Most Americans over 50 do not have the financial means to retire with dignity, with less than $25,000 in savings and the average Social Security check being under $1000 per month. Even if you have saved
$500,000, at current interest rates of about 2% that will only give you another $10,000 per year in interest earnings – hardly enough to live on!
It is time to dig our heads out of the sand and WAKE UP! We are not going to be able to save ourselves out of the situation we face! Nor are we going to be able to keep our jobs (if we still have one) or find a second job that will employ us into our 80’s. No one will hire us and we won’t have the stamina to work that hard.
Luckily we still have the time to develop residual income streams that will carry us through the coming decades. We create residual income by building a system one time that can produce a recurring stream of revenue on a regular basis. Many such systems are already in place – you don’t need to create a business from scratch. Most of us would sleep much better with an extra $2000 per month coming in.
Authors, artists and musicians are all examples of people who earn their livings primarily from residual income. Businesses that sell products you buy on a recurring basis, like magazine subscriptions, are a residual model. So are membership sites online. What most people don’t know is that you can piggyback on existing products and businesses if you don’t want to create new ones. There is an opportunity here even for people who are not naturally entrepreneurs who may have no attraction to business as a creative outlet.