By age 50 we have lots of things that younger people don’t. Typically, older people have a lot more life experience and some assets. If you’re approaching the age of 50 you need to understand the difference between piles of cash vs. streams of income. If you saved a pile of cash in a retirement account you may have been sold a bill of goods. You may not have enough to retire comfortably.
Think about how many years you can live on what you’ve saved. Many people can live on their retirement for 4 to 7 years. That’s it… and that’s if they’re lucky. Hey, rising prices and everything else that comes with inflation is a harsh reality for those in their retirement years. The good news is that’s it’s not too late to create great streams of cashflow through investing in rental properties! This video explains the process in just 2 minutes.
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Hi, Jay Massey here, with the CashFlowDiary.com and in this video I'm going to explain how to retire by age 50 in two minutes or less.
Now, when it comes to retiring at all, you've got to think about where you are at the stage of life. At the age of 50 you have different resources typically at your disposal.
When it comes to real estate investing specifically, it's one of my favorite ways to talk about building passive income and using assets, is got to have knowledge time money and credit in some form of fashion.
But by the time you've reached the age of 50. You've got a ton of wisdom and you usually have a little bit of assets, and here's to cool thing. It doesn't take a ton of assets to actually put yourself in a position to retire. So let me give you an example what I mean.
You’ve got to understand the concept of piles versus a stream. What does that mean?
Most of us are thinking that hey I've got to save a big pile of cash in order to put myself in a position to retire even at age 50.
Well what if you take that same retirement plan, what if you take those existing assets that you currently have instead of thinking that you have to spend them down.
How about finding a way to make them last a very long time? Here’s what I mean. A hundred thousand dollars is a simple number. But a hundred thousand dollars when you spend it down, my last you maybe three if not four years, depending on the standard of living.
But instead of doing that what if you knew how to take that same hundred thousand dollars and you supplement your income for ten thousand dollars a year, every year without spending this down and keeping it intact.
You can learn to develop a stream of income of ten thousand dollars a year. Well, that simply means now you only have to do that three four or five times and you're ready to go.
And you can do that by age 50 and retire.
Thanks for watching.
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