To listen to the TV, radio, and press these days, one would think that we are on the brink of severe financial hardship. I am convinced that this will become a self fulfilling prophesy if they continue to give lip service to these fears. Such talk certainly can be depressing for retirees on a fixed income f they have not taken steps to insulate themselves from it.
Most retirees have saved a “nest egg” that is designed to provide them with income during their retirement year. Many times, those folks have invested their funds in stock market mutual funds or other securities that are based on the market, in order to obtain the highest possible rate of return.
It is critical that investors have a long term view of the market and do not simply view a downturn as a crisis. Historically, the market has always returned to higher plateaus after a market sell off like we are seeing today. Patience is a virtue. Money is only made or lost when securities are bought or sold. Any market movements in between buying and selling are only ‘paper’ gains and losses. You never actually lose money unless you decide to sell for a price lower than you paid for the stock.
I have found that one very good way to insure against market volatility is to have some streams of supplemental retirement income established to provide income that is independent of my investment portfolio. This internet income comes in whether or not the market is doing well. This also enables me to focus my attention on things other than the stock market.
Before I had my “Cash Machine” established and producing income, I would watch the stock market each day religiously and worry and fret each time that the market closed lower than the previous day. Now, I barely look at the market every couple of weeks and, especially when there is a market downturn (like now), I look at it even less frequently. Life surely is much simpler now and my attitude tends to be more positive as well.
My “Cash Machine” on the internet comes from writing articles and electronic books. My articles generally drive traffic to my membership site and my e-books sell quite well and thus produce a small stream of cash to augment my Social Security check and investment income. All of this is very inexpensive to do and only takes a couple of hours each week.
There are many other ways to produce a steady stream of income. Everybody should do that which they enjoy and, that way, it will not seem like work and be more like a fun hobby. I know several people who buy and sell items on eBay for nice profits while others are doing what is called “Affiliate Marketing”. This is where you sign up as an affiliate of a company with a product to sell and you spend some time developing ways to advertise the product online. A sales commission is paid to you on each product sale. Once you setup an ad or webpage to sell the product, you just sit back and monitor the activity and watch your bank balance grow! After a while, this really becomes a passive activity.
Although some people are getting quite wealthy with such endeavors, most people I know are generating from $2,000 to $8,000 per month from some combination of internet activities. That may not be enough to fully fund your retirement, but this level of supplemental retirement income certainly will make your retirement a lot more fun and worry free!
See Also : structured settlement blog
Check it out: Think Supplemental Retirement Income When You Hear the "R" Word
Recent Comments