Baby Boomers are swiftly approaching retirement and are inside a precarious predicament. Quite a few of us have been working most of our lives and planning for our future retirement with savings, IRAs, 401Ks along with other retirement plans only to drop ? or more in the current economic melt down. And, while the younger generation and even the younger boomers have time to recover monetary losses the 50 to 65 year old boomers are in a frightening predicament. We don?t have another 20 to 30 years to recover our losses. We do not have an alternative but to come up with options for our financial recovery.
Solution #1: Self-Directed IRAs Boomers are taking on far more responsibility for their finances and numerous have chosen tax deferred Self-Directed IRAs to help within the preparation for retirement. In a Self Directed IRA, you are able to make your own investment choices but you have to be self disciplined. Self-directed IRA investing is often a significant responsibility and also you will need to be conscious from the IRS rules. Find a great tax attorney to set up your Self-Directed IRA as well as a trustworthy Custodian to handle the account to prevent expensive blunders.
Resolution #2: Tax Lien Certificates Tax Liens have been around given that 1680. They?re regarded to be a single from the safest investments as well as the returns can be as much as 18% to 25% if the very simple methods of investing are followed. Income are almost guaranteed but do your research. Learn the laws and specifications surrounding tax lien investing within the state or location you happen to be acquiring from.
Answer #3: Tax Deeds During a Tax Deed sale, property is usually sold for the back tax quantity plus fees, interest charges and court expenses. Because property taxes are a tiny percentage of industry worth, investors getting a tax deed can acquire full property rights at a fraction from the industry cost. Yet again, you should grow to be familiar together with the county statutes and Tax Deeds will need to only be bought by critical investors.
Solution #4 Gold & Precious Metals Gold far more than any other metal has withstood the test of time as it still holds high value and today has turn out to be a very popular investment. Gold just like any other investment can prove to be very profitable. But just like any other investment the worth of gold should be researched so that you know when to buy and when to sell. Gold still normally maintains it?s value even throughout economic crisis.
Option #5 Home Based Business A lot of educated professional are leaving the corporate career track and taking ownership of their lives by starting their personal home-based businesses. Self-employment offers responsible and driven individuals rewards they?re not finding in additional conventional career paths mainly because it allows them to take back control over their most valuable resources; their time and their financial resources.
To be clear, each of these options comes with a fair amount of work, with research being the most important but these are the solutions that are working for us. We are diversifying our investments and earning significant returns. We are no longer griped with fear of running out of our retirement money or depending on our children for monetary support. Our long term is exciting and fun. We are on our way to financial recovery.
Being a 60 year old retired Baby Boomer myself, I know firsthand the uncertainty boomers are facing in these economic times. I specialize in transitioning from monetary struggle to economic freedom. Going from hiding from creditors along with a $0 bank account to becoming debt free and financially independent, my dedication to helping others create wealth for themselves is my mission in life. With no school education, only the school of ?hard knocks? I?ve assisted hundreds modify their lives and redirect their paths to economic wealth.
I have been trained by many of the great financial and business leaders of the world such as T. Harv Eker, Brian Tracey, Jim Rohn, Harvey McKay and many others.
You may access additional information through my web site: http://www.FunkyBoomers.com
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.