Are you gambling with your retirement? Do you know the difference between saving versus investing? What are you doing today to combat long-term high inflation?
We discussed so many things over the last four months, so now it’s time to bring everything together under one roof. Welcome back to the Don’t Gamble with Retirement series (Part 1, Part 2, Part 3, Part 4, Part 5).
It has been an honor and privilege to continually write about financial mindset, retirement planning, investing, cryptocurrencies, real estate, and business.
Series in the spotlight. Over the last few months, I completed multiple high-profile series, including The Metaverse 101, Passive Income from Creativity 101, and Living Overseas Passively 101.
These series and articles lead to one conclusion, the more educated you are, the better chance you have of surviving retirement.
We don’t want to survive; we want to thrive! So we need to take control of our futures by educating ourselves and implementing change.
Where should you start? There is so much information in the world; where do you begin your retirement journey?
The most important question you can ask yourself is, “How much income do I need throughout retirement?”
Keep in mind that income and net worth are two different ideas. Anyone can say they want $1 million before entering retirement. However, the person who says I need $5,000/mo in retirement is on a better path.
Replace your paycheck. You need to find a way to replace your salary, probably with passive income streams. Income streams take a while (10,000 hours) to mature, so you should start today.
Investing in interest and dividends is the best way to get a taste of passive income. These methods do not take too much time and are 95% passive. All you need is to keep tabs on your portfolio.
From there, you can start other revenue streams like businesses (consulting, coaching), royalties (book, videos, podcasts), and real estate (RV parks, mobile homes, or self-storage).
Diversify your retirement. You don’t need to be great at any particular income stream. You don’t need three million followers on YouTube or Instagram. You don’t need twenty rental properties.
You just need to understand the different income streams and strive to achieve your goals. There are many ways to reach $5,000/mo in passive income.
Don’t Gamble with Retirement. I’ll keep this article short because you can grab the book right now! I write about these topics because I am involved in them all.
If I can do it, you can as well. It just takes the thirst for building a successful retirement. How bad do you want a stress-free retirement?
Are you willing to sacrifice a little today for excellent results tomorrow? If so, you can build streams of passive income now.
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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. All Right Reserved Military Family Investing
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