Is your biggest obstacle financial?
Is your present income less than what you need for your desired retirement lifestyle? Right now, is income the only thing preventing you from living the way you want to live? If that is your judgment then take a minute to look at what you can do to change this situation. It isn’t necessarily the obvious answer. Getting another job won’t get you where you need to be on a long term basis. Only consider a job when it helps you temporarily get to a better place. There are alternatives.
Is your retirement fully funded?
Most people have some kind of retirement plan, You may still work for a company with a plan but even then, most plans will not provide the level of income to maintain your working lifestyle. Most plans now involve individual decisions to set aside income to supplement the plan benefits. Since these plans are self directed the results will depend on you. Not everybody will work out a formal plan with real numbers and commitment and even fewer will stick with the plan and retire with adequate funds for everything they desire in their retirement. There is tension between planning for the future and current spending and sometimes the retirement plan loses out.
Or is it smaller than you would like?
Most people enter retirement with a smaller pot of retirement funding than they would like. They begin to look at ways to supplement their retirement income. One of the obvious paths to more income is taking a job. It is easy to rationalize a retirement job. It is often part time rather than full time so you still have more time to enjoy. Since you are still used to working and having your schedule controlled by someone else, it doesn’t seem onerous when you continue working. You can even rationalize that it gets you out of the house and connecting with other people on a regular basis. You generally aren’t lonely when you are working. It is easy to rationalize a part time job and a good way to add income to your retirement while retaining more control of your time but overall, a job still limits your retirement lifestyle options.
Jobs don’t solve the problem.
There are problems with this solution, however. It is temporary and conditional on retaining your health. Since employment trades time for money, when you stop providing the time, your employer stops providing the money. It doesn’t matter the reason. Maybe you want to travel or worse, maybe your health declines. The money stops. Second, you generally aren’t making the kind of money you made during your career. Whether you spend it or save it. It is unlikely to make a big difference in your lifestyle over the long run. Remember that people are living longer than they used to. The bottom line is that a job in retirement is not a long term solution to not having a big enough retirement fund. It is an easy, short term boost that doesn’t make your future any more secure.
The solution is residual income – money that doesn’t stop.
The best way to boost your retirement lifestyle is to invest the time you would be willing to commit to a part time job in developing a residual income stream. Residual income is money that comes from a business system you set up over a short period of time but which continues to flow forever without further effort. Most people understand income from the employment model where you exchange time for money. They don’t understand the business mentality of a system that generates income. This is they way franchises operate with McDonald’s as a perfect example. The McDonald’s system which governs every location works beautifully to generate income for the owner who rarely visits his store. Unfortunately, it isn’t cheap to own a McDonald’s or the other good franchises. But there are other ways to take advantage of this model on a smaller scale.
Residual income for the rest of us
The typical retiree doesn’t have the resources to buy into a franchise. What else can they do? Is there another way to generate residual income if you don’t have upfront money to invest. The answer is emphatically yes. There are two proven methods to develop residual income from a modest investment of cash and a short term commitment of time- network marketing and affiliate marketing, call them home based businesses for short. The reputations of both have been compromised by poor marketing and support systems but don’t be distracted. There are excellent opportunities to earn substantial residual incomes available if you pick the right business systems.
Telling the good systems from the bad and recognizing good leadership in your support team is difficult but there is help available so you can know the good ones before you commit. your first obstacle is to be open to these exciting business opportunities. Getting past the misinformation and recognize the value of these businesses is the first step. Start by reading what Robert Kiyosaki says about network marketing in his book about home based business systems. Most people never consider these exceptional ways to develop residual income so take the first step and open your thinking. Then come back for more information.