You are 55 years old (or somewhere around there) and your company is going to force you to retire at 65. You have $35,000 saved in your 401K and that's all. The house will be paid for by then so you will have a place to live. The company pension will pay about $1,000/month and so will Social Security. What will my life style be like at that time?
Let me give you a clue. You are going to need just about as much as you are making now even with the house paid for. If you are lucky you might have health insurance with your pension, but don't count on it. You hope Uncle Sam will help out. But don't count on it.
When that savings you have runs out maybe one of your kids will let you and the misses have the spare room. Scary, huh! Maybe one kid lives in Minnesota where you can spend the summer and the other in Florida where the winters will be nice. But don't count on it.
You might get lucky and buy one of those stocks that skyrocket from $2.00 to $200. Those chances are 1 in 100 and you don't have enough money to be taking chances. But don't count on it.
Whatever time you have left between now and retirement you should start managing your assets to have them grow and compound better than in the past. If you continue to do what you have done you are going to have the same results. It is a choice between cat food and filet mignon.
A better portfolio manager is not the answer. Saving more will help, but you need to live today. Having your house paid for is a huge plus. A second job with all that income going to savings makes sense ? if you can do it.
One of the better solutions is starting a business you can run from home. The Internet has many offers. My caveat here is never send anyone upfront money. It takes the Avon lady 3 to 5 years before she makes any money. There are many legitimate small businesses like this that can provide a second income, but you must invest both time and effort and be persistent. You must work it every day.
Don't choose any business that requires a substantial capital investment. If you have a friend or relative that has a home-based business you will want to spend time with him. Even if you don't use that vehicle you can learn plenty from that person.
You local library has hundreds of books devoted to helping folks start a business. The Internet is a great source. Take time to investigate and don't take anyone's word for their pie-in-the-sky story. Always get references and carefully check them. You want to talk to someone who recently started in that business about 6 months ago, another about a year before and a third about 2 years prior. Maybe several of each. Once you make the commitment you must hit the ground running and don't stop. Either it will work in a few months or it won't. Hard work is the only way you will find out.
It is not too late provided you start NOW.
Al Thomas' best selling book, "If It Doesn't Go Up, Don't Buy It!" has helped thousands of people make money and keep their profits with his simple 2-step method. Read the first chapter and receive his market letter at http://www.mutualfundmagic.com and discover why he's the man that Wall Street does not want you to know. Copyright 2005
![]() |
|
![]() |
|
![]() |
|
![]() |
Even though inflation has been relatively quiet in the U.S.... Read More
They're real, but few survive. High risk investing is dangerous... Read More
Here is a small summary of the three major approaches... Read More
Location ? Once the holy grail only for real estate... Read More
I am sure you have probably read about the power... Read More
One of the fundamental principles of finance is the concept... Read More
The trading method you employ to approach the stock market... Read More
There is a cat fight brewing between Direcway LLC, Starband... Read More
Arthur Levitt, during his tenure at the SEC, experienced many... Read More
When thinking about the investors business daily responsibilities in today’s... Read More
The U.S. economic data reported this week showed strong output... Read More
Going public in this manner is ideal for companies that... Read More
With visions of an ATM in every neighborhood in China,... Read More
CATCHING A FALLING KNIFEOne of the most common mistakes made... Read More
Q. What is a basket?A basket is a group of... Read More
The first point to mastering money management is that you... Read More
With so many financial advisors trying to woo you with... Read More
Everyone knows T Rex was the most fearsome of all... Read More
The American Jobs Creation Act of 2004 imposed strict new... Read More
When one begins to consider an option, it is very... Read More
Have you considered buying a franchise instead of trying to... Read More
Every year I go to the Money Show in Orlando,... Read More
While there is not a lack of information on annuities,... Read More
Expectations drive the market. Every stock price is driven by... Read More
Let's face it, you're on a roll. After getting down... Read More
For instance, if the market moves up in the first... Read More
In this day and age of online brokers for virtually... Read More
As an expatriate you are in a privileged savings and... Read More
Let's start by saying: You can't be afraid to take... Read More
First, I need to explain about e-currencies or digital currencies.... Read More
The stock market fell sharply Thu and Fri before and... Read More
Market timing systems are based on patterns of activity in... Read More
A barrel of oil bounced to over $60 Thu, which... Read More
Has your broker ever told you that a stock is... Read More
One of the leading traders on Chicago Mercantile Exchange, because... Read More
What really controls the economy? Forget interest rates, forget deficits,... Read More
One important aspect of trading the markets is to understand... Read More
FOREX, the term for the FOReign EXchange market, is an... Read More
More and more workers are leaving their jobs and taking... Read More
RETIREMENT PLAN CONSIDERATIONS are something every small business person needs... Read More
When it comes time to retire how many people would... Read More
There maybe several reasons why you to want to invest... Read More
When thinking about the investors business daily responsibilities in today’s... Read More
1. Lacking an investment plan a/k/a/ "Don't take a trip... Read More
It seems completely absurd that franchise buyers lie about their... Read More
Everyone knows that the Holy Grail of investing and trading... Read More
Jim Miller is a registered investment advisor. This means that... Read More
Investing and Trading are not the same thing. The returns... Read More
Whether you're a novice investor or an experienced stock picker... Read More
Investors are still too slowly realizing what the academics have... Read More
Market timing systems are based on patterns of activity in... Read More
The USS Constitution first ventured into the waters in 1798.... Read More
Here are some useful tips on investing. When you make... Read More
When one begins to consider an option, it is very... Read More
Some time ago I attended a seminar where participants were... Read More
When you start your program to purchase your "ideal" company,... Read More
Stock market trading is a fascinating activity.There are so many... Read More
Think carefully on how to invest your money because if... Read More
The Light Crude Continuous Contract hit an all-time high at... Read More
Many Young people live for Today. They really don't fully... Read More
Some lines from a movie never leave your mind; I... Read More
I love to collect quotes as they concisely promote a... Read More
The economic data reported Fri showed continued above trend growth... Read More
There is a cat fight brewing between Direcway LLC, Starband... Read More
Typical day traders and swing traders look for stocks with... Read More
An Ira is one of the greatest ways to save... Read More
Investing |