Lately I've seen an ad on TV where people are carrying around a big orange number. The idea is that this number is the amount of money that person needs to save so he or she can retire comfortably. The ad generated a strange response in me - one of anger - and I wasn't exactly sure why.
Then I realized it wasn't really anger I was feeling, it was more of a sense of desperation and anxiety. My wife clued me in that that was exactly what this company wanted me to feel, so that I would be inclined to follow their advice. That's what negative advertising is all about. It did get my attention, but I don't think it generated the kind of response that the company was hoping for.
This financial company wants you to become a client of theirs and they will advise you on how to save and invest so that you can reach your orange number. While I'm sure they are very good at what they do, I think this ad is more geared toward those in their twenties and thirties. What about those of us in our fifties? My savings are minimal, and I just don't see the possibility for me to increase them to one million dollars plus in the next 15 years, even I had Warren Buffet as a financial advisor!
What are people my age supposed to do? I've decided that I'm going to generate multiple streams of income coming into my bank account every month for the rest of my life. Furthermore, I think this is a great solution for most baby boomers. How do we really know what that number is, anyway, with the rising cost of gas and the decreasing value of real estate. These are uncertain times. So how do we generate those multiple streams? Here are a few ideas.
1. Get a reverse mortgage on your house. If you've got substantial equity in your home, you can refinance it with a reverse mortgage and take out a lump sum or monthly payments until the day you die.
2. Get a part-time job. If you have a pension and social security, maybe just a little extra will enable you to make ends meet. This might be accomplished by working part-time.
3. A franchise might be an option. There are many different business plans available for those that have a little money saved up. These businesses range from restaurants to auto-repair facilities, and there is also a huge variety in start-up costs, too. This might be something you want to look in to.
4. Start a home-based traditional business. If you've got hidden talents, this could be a great option for you. Maybe you know how to work with wood, and you can build birdhouses, or furniture, or guitars. Then, you can sell them on Ebay.
5. Look into a home-based online business. There is a lot of money to be made doing affiliate marketing, where you promote other peoples products and earn commissions based on sales that are made because of your recommendation. This is pretty cool, because it can be a residual type of income, where the money keeps coming in month after month, which leads to time freedom.
6. You could start a network marketing business.I really like this idea because it offers two types of income - residual and leveraged. By residual income I mean income that comes in every month, whether you work or not. Most network marketing companies have consummable products that the customer buys every month. Leveraged income comes when you sign up a distributor underneath you. Then every time that person makes a sale, you get a piece of their pie.
These are a few ideas. Everyone is different: you'll have to discover what works for you. But do something, it's never too late! - 16747
Then I realized it wasn't really anger I was feeling, it was more of a sense of desperation and anxiety. My wife clued me in that that was exactly what this company wanted me to feel, so that I would be inclined to follow their advice. That's what negative advertising is all about. It did get my attention, but I don't think it generated the kind of response that the company was hoping for.
This financial company wants you to become a client of theirs and they will advise you on how to save and invest so that you can reach your orange number. While I'm sure they are very good at what they do, I think this ad is more geared toward those in their twenties and thirties. What about those of us in our fifties? My savings are minimal, and I just don't see the possibility for me to increase them to one million dollars plus in the next 15 years, even I had Warren Buffet as a financial advisor!
What are people my age supposed to do? I've decided that I'm going to generate multiple streams of income coming into my bank account every month for the rest of my life. Furthermore, I think this is a great solution for most baby boomers. How do we really know what that number is, anyway, with the rising cost of gas and the decreasing value of real estate. These are uncertain times. So how do we generate those multiple streams? Here are a few ideas.
1. Get a reverse mortgage on your house. If you've got substantial equity in your home, you can refinance it with a reverse mortgage and take out a lump sum or monthly payments until the day you die.
2. Get a part-time job. If you have a pension and social security, maybe just a little extra will enable you to make ends meet. This might be accomplished by working part-time.
3. A franchise might be an option. There are many different business plans available for those that have a little money saved up. These businesses range from restaurants to auto-repair facilities, and there is also a huge variety in start-up costs, too. This might be something you want to look in to.
4. Start a home-based traditional business. If you've got hidden talents, this could be a great option for you. Maybe you know how to work with wood, and you can build birdhouses, or furniture, or guitars. Then, you can sell them on Ebay.
5. Look into a home-based online business. There is a lot of money to be made doing affiliate marketing, where you promote other peoples products and earn commissions based on sales that are made because of your recommendation. This is pretty cool, because it can be a residual type of income, where the money keeps coming in month after month, which leads to time freedom.
6. You could start a network marketing business.I really like this idea because it offers two types of income - residual and leveraged. By residual income I mean income that comes in every month, whether you work or not. Most network marketing companies have consummable products that the customer buys every month. Leveraged income comes when you sign up a distributor underneath you. Then every time that person makes a sale, you get a piece of their pie.
These are a few ideas. Everyone is different: you'll have to discover what works for you. But do something, it's never too late! - 16747
About the Author:
Matt is an internet marketing trainer, helping people learn how to build their business online. His focus is on attraction marketing. You can read a full version of this article at Baby Boomer Retirement Plan.
