Most millionaires have income from several sources. The average number of sources is seven. Most retirees need more than one source just to keep their heads above water.
The 7 Incomes Plan.
My plan is to have 7 incomes. I reccommend you aim for 7 incomes also.
1. Your job.
For most people this is the starting point for their income. This comes first for almost everyone.
One important point is that Walmart is the largest employer for people over 65.
World wide they employ a total of 1.3 million people.
2. Your spouse’s job.
A spouse’s job gives you some diversification if you are not in the same compamy or in the same industry. Most women work outside the home these days.
3. Your investments.
This is usually in a 401k or IRA. If you have over $100,000 you are doing well compared with most Americans. Look for my post on how much money Americans have at different ages.
4. Real Estate.
One way to benefit from real estate without owning rental prperty is to PAY OFF THE MORTGAGE EARLY. You can do this by simply paying a little extra every month when you make your mortgage payment. Paying 10% extra will make a big difference if you apply it to princple only. Check your bank statements to make sure about this.
If you have a financial calculator you can determine very nearly the EXACT DATE when you will have your mortgage paiid off. If you don’t have one you can estimate the magic date when you make the last payment.
5. Social Security
Social Security is not dead. Most retirees depend on Social Security for 40% of their income. Many depend on it even more than that. I met a man who was 79 years old and was 100% dependent on SS. He had no other source of income at all. He owned a farm so he could have leased some the land to make a little extra money. Keep an open mind. Be creative and you can add to your income.too.
6. Dividend Income.
There are mutual funds that have stocks that pay dividends. You can get 2.5 to 3% dividend income regardless of wheher stocks go up or down. This is a good choice for many who are near retirement.
There are people who get dividend income from investing in individual stocks. My sense is that most of them are wealthy already.
7. Side Business
a. Writing for magazines. This can bring you some extra money. I made $36 for one article of 800 words many years ago. You won’t get rich, but it is a realistic way to make some money
b. Writing and producing booklets.
This is really fun and if you keep your inventory low (like 20 ) you can make a profit almost immediately. Making a profit quickly is really important fto keeping your spirits up. Then you don’t get discouraged.
c. Mail Order
PS Print has a post on how to start a mail order catalog business. They can help you get your printing done. I searched for “start a mail order catalog business”. I plan to offer a free mail order business opportunity. Please let me know if you are interestted.
Another good business is to start a mailing business. You write the letters for others to mail.
This is a really good thing to learn. You could do copywriting jobs for others or just for yourself. Copywriters are some of the highest paid writers in the world.
This is a great way to make extra money. It is NOT a get rich quick scheme though. You have to put in some work to get the rewards. Writing regularly is very important.
f. Affiliate Marketing
One of the best ways to make money with this is to write reviews of products. You are helping others find good products. In return you make a nice commission on each sale that you help make for the owners of the product or service.
I Challenge You To Find Your Seven Incomes
This will change your whole mindset. Set that as a clear written goal. This will focus your mind on something that can change your life. It will give you more financial security.
If you can please comment or ask a question. Thanks.
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