In our 50s, we should be beginning our descent into a slower life. However, I do not mean a life of less money. No, the goal is to have even more money. That’s why it is called passive income because we do the work upfront.
Hopefully, we have been doing the work upfront in our 20s, 30, and 40s so that we can start to enjoy the fruits of our labor. During our 50s, we should be lightly assisting our children. Once we get into our 60s and 70s, we will turn up the assistance of our children and grandchildren.
So for all intents and purposes, the 50s are our time to shine for ourselves. We should have left the 40s debt-free and cash flow heavy. We should; lord blessed, be in excellent health and spirits. Hopefully, we have an incredible spouse to spend time with. We should also be work-optional, which means that we can leave our jobs at any time and not suffer adverse financial situations.
If you are in your 50s now and not how you live, don’t worry. Please go back and read the other articles and follow those steps. If you are serious about changing your situation, you can do it rather quickly; it just may take a downgrade in some aspects of your life.
Our 50s is our time to travel and spend time with family and loved ones. Our spouses should be at our side at all times. We have been grinding together since our 20s when I recommended you to get married. Now is the time for the big payoff.
Also, our children have probably left the nest. Since we are work-optional, we can travel to see them and spend as long as we want at their place. These are the reasons why we worked so hard throughout our 30s and 40s. To buy our freedom from the workforce and have positive control of our time and money. It is a wonderful life, and no time displays this better than our 50s.
Okay, we like to start each of our decades with some reading, and the 50s are no different. The book “Rich Dad’s Who Took My Money” is by my favorite author Robert Kiyosaki. The book’s premise is the velocity of money and how to move your money through investments as efficiently as possible. If you can do this, you will become rich.
I choose this book because we should be making intentional, strategic investments that will increase our cash flow at this point in our lives. We can also assist our children with their early investments as well. Even though we have a solid cash flow system prepared, we don’t want to gamble with our retirement.
If we rest on laurels, we are gambling with our future. Our brains need to remain sharp, and we should always be on the lookout for new investments. This is not being greedy; it is keeping our minds sharp and our cash flowing. Therefore, our 50s is the time where we need to focus on our businesses. The article “Retire Rich, Retire Comfortable with a Business” gives us the complete rundown of starting, running, and advertising a company for residual business income or royalties.
Royalties may be my favorite type of passive income because you won’t earn any royalties if people don’t find your creative projects valuable. The book “The Practice” teaches us how to ship creative work continually. Our 50s will give us time, knowledge, and experience to add value to many people’s lives. Whether that is by sharing expertise from our working profession or something new we learned, we should have a passion for teaching others.
I think that writing will be the most valuable form of media in the long term. As videos get shorter and shorter via apps like TikTok, people’s attention spans are shortening. However, those serious about learning and growing will still be reading books. The books “How to Make a Living with Your Writing” and “How to Blog for Profit” are invaluable to the writers of the world.
Just because we are an artist doesn’t mean we have to be a struggling artist. No matter what type of business we choose, we will need to learn to advertise. I read the book “Ca$hvertising” so that I can understand the art of advertising. I also wrote a series of articles (Advertising 101 series) based on my experiences advertising my books on Amazon.
Of all the different asset classes, a business should be the one we spend the most time within our 50s. We should have the time, knowledge, and motivation to grow a small business. Best of all, our children may be able to get involved as well.
Just because business takes center stage in our 50s doesn’t mean that we forget about the other asset classes. Remember, we bought a house or two in our 30s and 40s. These houses should be primed for us to tap into our home equity. No, we will not use our home equity to buy a boat (unless for a business).
We want to use our equity to buy investments that will make us more money via dividends, business income, royalties, or cryptocurrency. We can even buy another home to increase our rental income.
Since we have so much time in our 50s, we don’t want our dividend investments to sit idle. We can earn some extra income by trading options or commodities. We may not have had the time earlier in our lives to do such activities, but now is the perfect time to learn how to squeeze some extra income by trading covered calls on our dividend stocks.
Speaking of having time, researching preferred shares also takes time. It was hard to find the time to hunt for preferred shares during our working years, but now we have freedom. Preferred shares give us the fixed income we crave at this time in our lives. Plus, if we shop at the right time, we can find shares at incredible discounts, increasing our dividend yields. I wrote a series on how to get started called Preferred Shares 101.
And yes, even in our 50s, we still need to get involved with cryptocurrencies. We want to stick with what we know, probably stocks, but both stocks and cryptos will be valuable parts of our portfolio moving into our 60s and 70s. Remember, we have no clue what the future holds. Such events like the pandemic or inflationary risks can sidetrack us for good if we aren’t actively preparing for them.
Our 50s can be some of the best times of our lives. The kids are doing their things, our spouse is close to us, we have our health, we can still travel, and we are rich with cash flow. We want to be cash-flow heavy coming into our 50s and use this timeframe to maintain and grow our investment, passive income, and cash flow.
We will gear our 60s and 70s towards our kids and grandkids, so we need to enjoy our 50s as best as we can. We can’t rest on our laurels. It may seem greedy, but we need to keep adding cash flow to our system. We cannot predict what will happen in our lives or those of our loved ones. See you in the 60s.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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