A Late Start
According to the 2022 Survey of Consumer Finances, the median retirement balance for people age 55-64 is a mere $185,000 (NerdWallet.com). I didn’t start saving for retirement until after a career change in my 40s. We’ve come a long way, but are still far short of where we want to be.
Good, But Not Good Enough
Like many, I thought real estate would be the answer.
We bought some rental houses and they’re doing alright, but we’ve realized they’re not going to get us to freedom and independence fast enough. If you’re already 50+, then real estate, dividend stocks, and other common investments take way too long to grow to significance. I don’t have time to dollar-cost-average my way into the golden years, and you probably don’t either. You need a way to kick it into high gear.
A Better Way to Fund Your Dream Life
If I could do it over again, I would take a different approach – and I’m doing it now. I would build or buy a business to generate additional income to fund the life I want. I would focus on creating significant revenue streams as quickly as possible rather than try to build wealth little by little.
If you have a skill, talent, aptitude, or ability, why not start your own business? Or buy an established small business and take it to the next level by improving processes and technology. Why build someone else’s business and wealth when you could build your own? Don’t settle for disappointment and regret. Take control and build the life you want.