Creating Passive Income In Retirement

Creating Passive Income In Retirement

We all know that traditional jobs require you to trade your time for money. When Chris and I had our accountancy and management consultancy business we did exactly that – we got paid for the time we spent working with our clients and quite frankly we didn’t have any more time we could trade!  We were already missing out on time with our family and vacations were few and far between!

Had not the recession of 2008 come about it’s very likely we would still have been trading time for money but sometimes those very challenges provide us with a better future than we could have imagined an as Tony Robbins says

“It is in your moments of decision your destiny is shaped”

We were in our mid 50’s and we really needed to rebuild our retirement savings that had been lost.   We had purchased properties around the world but sadly lost some of these due to the global melt down including a condaminium property in Orlando Florida built for access to the new West Gate of Disney.  Now our property investments were carefully made to give us a passive income for our retirement so we understood the principle.

Long story short we had to find a new way to generate passive income.

The idea behind passive income is that your time starts paying you instead. So, instead of constantly grinding, the money keeps coming in even when you’re not necessarily focusing on working. That’s not to say no work is required because it is but it’s work that you do once to lay the foundations just like those properties.

Having a reliable stream of passive income can make your retirement even more enjoyable and help you feel more financially secure. Of course, there are tons of passive income schemes out there, literally thousands, but we can only talk about those we know personally and for others just share some well known ideas

What Is the Best Source of Income in Retirement?

Retirement is a great time to let your money work for you and passive income is ideal because it requires minimal effort, giving you the freedom to actually enjoy your golden years.

But let’s put this in perspective because in all honesty passive income often requires an initial investment of time, money, or both.

Retirement is a great time to let your money work for you. Passive income is ideal because it requires minimal effort, giving you the freedom to actually enjoy your golden years.

But let’s get real—passive income often requires an initial investment of time, money, or both but luckily it’s not going to be as hefty as purchasing a property!

And to be completely honest and clear, it’s not completely hands-off but can provide a steady monthly income stream once set up.

Here are some of the most well known passive income options:

Dividend Stocks: Earn a share of a company’s profits, providing steady income and growth potential.

Dividend Index Funds and ETFs: A hands-off approach to investing in a diversified portfolio of dividend-paying stocks.

Real Estate: Generate income and potential appreciation through rental properties (our first adventure).

Real Estate Investment Trusts (REITs): Invest in companies that own and manage income-producing properties without the hassle of being a landlord.

Publishing on Amazon : Royalties from writing and publishing books.  Amazon pays royalties monthly

An Online Business : Once set up you can generate a monthly income from sales of your products or services

What To Look For When Choosing An Online Business For Passive Income

As Shakespeare famously said “and herein lies the rub” meaning something that causes a difficulty or problem

And that problem is the amount of overwhelm when you begin researching types of online business for passive income

If you want to search on Google you will find articles giving you hundreds of examples

We will only be talking about those we know and have experience of (which is why you are here reading this article because you trust our experience)  For anything else you will have to use your own best judgement

Selling digital products

Digital products are assets, tools, and pieces of media that consumers can’t physically touch. These include downloadable or streamable files such as ebooks, templates, and PDFs.

Digital products are great passive income sources because they have high profit margins. You only have to make the asset once, and you can sell it repeatedly via your online business. There’s no storage or inventory needed.

You can sell as many digital products as you want.

Teach What You Know (Online Course)

It’s easier than ever for educators to create an online course. Whether it’s marketing, illustration, or entrepreneurship, you can create pre-recorded courses and start selling with few limitations. You can sell online courses repeatedly without holding any inventory or stock, generating passive income.

Teaching online requires some upfront investment in time. You’ll need to outline your course, record it, and create downloadable assets like templates for students to walk away with.

Whichever way you look at it, teaching an online course is a great way to generate income at a low startup cost, other than an investment of time.

How to start: Create a mini-course with a few hours of content to test demand for your lessons. Then, research online course platforms like Teachable

Become a Blogger

Starting a blog can be a challenging venture, but the blogging business model has shown stability as a passive income model over multiple decades.

It takes time to build a blog. But if you create quality content and promote it through your platforms, you’ll build an audience big enough to generate a significant income stream.

Earn passive income from blogging by:

• Selling affiliate products
• Creating sponsored posts
• Selling your own products
• Running ads through Google AdSense

How to start: Sign up for a relevant affiliate program and add monetized links to your blog content

Run An Affiliate Marketing Business

Affiliate marketing  involves recommending a product or service to an audience. It’s a great source of passive income because you earn a commission whenever someone uses your referral link to buy the recommended product or service.

Online entrepreneurs become affiliate marketers for a few key reasons:

• It’s easy to execute. You just handle the marketing side of things. The brand will develop products and fulfill orders.
• It’s low risk. There’s no cost to join an affiliate program. You can sell established profits without any upfront financial investment.
• It’s scalable. Affiliate marketers typically don’t hire extra help. You can introduce new products to an audience and create campaigns while your past work makes money in the background.

Earning money with affiliate marketing can be a rewarding way to add new revenue streams to your business. All it costs is your time. Once the hours are invested, you can reap the rewards continually.

This is one of our favourites and how we’ve built our retirement income over the years and continue to do so

We came into the online business world in the niche of education and training sellling programs that teach people how to make money online and in particular to people in or approaching retirement who either wanted a “ready made business model” selling the program that teaches these principles or to learn how to sell in a particular niche of their own choice.

Today the one program we recommend has both of these options as well as the tools to build your online business

Run A Network Marketing Business

A traditional network marketing business is focused on building a team but today in the 21st century and post the pandemic its a very different model and doesn’t necessarily rely on you building a team so if team building is not your thing don’t panic.  Many companies now offer a lucrative compensation plan for builidng a customer base.

the cost of entry is usually very modest thus reducing financial risk and it is also totally saleable. The majority of new entrants begin on a part time basis which helps them to establish their businesses without the additional stress of a lost income. There is little or no inventory needed and no premises or staff.

It’s a buiness open to everybody regardless of education, age, religion and ethnic background, in fact everyone from bin men to barristers or students to surgeons. All that is required is a dream, a willingness to be taught the skills involved and the mindset to do the work.

Th two major benefits that are unique to Network Marketing are time leverage and passive income generation.

The initial effort is to introduce people to the benefits of the products or services and for them to become customers. Some of them will see the benefits of recommending this to their friends and families and want to embark on the journey as well and join the business. This is the team building aspect of the industry (but not necessary in some companies such as the company we work with).

You earn commissions on sales of the products many of which customers buy consistently if you choose a company and products that they love such as ours and it’s possible to earn commissions up to 38% which is very nice indeed

Despite what you may read or hear, these businesses are not get rich quick schemes, but a brilliant route to wealth generation over time. Most Network Marketing companies have effective training and mentoring programmes to encourage and build success – like the event we attended in Las Vegas recently and in our business we have weekly team training on what’s working now in terms of marketing and sales

For a small investment this truly is a great business to start with for your retirement income.

As Zig Zigler said

“Help enough people to get what they want and you will have everything that you want”

It will be no surprise that we think that the company that we’re partnered with offers by far the most rewarding opportunity of this type in the world today and is already available in many countries.

Conclusion

Finding a passive income stream that fits your lifestyle will give you the best chance of success. Use these criteria to judge how much time, money, and effort you want to invest—and how much you can expect to earn in return.

• Assess your skills: Take an objective look and your skills and interests. For example, if you’re good with cameras and photography, selling stock photos online could be an ideal way to monetize existing effort.
• Assess your resources: The more assets you have to invest, the more “passive” your income streams can be. Making passive income with no money means initially relying on your skills and time to generate capital.
• Evaluate your financial goals: Define what you want to achieve financially. Are you looking to just cover a small hobby expense, or are you trying to replace your full-time income? Your goals will greatly influence which passive income streams you pursue.
• Consider time commitments: Some passive income ideas require a considerable amount of time to set up, such as starting a YouTube channel. Others can be started in minutes.
• Start small: Don’t overwhelm yourself by starting too many passive income streams at once. Begin with a single idea, then consider exploring additional streams once you’ve had some initial success.
• Monitor and adjust: Once your passive income streams are up and running, monitor their performance and if you can use some of the income to create new passive income streams

Thanks for reading today’s blog Creating Passive Income In Retirement and would love you to share your thoughts and feedback just reach out to us here

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Choosing A Network Marketing Company Today