You are not alone in this challenge – trust me, just a little research has shown me that this is a topic on many people’s minds. Far too many of us are concerned about our finances and how we are going to survive retirement – never mind enjoy one! I am exploring this topic because it affects me personally too and the results of the research I have been doing have been surprisingly encouraging! As I am sure you realize, we do need money to retire, so the purpose of this article is to reveal 3 great options available to us so that we can make money and not live with the burden of How To Retire With No Money.
Presenting Some Research
Research has revealed that there are websites dedicated to retirement preparation, you can hire a retirement coach, a plethora of research is available about baby boomers and retirement – this is a massive subject.
People are living longer, which means we need even more money for our retirement years than the generations before us.
The cost of living has gone through the roof in many parts of the world, the Global Financial Collapse had a marked effect on so many lives, as has 2019/2020 so far!
What is the result? People headed toward retirement age without enough money to retire.
According to AgingBetter.org.uk, there will be 18 million people aged 60 and over in 2024 which is 3.1 million more than in 2014! What’s more, 1 in 4 people will be over 60!
Then there are our children to consider too. I don’t know about you, but I do not want my daughter to be a part of the Sandwich Generation – that is people who are taking care of their children and their parents,
Sandwiched between the two generations. Life is really challenging for the Sandwich Generation, I expect that being taken care of by adult children is also no walk in the park for the retired folks either!
Have a look at the graphics below which are taken from the AgingBetter.org.uk website, these are not my stats, they have been published and you are welcome to take a visit to the site and check them out:
The stats show us that there are too many people facing retirement, like deer caught in the headlights, asking: “What happens when there is not enough money to retire?”
I am incredibly excited to share, these 3 great options for you to consider when it comes to alleviating financial pressure for and in retirement
Yes, these options can be started before you retire and continued to provide for you in retirement too!
Making Extra Money To Retire Easier
The advent of the internet and the online business world has brought us incredible opportunities and help with making extra money to retire easier.
I have written a few articles which will be of interest to you.
In this one, we will look at more than one business model where you can run the business as a side gig, full-time, before retirement (building your retirement nest egg), and even after retirement. Yes, you can continue to make extra money in your retirement too!
We really can be extremely grateful for everything available to us, especially if we compare the access we have to make money compared to our parents and grandparents!
Technically Challenged? No problem!
One of the biggest and most wonderful things about the online world is that it caters even to us who are technically challenged! How? Well, you get to learn online!
Yes, you get to learn how to work online – whilst online! That is how I am doing things, building this website has been a result of online learning – more about that later.
I just wanted to put your mind at ease, you do not need to be a tech expert to take advantage of the great opportunities available online.
If you are not technically challenged, stick around, this is definitely for you too. Lucky you! Your learning curve will not be as steep as those of us who are starting from scratch.
Let’s get into the “meat and potatoes” of how to address the challenge of not enough money available to retire on.
1. Digital Marketing Broker
Are you great with people? Have you enjoyed coordinating projects and people in your life? It may even have been coordinating your children, family, sports coaches, and teachers.
If you have good people skills, this is definitely a role you can manage. There may be some growing and learning pains along the way, but essentially, if you can manage people, the expectations, and deliverables, you will be great in this role!
As a Digital Marketing Brokers, you will essentially manage projects by outsourcing the tasks required to fulfill the projects to freelancers. OK, that was quite a mouthful, let’s put it more simply than that.
As a Digital Marketing Broker, your role would be:
- to secure clients (these will be local companies from small to medium to large)
- and manage the different elements of their online and digital marketing.
Say, for example, they are looking for a website to be built, social media adverts to be designed, copy written for their ads, newsletters etc.
You don’t need to have the skills they require. Your role would be to take the brief of what they are looking for, then find a web designer or copywriter and brief him or her on the task at hand.
In essence, you are the go-between between the client company and the person with the skills required (web designer, copy writer etc).
This may sound scary at first but you will build up a database of skill sets to call on. There are awesome online platforms where you can even hire all the skills you require. Fiverr is an excellent option.
Let’s have a quick overview of what Digital Marketing is. It is really not as complicated as it may sound. Just break it down into the different disciplines and understand that there are skill sets that match each discipline. You are the matchmaker who seeks out the skills, hires them and then add your management fee when invoicing the client company.
Wikipedia defines Digital Marketing as follows:
Digital marketing is the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising,and any other digital medium. Digital marketing channels are systems based on the internet that can create, accelerate, and transmit product value from producer to the terminal consumer by digital networks.
Digital marketing’s development since the 1990s and 2000s has changed the way brands and businesses use technology for marketing. As digital platforms are increasingly incorporated into marketing plans and everyday life, and as people use digital devices instead of visiting physical shops, digital marketing campaigns are becoming more prevalent and efficient.
Digital marketing methods such as search engine optimization (SEO), search engine marketing (SEM), content marketing, influencer marketing, content automation, campaign marketing, data-driven marketing, e-commerce marketing, social media marketing, social media optimization, e-mail direct marketing, Display advertising, e–books, and optical disks and games are becoming more common in our advancing technology. In fact, digital marketing now extends to non-Internet channels that provide digital media, such as mobile phones (SMS and MMS), callback, and on-hold mobile ring tones. In essence, this extension to non-Internet channels helps to differentiate digital marketing from online marketing, another catch-all term for the marketing methods mentioned above, which strictly occur online.
As you can see from the above, there are loads of different opportunities for you to project manage your clients’ requirements, and no need for you to have the skills.
All you do need are great people skills and solid project management skills. Everything else listed above can be outsourced to skilled freelancers.
Concerned about managing a project efficiently? There is training to help you in that department too. Udemy offers a wide range of cost-effective training courses. Sometimes they are even free!
Anyone can place their home online with Airbnb – it’s an awesome way to generate an income for and in your retirement.
Plus, you can still remain in your home!
Or, perhaps you would love to travel? Signing up with Airbnb is the perfect option.
You enjoy the best of both worlds – earn an income with travelers staying in your home and reduce your travel expenses. Plus you get to enjoy the local culture of your destination by staying in Airbnb properties and mingling with the locals living a local lifestyle!
No need to stress, Airbnb themselves have you covered with insurance for damages, and they even check out the travelers themselves (let’s face it, none of us want to be accommodating anyone “dodgy”).
It is free to sign up with Airbnb, they charge 3% of your bookings. Talk about fair! Plus, they have a great international footprint.
You will notice that I have included a link in this Airbnb piece, here is how we (yes, you and me) can benefit from joining Airbnb and inviting our friends to join. Here is how it works:
I share my link (as I have above, and invite you to join Airbnb via my link.
When you sign up with Airbnb (which costs you nothing, remember) through my link, you receive money off your home booking. And you get money to use toward an experience going forward.
When you complete a first-time stay at an Airbnb property, I receive a travel credit.
And so it goes on. When you invite a friend, you get to gift them money off and money to use toward a future booking.
It’s a clever concept that they have designed. Below is a screenshot of how the invites work (in case my explanation is not clear):
I live in South Africa so the link I am given associates me with the South African currency, (ZAR or Rand). Wherever you live in the world, you will earn in your local currency too.
Wikipedia describes Airbnb as “an online marketplace for arranging or offering lodging, primarily homestays, or tourism experiences. The company does not own any of the real estate listings, nor does it host events; it acts as a broker, receiving commissions from each booking.
3. Affiliate Marketing
I have written an in-depth article that explains affiliate marketing in detail. it is entitled What Is Internet Affiliate Marketing.
This is my number one recommendation and my personal retirement plan. I am building online businesses in keeping with my interests and passions. This is a very exciting opportunity and has the following main benefits:
- You do not need your own product
- You can work from anywhere (so long as you have an internet connection and a laptop)
- There is no age restriction, or gender, or race, now that I think about it (yes, teens to “toppies” are making money this way!)
- There is a lot of money to be made in affiliate marketing (have a read of this article, the numbers are astounding! 7 Affiliate Marketing Statistics (How many people earn $150,000+ per year?)
Here is a handy infographic showing exactly how affiliate marketing works:
Where To Learn Affiliate Marketing
There are many affiliate marketing courses available online, you can literally teach yourself by watching YouTube videos, TikTok videos, training with the likes of Udemy etc.
I would not recommend that however, it will take a very long time and a lot of trial and error to get it right.
My recommendation is to sign up with the same platform I belong to, and here is why:
- No scouring the internet for training, you get to learn everything you need to know in one place in a structured training program (I describe the design as genius, it is a step-by-step approach and you create your own online business as you learn)
- All your website requirements are in one place (domains, hosting, site security, backups, site support – all 24/7/365 no matter where you live in the world)
- A community of online entrepreneurs of all ages and stages and levels of success (beginner to highly experienced and successful) is available to walk alongside you on your journey
- PLUS! You get to test drive the platform without spending a dime. No need to even share your credit card or banking information. Once you have decided to sign up it’s US$19 for the first month and US$49 per month thereafter. This will be the best money you have ever spent (I’ve been a member since October 2018 so I speak from experience)
Being a borderline Baby Boomer myself (born in the sweet early 60’s), I have done quite a bit of research on making money for and in retirement.
Here are some more articles you may want to explore:
- How To Make Money Online Selling Information Products
- No Money To Retire On? Thankfully There Are Solutions
- Why You Should Retire Early [& How To]
- How To Retire On No Money [& Still Make Money To Enjoy A Great Retirement!]
- How Can I Retire At 55? [It’s Easier Than you May Think]
Given the scalability of opportunities within the online business world, the day will come where your business doesn’t even feel like work at all. You will be able to retire on your terms – minimal hours spent working (yes, passive income is real), you get to live where you want and work when it suits you.
The image below is how I am planning to spend some of my retirement. What a pleasure – I hope you join me.
Blessings as always