5 Ways to Kick Your Retirement Savings into High Gear
Updated: Jul 1, 2020
SUCH challenging times we’re in – eh?
Probably like you, my financial portfolio and I have been through two recessions and 9/11; each time there were lots of sleepless nights and truly high anxiety. And each took a lot of hard work to simply get back to ‘even’ financially, let alone ahead again.
Here we go again – the recent COVID-19 pandemic has created havoc with our financial portfolios. For most of us, we’ve just lost nearly 30% in 90 days.
In practical dollars, if you had $300,000 in your 401K, you potentially lost $90,000. That means you may have lost more than an entire YEAR of retirement income.
Experts say it takes 3-5 years to earn back every year of lost income. OUCH. Why? Because while the markets will go up again, none of us are likely to get a $90k raise in one year.
So, what options do we have to replace the investment income we just lost – without cramming a second job into our already overpacked lives?
Ideas? I've got some:
Create an online curriculum and offer it on Udemy: This is good one, especially for professionals who have a lot of expertise. But this will take quite a bit of time.
Become a tutor: I like this one a lot. Giving back is always rewarding! The trick here is finding clients who will pay for tutoring right now. A lot of folks are scaling back their expenses because they’re all in the same boat we’re in.
Become a Social Media Outreach Consultant: If social media is your jam this is another good one. My SMC friends tell me it can be lucrative, but it takes a lot of time to build enough of a following to leverage it into income.
Create a Blog: If you like to write, this is another great idea. I sound like a broken record here, but it takes time to find enough followers to turn it into an additional revenue stream.
Or, do what I did after the last recession: Add a part-time online, direct-to-consumer business that you can scale up very quickly.
Eight years ago, I did this after we’d lost a whopping 50% of our retirement portfolio and thought we’d be working until we were 70. I became an independent consultant with a globally recognized skincare company – which is now the #1 skincare company in North America.
It was one of the best business decisions I’ve ever made, even though I knew very little (or cared much) about skincare. I saw thehuge business opportunity to recession-proof my retirement portfolio and so put my hand up.* (These are my personal results, see the company IDS for more information.)
Here’s why I want you to look at this idea, too.
1. Your investment is minimal, with the ability to recoup that investment in 30 days.
2. You can earn income your first month, then generate ongoing residual income within your first few months. (again, check out the company IDS)
3. I can show you how you could earn up to $1,000 in 60 days* - would that be worth a quick phone call with me? I think so. I also have a flyer I can send to you via email.
4. If you’re wondering if this is real, YES. Can you do it? YES. If I can, you can. Will we help you? ABSOLUTELY. You’ll have a huge community of like-minded women to support you every day.
Let’s schedule a call so you can ask … what I’m sure are … your many questions. I’ll walk you through how I was able to scale up quickly in just a few off-work hours a week. I’ll also share how my free 90-day Success Systemcoaching program is helping new independent consultants scale up their business into quick profitability.
How to schedule?Click here to answer a few quick questions and pick a day and time that works for you. Looking forward to chatting with you soon!