Ah, our 60s are upon us, and times have never been better. In America, most workers focus on their 60s to retire, concentrate on themselves, and live the good life. I am built differently.
If you have read my previous articles in the series (20s, 30s, 40s, 50s), you will know that in our 40s, we caught up mentally and financially. In our 50s, we sent the kids off to start their careers, and we enjoyed our time with our spouses. We become rich in our 40s and wealthy in our 50s.
If done correctly, that makes our 60s a time to refocus on our children. Many of us struggled financially throughout our lifetimes, mainly because our parents didn’t leave us assets to start our lives with. It’s time to break the cycle.
To understand my perspective, you have to realize that today’s world is not like the world where we grew up. The workforce, and corporations, are no longer pro-worker. When a pandemic or financial downturn occurs, our children will be the first to be chopped from the payroll.
The housing market is near impossible to enter for a young person, and if they do, they are leveraging the fact that they will work until 70 to pay off their home. In the most straightforward words I can muster, “Without our help, our kids will struggle financially for their entire lives.”
If you are not able to assist your children financially, please start from the beginning of this series. I have some great advice on getting started and continuing your momentum throughout your lifetime. You will have the discipline to catch up quickly. You’ll be surprised how fast you can change your circumstances once you commit.
Now, the first thing we want to do is begin reading. Reading connects the dots of thoughts, actions, dreams, and goals. You may have specific achievements you want to accomplish but do not know the path towards them. Reading is a vital part of connecting these neural pathways in our brains. My article “Books & Thoughts” explains some of the connections I have made on my journey.
I am a huge proponent of families working together to beat the system and get ahead in life. One significant way to do this is by adult children living at home with their parents (you). I know that this is taboo in American culture, but you will see the truth going overseas. After living in third-world countries for three years, I understand why parents have children. The bonds of parenting don’t end at 18 years old; they begin.
Parents and adult children can become rich overnight by working together. Even if they have to buy a huge mansion, living together will save so much money that it would make life seem too easy. Make no mistake; life can be this simple. However, America wants you to believe that your children need to strike out on their own, and create their own path.
Let me ask you a question. Do you remember watching movies and tv series about the days of Kings and Queens? Did the prince move out of the castle at age 18 to go prove something? No, he joined the military and went to war; however, he still lived at home. American capitalism is the only winner when we discard our children into the workforce. Remember this, please.
When we are in our 60s, our children will be somewhere between the age of 35-50, meaning that many of our kids have children, our grandkids. I want to make a quick plug for the military.
Because we are rich, and our children are following suit, we will have our businesses. Our children and grandchildren will reap the benefits of the hard work and assets that we have gained throughout the years. However, we still want them to have challenges, accomplishments, and duties of their own.
The military can provide that for our grandkids. It is a great place to experience the world without much of the toxicity of the world—if that makes sense. I am currently an active duty Marine, of 22 years of service, and still going strong. This advice is the same that I give to my two sons.
I have written a few articles on my time in the military, and hopefully, it can act as a starting point for a deeper, broader discussion. We want our children and grandchildren to run our businesses, and the military will make them even stronger and brighter. Some of my military articles are the Military Success 101 series, “Use the Military as Your Wealth Generator,” and “Is Doing 20 Years in the Military Right for You?”
Another thing I feel strongly about is allowing mothers the choice to stay home with their children. As parents, we should position ourselves to assist with this important choice. I know that women in the workforce are positive, but the school system is not setting our children up for success. Just because mothers stay home doesn’t mean they cannot have their own money and careers. Mothers as entrepreneurs are more viable than ever, and we should have the business and financial knowledge to assist our kids in making this an excellent choice.
Our investment portfolio should be stronger than ever. We learned how to trade options in our 50s, and we should be passing this knowledge on to our children. But we have some other big passive income questions to ask ourselves.
What is the best type of passive income: Dividends, royalties, or rents? Man, I love all kinds of passive income for very different reasons. Dividends are like the math of money because you can predict so much about them and also be completely surprised. Royalties are 100% random, but you know that someone loves your creative work when you receive them. And rental income is consistent, long-term money that can build fortunes. In your 60s, we need to focus on rental income for our children and grandchildren.
The idea is to help our children achieve financial independence through real estate. It will be challenging for them to reach these goals without our assistance. We will have to work as a team. There are many ways to achieve financial freedom through real estate including, single-family homes, multi-family homes, apartments, commercial, real estate notes, flipping land, and running a farm. Please read my book “Financial Independence through Real Estate” for the full rundown, or follow the link above to the article.
Finally, two crucial real estate techniques will be vital to success in the future. First, we need to leverage our ability to buy and rent properties in smaller cities and markets. For instance, if we have a home in San Diego, California, with $500,000 in equity, we can use some of that equity to buy a home in Meridian, Mississippi, for $100,000. If we do this a few times, we can become real estate moguls.
The next idea is the concept of tiny homes. Affordable homes are almost non-existent in today’s markets. Buying land and inserting tiny homes or small mobile homes will be the next great real estate movement. People are now willing to sacrifice space for affordability. We want to be at the forefront of this movement.
During our 60s, we are slowing down and doing what is essential, spending time with family. We will want our spouses, children, and grandchildren as close to us as we can have them. We do not want to sacrifice them to the workforce as we did to ourselves. There is a better option: teamwork. Let’s move on to our next decade of successful relationships and finances: Our 70s!
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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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