Business Opportunities : How To Laugh When They Ask You What Your Retirement Plan Balance Is - By Starting Your Own Business
|
|
By: Frank Rolfe
Date Submitted: 2010-02-04 20:19:54 - Article Views: 30
|
|
Many people with larger balances like to ask others what their retirement plan balances are, or to brag about how large theirs is. Here's the truth about these blowhards - even if you have not a dime in a retirement account, you can still live much better than someone who has $500,000 in a retirement account, by starting your own business.$500,000 in retirement savings does not go far in the real world.Let's be honest about retirement accounts. Many people have predicated everything on a 10% return. It's not going to happen. It happened for one period of American history that is just that - history. The real return you'll get on CDs is around 2% to 3%. And stocks are looking like 5% best case, based on predictions by the top fund managers. That means that a $500,000 retirement account will earn between $10,000 and $25,000. Can you live on that? And since most people live 15 years beyond retirement age, don't think you can just draw down the principal to make it happen - that's only about $30,000 per year until you go broke.Retirement accounts leave nothing to your heirs.If you gut your retirement account, you will have nothing to leave your heirs. Even if you have a small balance remaining, what good is that going to do when you split it five ways, or however many kids or grandkids you have?The bottom line is that retirement accounts, despite their media frenzy and point of reference for most commercials, aren't going to support you or leave anything to your heirs.A better solution: starting a part-time business.Let's assume you start a business and build it up, in your spare time, to something that makes $30,000 per year. Not only are you on par immediately with the income of the guy with $500,000 in his retirement plan, but you are building an asset for your heirs. In addition, you can often sell that business to someone else at a multiple of income stream - in other words, you can use 100% of the cash flow and then sell it for a large balance at the end. You'd be putting money in the bank with the retirement account "king" is depleting to zero.And don't forget that many part-time businesses grow into big businesses. Look at Steve Jobs and Apple, which began in a garage, or Michael Dell, who started Dell in his college dorm room. And there are many, many, other lesser-known examples.More than just money in benefits.A start-up business yields many benefits other than just cash. It also is a source of fun and self-respect and excitement. There are few things as rewarding as working for yourself and keeping 100% of the rewards. You can set your own hours and pick the projects you want to work on.You build camaraderie with your clients and a social network which is very beneficial in retirement. It can consume your life in a good way. You might even be able to work with your kids and grandkids, if it works out that way.ConclusionLet others obsess about their retirement accounts. They can read all day about how to invest to make an extra $5 per month. Put your efforts into something more worthwhile and start a business. You'll live better than they will, and have fun doing it. |
Author Resource Required for Reprint:
Frank has been involved in all facets of Commercial Investing. His experience includes purchasing and operating over 25 mobile home,RV Parks and Self Storages as an investor, performing "due diligence" on hundreds of other mobile home and RV parks, speaking at mobile home park investing seminars and real estate clubs and telling it like it is! Visit http://www.startthis.com for more insights on starting your own business.
|
Article Source: ThoughtSearch.com 
|
Tags:
Starting your own business  start-up business be your own boss building your own business self-employment |
|
|
Bookmark and Share
|
|
 Business Opportunities Category Rss Feed |
|
|
-
If you decide that you are interested in starting a company in Europe then the first thing you need to do is contact a financial consultant who can help you set up your business properly and safely. Your consultant should be able to help you with all financial aspects of your business.
Viewed: 23 Times.
Read More ...
-
The most successful entrepreneurs are those who see every situation as an opportunity. While this economic downturn has been hard on businesses and consumers alike, it has also opened up a number of new avenues of success. Business coaching franchises are one of the booming industries in these tough times.
Viewed: 23 Times.
Read More ...
-
If you are an experienced trader or investor you will know that mastery is a mind game. In fact, trading and investing are about understanding crowd psychology and your own psychology, because when you fully understand how you react to events deemed to be outside of your control you are taking control of yourself.
Viewed: 23 Times.
Read More ...
-
The thing about wealth secrets is that the amount of wealth you have means nothing if you aren't doing what you love. We've all heard about the miserly old rich man--also know as Scrooge--who lives their life in a frigid house with no friends and a grumpy attitude. The people at the bank are probably the only people that are happy to see him.
Viewed: 23 Times.
Read More ...
-
Today's economy presents many financial opportunities. Many people will disagree with that statement, but to the trained eye, a recession is a virtual gold mine. Finding a financial coach or a mentor can be a way to double your income.
Viewed: 23 Times.
Read More ...
|
|
| Frank Rolfe's Author Feed |
|
|
-
What is bigger than a bread box, made out of wood, and creates cash flow? The answer is a wooden outdoor billboard sign. No other pile of wood can create up to a 100% return on investment annually.
Viewed: 28 Times.
Read More ...
-
Many people with larger balances like to ask others what their retirement plan balances are, or to brag about how large theirs is. Here's the truth about these blowhards - even if you have not a dime in a retirement account, you can still live much better than someone who has $500,000 in a retirement account, by starting your own business.
Viewed: 30 Times.
Read More ...
-
Just about anybody who watches late night TV, or receives email, or reads, knows that there are hundreds of people promoting concepts to make money in single family homes. "Buy foreclosures", "profit from short sales", "wholesale houses" - there are at least 1,000 different concepts.
Viewed: 42 Times.
Read More ...
|
|
Article use is considered your agreement of our Terms of Service.
This work is licensed under a
Creative Commons Attribution-No Derivative Works 3.0 United States License.
Thanks for visiting ThoughtSearch.com
Copyright © 2009 - 2010 ThoughtSearch.com
|
|
|
|
|
| |
| |
|
|
Print
