They say the average person doesn't have $1000 in the bank for emergencies. Many don't have $400 in the bank for emergencies. What are you going to do when you don't have the higher income, from your job, when you retire?
You can't wait until the last minute to decide. It's time to have a plan. Years ago I went to a conference in Canada, where Bob Proctor was the main speaker. He had some great comments but the one that was the most exciting to me was to create multiple streams of income, to prepare yourself for retirement.
I'm a consistent listener to the Dave Ramsey show. He talks a lot about the stock market. I'm not tied to the stock market so I'll leave that to someone else. But I am tied to Real Estate. He also mentions casually from time to time that he loves real estate. I love it too. I think it's one of the best streams of income there is if handled properly.
First is, you don't make money in real estate when you sell, you make money in real estate when you BUY. I'm sure many of you have seen signs on corners and sign markers for people who buy houses. That could be you. Having owned several properties over a period of time I've learned another lesson. That is buy your real estate with cash, or at least the majority of the price with cash. It gives you a strong position. If you can meet the sellers expectations, and sometimes that's simply a matter of how quickly you can close, the more likely they are to work with you. Most of the houses you will find may have issues, and people who are selling know the issues of their own houses. Usually they know it's going to cost them money to sell it too. When buying a fixer-upper, have a goal in the back of your mind to offer between 70 and 80% of the value of the house if it were in good shape. Sure you may have to paint, you may have to replace carpet but that's all just window dressing.
The truth is there are many people who are making good a good living buying those properties and flipping them or renting them. If you decide to rent them, you are creating streams of income. That concept can better position you for retirement. For those who aren't familiar with the concept, it involves getting your financial house in order. In other words, get out of debt. Period. Everything.
I know many of you are thinking that's easy for you to say. Well really it isn't. But the truth is, it can be done. The Dave Ramsey program is probably the most successful plan in the country. Millions have gotten out of debt using his plan. Take a minute and write down how much money you have coming in. Write down how much is going to go out if you are out of debt. House is paid off that's no payment. Car is paid off, that's no payment. Using cash to operate day to day, no credit card payments. So, it's mostly food, utilities, insurance, and the usual stuff. How much more money would you have at the end of the month to save and invest?? Shocking isn't it. If you plan on being ready for retirement it's important to be in that position. Just to make it simple I'm going to share the six Dave Ramsey Retirement Myth's.
https://www.daveramsey.com/blog/want-a-secure-retirement
Now tell me why you can't do what you need to do to start getting ready for retirement now, and figure out what your multiple streams of income are going to be. You can have fun now and be miserable later or you can plan ahead.
If I can help you look for one of those streams of income, be sure and contact me.
Marlin Scoby
208-546-2727
mscoby@atova.com