Passive Income for Retirement

When you get to that point in your working career and know that it’s time to retire, you really take a look at where you are concerning your finances. You may have planned for your future and feel that you have enough income to get you through your “golden years”, however there are many that have made no plans what so ever and are now staring at a small pension, social security, and a 401K. The 401K was something that needed to be contributed to almost at once when your career was just getting started. There was usually a matching amount from your employer based on a percent of your contribution. This was a huge thing to take advantage of, but many failed to do so. There was also a catch-up when you reached 50 years old to contribute more than just a standard amount. This too was overlooked. The majority of individuals came out of school with little knowledge of the financial world and had no idea how to save for their future. I always look back and think to myself that the one subject that should have been taught over and over again was how to deal with finances. There are a great deal of people today that don’t know the basic premise behind, compound interest, credit scoring, mortgages, investing, CDs, saving, etc. In a child’s early education, this is where the seeds should have been planted to let them get a grasp around how things work. I recently read an article where they asked Warren Buffet how to gain wealth and he said a simple investment of $4000 in the right stock could yield 1 million dollars in 40 years.

The start of a journey

Passive Income is Financial Freedom

Passive Income is Financial Freedom

Now all of that is what you could have done. Let’s talk about what you can do to enhance your retirement income whether you didn’t invest in your retirement or you did. Most every book that you can read on the subject of creating wealth deals with two main themes. One is that you want multiple streams of income so that you are not reliant on just one means of making money. The second seems to talk about something you can or would be passionate about and strive to work in that arena. You see if you work in something you like, you will be far more easily influenced to do a good job rather than doing tedious work for someone else. There’s an old saying “Choose a job you love, and you will never have to work a day in your life.” So how do you go about gaining a passive income for your retirement? I will be discussing this each week as I build a method of multiple streams of income. I hope to show you things that will help and also show the mistakes I’ve made as well as things to stay away from. Join me when I go through 2015 to explain my journey.

About The Author

Thomas

A husband, father, brother, uncle and cousin to a great group. I'm an budding entrepreneur that has interest in making money that will sustain deep into retirement. At this point in my life I see no reason why I shouldn't get my piece of the pie.