starting a small business. This is not really hard to do, and ensures that you’re in control of your income. Employees are mostly controlled by their income, because they have to wait for someone else to make decisions about raises, salary, benefits, and even schedule. When you’re a business owner, it’s all up to you.
Tax-wise, being a business owner makes sense, too. I’m not an accountant and can’t legally make accounting claims, but from what I know, you can have a small business in your house and write off the rent for that particular room on your annual taxes. This can be a huge blessing. Many people hire family members to do jobs within the business, keeping the money in the family and giving you a tax break while helping your teenager learn to do a job.
Owning a business is a great strategy.
Whether you have a product to sell or a service, advertising can really cost. You might think that it only costs $20 a month to advertise at the local golf course, but when your advertising yields a ROI of exactly $0, then it’s $20 a month too much.
People who use traditional methods of advertising are used to the blanket style of marketing. They’re concerned that a lot of people see their ads, so they blanket the area. But they’re never going to have an idea of how many sales are directly attributed to those ads.
In online marketing, you’re not very concerned about how many people see your ad, because you have the power to make sure the RIGHT people see your ad. For example, if you’re selling coaching sessions, you can target your ads to people who are actually looking for coaching. What a gift!
Online ads have another advantage. They can actually tell you how many people saw the ad and how many of those people actually took the next action step. For example, I might have an ad running on Facebook that 400 people click on. All those people go to my landing page. When they get there, they’ll decide whether or not to take the next step and click on the button. Using the magic of tracking, I can actually tell how many people click on the link and convert from prospects to leads.
Owning a business and advertising online are two great strategies to help you grow your retirement income. As always, please let me know what you’re thinking in the comments section below. I’m here to help you find your way if you decide this kind of lifestyle is for you.