Can you really retire wealthy, but do it fast? Sure you can. There are two ways to do this:
- Be wealthy when you retire, which only applies to a small percentage of retirees.
- Or, find a way to generate some extra income in a way that is not too difficult, does not take a lot of your time and can be achieved in a relatively fast fashion.
So, let’s forget about number one above. If you are already wealthy, you don’t need any advice here. For the rest of us, let’s face the fact that if we want to increase our wealth after retirement, we need a way to generate some extra income. We need the freedom to do what we want to do in retirement!
What to Avoid
Taking on an activity to earn extra cash is one thing, but there are certain criteria that should be seriously considered:
- You don’t want to finish up working full time again. Part of the “fun” of retirement is that you should have the time to do what you’ve always wanted to do, but never had the time for.
- You don’t want an activity that is highly stressful. The last thing you need in your life as a retiree is more stress!
- You don’t want something that is too difficult to easily understand, or which is not explained properly.
What Would it Look Like?
Imagine you had a magic wand and could wave this in such a way that it would create the “perfect” way of earning extra income as a retiree. What would be the main criteria of how it would look? What’s the best “ideal world” that you could imagine?
- Requires only about 10 hours per week to generate an income that will increase over time.
- Is easy to learn how to run and operate the activities that generate the income.
- Does not require a large initial investment to kick it off (preferably free to check it out).
- Is part of a long-established business tradition – not some new (and possibly “fly-by-night”) scheme.
- Should be possible to build up the income to a significant level in a reasonably fast time-frame.
Steer away from the “get-rich-quick” schemes that absolutely litter the internet and really do get in the way of valid research in these areas. You know the old expression; if it seems too good to be true, it probably is…
Nobody gets rich quick in these things. The only way to get-rich-quick is to win some super lottery, but what are the odds of that? They are probably worse that being hit by lightning.
How Fast is “Fast”?
So, if you want to retire wealth – fast – how fast should that be? We know that the instant wealth scams are fast, but don’t really work. And we, as retires, don’t have 20 years, or more, to wait for the income stream to build up to an acceptable level. So, how fast is “fast”?
Do you remember as a kid how long it used to take for each day to drag by? It used to take so long and it was so boring waiting for time to pass. Compare this with your time perception today. Wow! The days, weeks and months just fly by. “What? It’s already mid-year? What happened to the May and June?”
So, somewhere between the (unrealistic) instant gratification of get-rich-quick and the too-long plan of a 20-year growth rate, there is a measure that will be acceptable to us.
How about 6 to 12 months? If you spent about 10 hours a week on an activity that was easy to learn and was not only exciting and interesting, but was building up an income stream that would begin to have a serious impact on your finances after 6 to 12 months, would that meet the definition of “fast”? I think it does.
Hey, look back 12 months. Suppose you had started such an activity a year ago and were now enjoying some extra income that was actually growing each month. What if it was enough to cover the cost of a special vacation, or extra clothes you would not otherwise have been able to afford?
Wouldn’t you be happy with that? Does that sound realistic? It’s certainly not outrageously ridiculous; right?
The answer is that it is possible to “retire wealthy fast”, if we define fast as 6 to 12 months, during which time you will learn some exciting new skills from some very enthusiastic and professional people and build a business that will continue to grow and to hoist you into the category of Wealthy Retiree.
Check out the review I have written on this amazing activity. You will definitely find it exciting and challenging.