Because of this pandemic, two urgent things on people’s minds are ‘their health’ and ‘their lack of income’.
In this new economy, NOW is the time to take control of your life!
Too many of us have allowed others to control us and then with this wake up call, realized that our life has been wasted. So, for the Millennials, GenXs, GenYs out there, this is the best time to get started instead of waiting until you’re in your 40’s and 50’s.
Today the average retirement age is 63 and the average length of retirement is 18 years (to at least 81!).
The stats are staggering and most people are living paycheque to paycheque and have not saved enough money for day to day living, never mind, retirement!
“I’m going to retire and live off of my savings. What I’ll do the second day, I have no idea!”
Out of 100 people who start working at the age of 25, by the age of 65:
- 1% will be considered wealthy;
- 4% will have adequate capital stowed away for retirement;
- 3% will still be working;
- 63% will be dependent on Social Security, friends, relatives or charity; and
- 29% are dead.
So the bottom line is, you don’t want to be part of the 29% dead or 63% dependent!
Therefore, now is the time to take control of your life and start investing in yourself.
So what are some of things we can be doing?
Because of Covid-19, hundreds of thousands will have to get a job to replace the one they’ve lost. And if they are self employed, then they have to get their business back up and running once it’s over. However, they may have lost everything during this time and have to go back to a job.
I believe people will have to work well into their 60s and 70s to catch up from this stock market crash and recession to make up for the losses.
The bottom line, is that we need to make sure we a plan B. Like having your own business and even more so, multiple streams of income to ensure peace of mind and security. We have to be prepared for the unknown.
“Rewire your life. Don’t retire.” – John Addison
The first thing I did, was reading books such as “Rich Dad, Poor Dad” on how to develop residual or passive income and create time freedom.
One of the best and easiest ways for residual income is to start a network marketing business. It’s low risk, low capital requirement, good tax benefits, flexibility, legacy plus much more.
In other words you do not have to do all the work yourself.
And if you need social proof, go to www.dsa.org and see the stats – $35.4 billion annual sales in the US alone and $186 Billion in sales world wide.
“Network marketing gives people the opportunity, with very low risk and low investment, to build their own income, generate assets and acquire great wealth.” – Robert Kiyosaki
Network marketing is great in that you can start it part-time even while at a job.
If you want more information on doing your due diligence on Network Marketing, then I recommend you get my book, Creating Freedom.
The second thing I did was to invest. With the money I was made in network marketing, I funded my real estate properties in order to develop another stream of residual income.
As a result, I now have a pool of rental properties across Canada, that supports my long-term financial goals.
“Real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.” – Robert Kiyosaki
As you can see, starting a network marketing business was my vehicle to generating residual/ passive income to support my current and future financial needs.
The best thing about it, you can start it anytime!
I can tell you there are very few ways to earn residual income out there, so seriously consider this vehicle so you can create a lifestyle income and have FUN creating it and taking control of your life.
If you would like more information on network marketing or real estate investing, contact me here.