A lot of my thought process has been going into retirement planning lately. There are so many different avenues that one can choose as a source of income when that much desired life phase finally comes. I’ve already got a 401k account through my employer, and I plan on starting an IRA in the near future. However, I am more of an alternative thinking type of guy. One question kept bouncing to the front of my brain and I could no longer ignore it.
What other ways are there to achieve retirement?
Doing some research I was able to come up with a short list:
– Rental Property: This one was the most obvious to me since I already have a rental property. But then I started to imaging what it would be like if I owned ten properties. Let us just imagine that a $600/month profit was realized from each one (this is after they are out of a mortgage). I think that I could live off of $6000/month! A lot of people will say, “That will be a lot of work though, Dude!” It sure will, but I will be happy to sacrifice 10% of the rent per property to have a local company manage it for me; unless I really enjoy property management myself (who says that retirement means that you STOP work?).
– Royalties: Writing has always been a fascination of mine. I get this creationist complex when I write a story, or even programming code. Creativity is a GREAT motivator for me. Making a function work, or describing a scene so that the reader feels that they are there with the character gives me a high that I can’t explain too well. If these skills could be used to create something like a program or a story that people will, in theory, purchase indefinitely the product will continue to provide some level of income.
– Start-up Investing: Can you imagine the amount of money your initial $5000 would be worth IF the company increased its valuation 50 fold?