Looking for unconventional ideas to bring in more income in retirement? Dan Farnsworth shares two unique ideas for boomers to boost their income in retirement.
Hi and welcome back to this installment of boomerincomeideas.apps-1and1.com.
Today I want to talk about something that I think is a dilemma for a lot of baby boomers.
I don’t know about you, but when I was very young, I had a dream or goal of what I wanted I believed I wanted to do later on in life.
I wanted to work hard at a young age, make as much money as I could so I could be comfortable in retirement.
When it came time to retire, I really didn’t want to retire, I wanted to become a history teacher. That was the goal that I worked toward. The interesting thing was that the closer that I got to that time to actually make that transition and get my teaching credentials, I realized that dream was not anything in relationship to what I really wanted to do.
I mean, the idea was very attractive to me when I imagined myself as a know-all teacher whom everyone would be enthralled with. I imagined the students would be held captive by my every word as I was teaching them about the history of the United States.
In reality what I realized is that dream was not going to be the case. A career as a history teacher would be a complete frustration for me.
I started to look around for alternative careers, and quite honestly, I had no clue what I really wanted to do. I think a lot of baby boomers and seniors are facing that dilemma. We get to retirement age and ask, “OK, now what? What do I really want to do?”
Fortunately there are some tools out there that boomers can examine to work through that process and figure out what we are good at, what we are interested in, and maybe what we are passionate about.
There is a website that is administered by AARP called Life Reimagined. It’s an interesting exercise because it really has a number of tools that actually help you through the discovery process.
What I discovered that I found especially interesting was that in reality, at some age, all of us simply decide to no longer do the things we don’t want to do anymore. And that’s really the biggest challenge.
Two categories stand out as the most informative to me in this exercise: The first is the exercises that help you uncover your dream job. If you go to the website, you’ll notice that 25,597 people signed up to go through the exercise. Yet only 13,014 actually completed it.
The second category is how to get an edge on job search. The last time I checked, 39,826 had signed up for the exercise. Yet, only 16,015 actually completed it.
What that tells me is that the boomers who signed up believed they were going to get through this exercise, but they got bored with it and quit. I can definitely understand that because I was probably one of those 39,826.
The reality is that at a certain age, we just want to do what we want to do and the things that we don’t need to do or have to do we just put off.
It was probably different when we were younger because we were forming families, making house payments, car payments, putting our kids through school, and other responsibilities.
Now, we no longer have those same responsibilities for others, and all we really have to take care of is just ourselves, and maybe a spouse.
Things changed and we came to a point when we really need to decide if we were going to pursue something we could be passionate about. Otherwise, we weren’t going to do it.
Or if we would generate passive income we’re not passionate about.
I’ve taken a couple of income ideas that I thought might be of interest to you because a lot of people don’t know that these things are available.
Example 1: Did you know you can actually own a cash machine?
It’s true. Private ATM machines are available and they generate cash flow for their owners.
Private ATM machines have a market value. You can get them already installed and in place. They regenerate cash they already have. (That’s some kind of return on that particular investment!). You simply buy them, make sure they are stashed with cash, and generate an income from them.
Other things might be important to you. Maybe you don’t like being in one place all day long; maybe you’ve spent 30 or 40 years in an office and that’s driving you crazy, and you really would like to get out on the open road, visit places, and talk to people. In that case, owning a Fed Ex route might be the perfect solution for you.
Again, many people don’t know that you can actually buy a FED Ex route. Certain routes and certain operations within the FED Ex organization are company owned; however, other routes such as FED Ex ground and FED Ex home delivery are run by independent contractors. They are private individuals who own the trucks and run the routes. In many cases, a lot of them have a number of routes. In fact, most of them get up to about 5 or 6 routes and have enough volume that they can hire a manager to run the operations and control the drivers. Many also hire drivers.
These are just a couple of the passive operations to generate income. If you want to drive the truck yourself, then your income would become non-passive.
These are the type of opportunities that are available to retirees. In my case, I kind of did a full 180. I went and looked at a lot of different types of situations, and what I realized was that the teaching situation was attractive to me. I like to talk and I like to try to educate people about things that might be available. So that’s exactly why I did this website.
I want to talk to other people just like you, just like me about opportunities. I’m trying to educate you about the things that are available to you and could possibly change your life.
So, that’s all what I wanted to talk about today. Hopefully you found this somewhat interesting. Next week, we are going to start some additional interview processes with some people who I think you are going to find very interesting. I will see you next week.
Please make sure that you check the note session below, we’ll have additional links available, as well as access to information that we think that you’ll also find informative.
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