Making Money Online For Retirement – Earn passive income even after retirement? Or retire early by building passive income Online? Shocking Method revealed!
Making Money Online For Retirement
Hi there, Edmund here.
I have been planning for my retirement since I was in my early 30’s. You may tell me, Edmund, you were still so young and you’ll have at least 25 years of working life before you retire!
You see, I was a financial consultant then and I studied financial planning. I understood this important concept of Compounding Interest.
The most important ingredient for Compounding Interest to work is TIME!
Yup, I have the time that many regretted they had lost when they reached retirement age. Therefore, I started my retirement planning very early at a young age.
Making Money Online For Retirement – If you fail to plan, you plan to fail.
This is a very common phrase that I told my clients when I shared with them about retirement planning as a financial consultant.
Why is it important to plan for retirement?
Did you know that human’s life expectancy is getting longer due to medical advancement?
Do you imagine yourself working beyond 70 years of age so that you can still provide for yourself and your loved ones?
Do you foresee that medical cost is skyrocketing? How about other cost inflation that affects your loved ones such as food or education?
Did you know that some countries are entering the hyperinflation mode at 1000%/year?
Thus, while I have a retirement plan in place, I am also planning for my Passive Income Streams.
In the event I choose to retire and stop working, I would not have to worry about money because I have passive income streams built during my younger years.
My dear friend, if you are serious about your retirement plan, I invite you to read this article seriously.
What I am going to share with you in the next few minutes may help you achieve financial freedom if you plan to retire early.
Even if you have planned for retirement, you may make some extra money while enjoying your golden years.
Alright! Let’s get started!
Making Money Online For Retirement – Plan for retirement
#1 Save and Invest
If you are still young and have the advantage of time, the best and easiest way is set up a regular savings plan.
Set aside a sum of money every month from your income to save and invest in strong and stable funds that pay out dividends bi-annually or annually.
Let Time take care of the compounding effect of interest and the fund’s performance adjusted to inflation in the long term run.
“Save, Invest then Spend the rest.”
Most young adults who just join the working society would do the exact opposite. This is the first time they became independent and earn money by their own.
They can’t resist to many worldly temptations and started to spend and spend. Many fall into credit card debts because of the easy access to their “Future” money!
Therefore, I recommend you to save, invest and then spend the rest.
#2 Purchasing Insurance
Insurance is a very important safety net.
It is like a parachute. When you need it and you don’t have it, you won’t need it anymore.
Insurance to cover for:
- Life is to provide for your loved ones financially in case you leave for heaven unexpectedly.
- Critical Illness is to lessen the burden for yourself and your loved ones financially when you need expensive treatment for your illness.
- Medical Expenses is to lessen the burden for yourself and your loved ones financially when you need expensive treatment and long stays at the hospital.
Therefore, I recommend you to speak to your financial consultant to get yourself covered in the above areas.
#3 Purchasing Annuity
If you do not have the advantage of time or you are reaching your retirement age.
You could use a part of your savings to set up an Annuity Plan, so that at the specified age of your intended retirement, you will start receiving a monthly payout of between $100s-$1000s.
When you are setting up your annuity plans, it is important to consider the inflation cost and the value of your future money too.
#4 Build Passive Online Income
This is an option for anyone from young to old.
Setting up an Online Business in not an easy feat but with hard work and dedication, one can see results in less than one year.
This is why it is a viable option to start an Online Business for the young and the old. They could be college students, working professionals, stay at home mums and retirees.
Now the tide has turned because Time has become the advantage for the retired. They can focus on their Online Business full time, without the worry about their family and work.
Thus, making money after retirement full time!
Making Money Online For Retirement – Getting Started.
As a student of Wealthy Affiliate University, I am learning from the excellent training, using the tools, building relationships with the community and at the same time host my Online Business website there.
It is extremely difficult for me not to recommend Wealthy Affiliate University to you.
Because I have never seen another place anywhere else that pieces these 4 core elements together such elegantly that they work seamlessly with one another.
There are many scams Online and I have fallen into their traps before.
I have wasted a lot of time and money looking for an authentic and legitimate ways to make money Online.
Leverage on my losses and head over to Wealthy Affiliate University to check out their FREE* Online Entrepreneur Certification (Level 1) program.
This course is provided free* of charge so that new Online Entrepreneur could have a taste of what is Online Business about and experience the training, tools and community within the academy.
Making Money Online For Retirement – My Story.
I started my Affiliate Marketing business in 2014 and never looked back since.
Wealthy Affiliate is where I learned how to build a Successful Online Affiliate Marketing Business right from the fundamentals.
The best thing about Wealthy Affiliate is that I could start learning how to build my Online Business Passive Income with ZERO prior knowledge on Affiliate Marketing.
Not only that it comes with complete tools and Website building and hosting suite, Wealthy Affiliate comes with live support and help from the owners and the community.
It’s also an all-in-one platform with a fixed monthly fee, and you do not have to worry about other operation costs.
You can even test-drive it first with FREE* Starter Membership in the next few minutes!
I have written a comprehensive Wealthy Affiliate Review and perhaps you can find out more from there.
Making Money Online For Retirement – Wealthy Affiliate Member’s stories.
These are great articles posted by Wealthy Affiliate members and you may be surprised by the wide variety of topics discussed there.
I recommend you to read them:
Supplement Your Retirement Income with WA by Sharon
Working After Retirement Age Could Very Well Become a Fact of Life by Darrell
Lastly, I hope you have enjoyed the article and learned something useful for your retirement plan.
Wishing you the best!
*Please note that some countries are not able to join as FREE Starter Members due to Wealthy Affiliate University’s Anti-SPAM policy.
Hi, Edmund.
As someone who is quickly approaching retirement, I’ve been contemplating different ways to make an online income that will supplement my pension.
You mention Wealthy Affiliate as one possible program to achieve this. How exactly does this program work and is it reasonable to think that I can earn a substantial amount of money by using it?
Thank you.
Hi, Bimmerguy.
Thank you for dropping by my website and you have some great questions there.
I have written articles to address these questions before. Please read the following.
The 4 Core Elements of Wealthy Affiliate.
How long does it take to make money with Wealthy Affiliate?
Wealthy Affiliate Income Proof.
Finally, read My Wealthy Affiliate Journey.
I hope these articles will address your questions and concerns.
Use the Free* Starter Membership to explore Wealthy Affiliate and chat up with the community, I am sure you’ll get more insight when you are in there.
Feel free to contact me if you need a hand in anything too. 🙂
Wishing you the best!
HI,
Thanks for this post. This really got me thinking about my retirement and asking myself if I’ve done enough planning.
Starting an online business would in fact be a great way to earn money in retirement. You can work from home doing something that your passionate about.
Thanks for the info.
Robert
You are most welcome Robert! I am glad that this post has created values for you. 🙂
Most of the young clients I met as a Financial Consultant always tell me that it’s too early for them to plan for retirement. They have forgotten that they have the most precious assets in their life which is Time.
Time allows us to do a lot of stuffs.
E.g. If you invest your time in Online Businesses, the returns are multiple passive income streams. You could retire early and do the things you like or enjoy your golden years with leisure without worrying about bread and butter on the table.
If we invest our time meaningfully, the returns when we get older are really great!
Wishing you Success!
Hi Edmund!
Great Post! I like many others, am nearing retirement age (or should I say, what use to be retirement age), but am not fortunate to have much of a “nest egg”.
I am very careful with my money but know I need more!
I’m finding that the physical work I use to do harder and harder as I get older, and want to get into something that won’t be wearing on my aging body.
I really like the idea of earning from online work – now that’s something I can do no matter what!
When signing up to the Wealthy Affiliate program you talk about, is there anything else I should get, or will they supply me with everything I need?
Thanks
Hi Jo! Thanks for your comment and a very good question.
Yes, the retirement age is creeping further and further from us for the past decade. Even in Singapore, our official retirement age is 62 years old now, but re-employable up to 65 years old. Maybe going up to 70 years old a few years down the road?
Online Business is definitely going to take time and effort, but yes, no physical work. Merely lifting your fingers and typing on your computer or mobile devices. 🙂
I agree with you that we must be careful with our money. There are many Online Scam gurus who preys on honest people who want to learn how to make money Online. Do not fall into their get rich quick scams.
Now to answer your question. Yes, when you sign up to the FREE* Starter Membership, you are provided with FREE* Online Entrepreneur Certification Course (Level 1) and 2 FREE* websites with siterubix.com as subdomain. You may wish to purchase your own domain name later at about $10/year. Nevertheless, you are ready to start your very first Online Business with these provided!
Of course the FREE* starter membership provides the basic and fundamental of starting your online business. If you want to bring your Online Business to the next level and have a head start over your competitions. You’ll learn more advance knowledge as a Premium Member.
Last but not least, these are just hardwares of Online Business, you’ll need commitments too for your Online Business to succeed.
Wishing you Success!
With my own retirement coming up soon, I found this post to be very timely. I am a new member of Wealthy Affiliate University and I can verify that your comments about Wealthy Affiliate University are right on the money.
I also have wasted years and too much money on scams. But now, I am convinced that Wealthy Affiliate University will help me to finally succeed and make my retirement more secure than I could have imagined just months ago.
Great job and thanks for writing this!
Tom
Hi Tom, thank you for sharing your own experience with us here too.
Yes, many of us had chosen the wrong person/product to follow before, resulting the lost of time and money. We learnt from our mistakes and became smarter. 🙂
Wealthy Affiliate University is definitely the right place for all to start learning about making money online and grow personally and financially.
Wishing you Success Tom!
You really got me thinking outside the box on this one. I’ve always wanted to start an online business but never thought about it as a safety net for retirement. An online business can be there forever and provide that extra income or sole income when you stop working. I love this angle, thanks for making me think today 🙂
Hi Brian, you are most welcome!
You are absolutely right that an Online Business could be a safety net for retirement once you have successfully created the streams of passive income from your Online Businesses.
It can even be a legacy that you could pass down to the next generation!
Wealthy Affiliate University is definitely the place to learn how to get started. Take action and your future will change. Remain inactive, your future will still be the same.
Wishing you the best!
I wouldn’t say this is necessary “After retirement” for me, but it’s definitely so I can retire.
I think that the internet is the new world to start being involved in. Think of the world wide web and earth as two separate places you’re living in, and the concept of building a business online makes more sense.
Because, in a sense, the internet is a whole new world to be marketing on, you can essentially be whoever you want and do whatever you want! I love it!
Thanks for sharing!
Matt TheDopestMatrid
Hey Matt, thanks for your comment.
You do not need to be a retired then start thinking of making money after you retired. If you are young and abled, you should start to think about your own retirement by building your portfolio of passive income for when you are no longer able to work.
The best thing about Online Business is exactly you can do whatever you want base on your passion! A great thinking you have there!
Wishing you Success, Matt!
This arrticle is very informative Edmund!
I personally have met some retired folks in my local area that are passionate to make money for their grandchildren. Some of them are doing direct-selling which I think difficult to earn a living.
Having an online business would be much easier compared to the traditional approach where sometimes you get rejected by the society. Besides, the cost of having one career through the Internet is fairly affordable for anybody. 🙂
Hi Edy,
Yes, grandparents are always doting on their grandchildren. 🙂
I agree with you that direct-selling (MLM) is quite difficult and physically hectic for older people with all the chasing after people and doing product presentation.
MLM is famous for causing broken friendship, sometimes, even a bad relationship among families or relatives.
Online Business, on the other hand, do not cause all these unhappiness. You can just focus on your passion and work from there.
At Wealthy Affiliate University, you will be guided step by step on how to build a successful Online Business that generate passive income for life.
Thanks for dropping a comment, Edy!
Hi Edmund.
I consider the internet marketing one of the most incredible option for people of every age. I am glad I became familiar with it in my 30s… And as you said, if you work hard you can see a good result in a matter of 1 year by building a solid foundation with your website.
I have started with wealthy affiliate as well and I am really happy to work for myself every day. I appreciate that people like you share this great community and give hope to so many people.
Hi Stefan, thank you for your comment.
Indeed, Internet Marketing is suitable for the young and the old. However, not everyone is willing to work hard and determine to succeed. This is a reality.
Wealthy Affiliate’s Online Entrepreneur Certification Course (Level 1) is free*, thus allowing anyone to experience the gist of website building and how to run an Online Business. And if they are serious and committed, they can upgrade to be a premium member.
I am really glad that you have found Wealthy Affiliate and I am sure you can be successful!
Wishing you the best!