Having discovered how much money you need to retire, you're stuck with a problem - and two: How long it takes that money and where you get the money! As both have the same answer in a sense. Find residual income that is at least consistent, but growing, possibly. Residual income, by definition, is the recurring income that comes, usually without recurring efforts. For example ... if you build a house and rent it. The residual income that is received is presented on a regular basis and without additional effort beyond the initial construction. Once you pay your expenses, then you have residual benefits. Will that income, provided you keep the house - and you can keep the house as long as they bring a profit - ideally as long as you live!
So in addition to real estate investment type bring residual income with minimal risk and fluctuation? Well, if you have enough seed money, buy pay dividends or income trusts. You can research the history of dividends from a company, look for ones that pay consistent dividends year after year. Banks and insurance companies are good for this. If in the past 20 years has never missed a dividend is a candidate. If you have gradually increased dividend payments over time, also has a solid winner. I do not care what the price of the shares it does, you want to know how much dividend they can trust the company.
An investment of $ 500 000 * dollars a diverse group of paying dividends may allow withdrawal of perhaps $ 50,000 per year * (* These numbers are just examples not real or validated. ) If $ 50k is enough for you to retire and live in for the next however long then you know how much they need to accumulate for retirement. Another benefit of the dividend income is that the rate of tax on investment income in most Western countries is much lower than taxes on income earned. So put a dent in all directions.
I recommend that you look at some great online business to generate income. Maybe you will not make millions - that is possible too. But if in the coming years can earn more money than working could get (unless you are a CEO E * rum) - and continued reinvestment in a residual investment vehicle, he could retire soon. Your online business would also be waste and the expansion and reinvestment of those revenues in other areas to create multiple streams of income.
But if you're like me, the first major hurdle is how to get the initial investment. So to build a business that requires less investment. Then use the income from there to invest in other sources of residual income. Internet marketing is a great place to start growth opportunities every day as more and more are online. It's easier than you think, but requires some action on your part. The best thing to do is find a mentor - someone who has done it before and is willing to help you get started. Umm no and Haw - the worst that can happen is that you do not make as much money as you thought it would be - but have done more than you would if you did nothing, and depending on the type of life that little more can be enough!
Topic: A Plan to Stop Working Soon (Read 1334 times)
