Our 70s can either be a nightmare or some of the best years of our lives. If we have been doing it right, we have more than enough money to last our lifetimes and our children’s lifetimes as well. As the book “Who’s Stole My Pension” states, we are now 100% in charge of building our cash flow retirement system. Most people thought that someone was going to take care of this for them. Sadly, that is not the case.
If you are not where you want to be financially, please start at the first book or article in the series (20s, 30s, 40s, 50s, 60s). The goal of this series is to help you build out your Happy Cash Flow Retirement. Don’t worry; no one taught you this in school or college. You have to seek this information out on your own, hence the series.
I am currently 40 years old, own three homes, have a nice-sized dividend portfolio, and am working on building out my royalties from books. I also have a substantial military pension coming my way when I retire. That is four distinct types of passive income: retirement income, investment income, rental income, and business income. This is my ideal cash flow retirement system and the one I preach about throughout all my articles.
You can build your cash flow system as well, but there are some concepts you will want to understand first. America wants you to spend money; that is why living a middle-class life is so stressful. When you try to keep up with the Joneses, the Joneses always win because they do not exist. You need to keep up with the dividends, rents, and royalties.
Reducing your footprint with minimalism is an excellent way to stop the spread of lifestyle inflation. Hopefully, in your 70s, you have already discovered this; however, most of the expensive tastes I witness are from older people. Sadly, in America, they target affluent older people to buy costly, high-ticket items such as boats, cars, and vacations. We can stop this madness by focusing on what’s important, our families.
At this point in our lives, we should have children and grandchildren. If we don’t have strong relationships with them, make connections with them, NOW. They are all that matter. One way to protect our generational wealth is to ensure we can prosper during the next recession. We need to have a pot of money set aside to buy investments at bottom dollar. These ideas are not only crucial for us to understand but for our children.
We are slowing down and have to keep ourselves busy. You will be surprised by how many people don’t know what to do with themselves when they retire. Which begs the question, “Are You Retiring from Something, or Retiring to Something?” The question is asking you what your purpose is? When we commit to helping our kids and grandkids, we are establishing a rock-solid, lifelong objective. Not surprisingly, most people never make this commitment and become lost. Why? Commitment is a core value brushed aside in favor of self-pleasing adventures in boats, cars, and trips.
However, it is never too late to turn it around. Our family needs us, just as bad as we need them. My number source of information for how to be a man came from my grandpa. He never stopped finding ways to make money. He retired from two jobs with a pension, was a real estate mogul, created real estate notes, and was a hard money lender. See the trend in building passive income? He did it from 1921 to the end. What an amazing man.
I strive to be like him every day. Grandparents are an essential part of a child’s life. Someone who knows the future and can give advice without being the parent. Someone who has the grandkids’ and kids’ best interest at heart.
So you ask yourself, how do I help my family? You start by starting. It is never too late to start a business. You can become a writer because I am sure you have a ton of things to write about. People lack mentorship in today’s world, and you can be a reliable voice in their ears.
“The 4-Hour Work Week” is an excellent book on starting a business based on automation. I am a massive fan of automation for a business. I am also an enormous fan of creative work. “Automation Can’t Replace Creativity” means that our creative work is what separates us from the robots. As the world becomes more digital and automated, we need to create a niche of entertainment and business that the robots can’t overtake.
Our business does not need to be big; it can be a micro business. However, imagine being able to offer your grandkids a job at a young age. They can learn a skill, make some pocket money, and spend time with their grandparents. How cool is that? This is the basis of how I plan to enjoy my 70s. How about you?
By now, we should be rich. Our investments should be going strong and be incredibly boring. We should have a nice assortment of bonds and dividend stocks. We should also have a nice nest egg for all members of our family.
Further, we should be having some fun with our investing. “Rich Dad’s Guide to Investing” teaches us about being an inside investor. The 70s are the perfect time to become an angel investor or help bring cryptocurrency coins to initial coin offerings. Have some fun, and become richer.
The book “10 Other Real Estate Investments” gives us ten more ideas on making an infinite return with our money. These magical returns can be from hard money lending, real estate notes, or billboards. As a rich person with a lot of time, the world is our oyster. In the end, we cannot just sit around and save our money in treasury bonds or savings accounts? We want to grow a giant pot of money for the sake of our families. Plus, it has the bonus of keeping us engaged with life.
So, how do you want to spend your 70s? Do you want to commit to your family, ensuring they can lead more stress-free, worry-free lives? Or do you want to be the one who is alone but stress-free? I see it all the time, people who refuse to get involved with their adult children for fear of losing money or spending time. It is sad. Why did we have kids in the first place? To turn them over to the world at 18 and watch them from afar?
Only you can choose how you want to proceed. My goal is to stay married, become more prosperous, and be a rock in my kids’ (and grandkids’) lives until the end. It’s a pretty straightforward life, full of meaning and purpose. What will you choose?
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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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