Get Ahead Financially, Rather Than Falling Further Behind
Holy moly – I just read a very sobering CNBC article about the effects of the pandemic on the overall financial well-being of all of us.
This quote in particular struck such a chord ... “Fidelity recommends having 10 times your salary socked away by the time you retire. To get there, the company recommends aiming to consistently save 15% of your income, including both your employee contribution and the employer match."
Now I know for most, 15% of a monthly salary is a huge commitment unless you’re making an executive-level salary. According to an April 2020 report, the median income in the U.S was $78,500 for a two-income household. 15% of that is $11,775, or nearly $1,000 a month. If your employer matches the average of 3% per month, and you’re putting in the rest, you’d need to add $700 to your retirement fund every month. If you’re a two-earner household that’s $350 a month per person. And that amount would go up as your earnings rise - which would also assume your expenses are rising, too.
Doing the math absolutely reinforces my belief that if you’re not able to save enough every paycheck for your retirement account, having a second (or even third) source of income can make all the difference.
In my case, I found a global company whose mission aligned perfectly with mine, and since 2013 I’ve enjoyed a secondary income that I can put to good use every month. There’s a ridiculously low-cost of entry – less than $100 – and the opportunity build a very successful part-time income stream. In some cases, my company’s most successful earners have been able to far out-earn their previous salaries (check our IDS for company stats).
I talk to a lot of people about the opportunities available for earning a secondary, side-gig income stream – different options will appeal to different people (we look at all kinds of options) – and not everyone will be a good candidate for a side-gig. But when an opportunity does fit, and the extra income potential is a solid investment based on time and some extra focus, the benefits can truly be life changing now, and when it’s time to retire.
If extra income could make a difference for you now, whether that’s income to help with your monthly needs/wants, or income that goes into a savings account, let’s start a conversation.
Getting some solid guidance from those of us who have made it work is the first step in learning whether it might be a good fit for you, too.