I recently read an excellent  US News & World Report article Keys to Starting a Business in Retirement. In the article Matthew Bandyk highlights five keys to consider when thinking about a retirement business. Click here to read the article.

While the article  talks about starting any retirement business after you retire I think there is a big difference between starting a brick and mortar business and building your own internet retirement business which can be run from home or any place you may traveling.

There a lot of other advantages to owning and operating your own internet business before you retire and it is beyond the scope of this post. If you would like to learn more about how to go about starting your own retirement business go to Building Your Own Internet Retirement Business to learn more. The information is comprehensive and informative.

What do you think about starting your own internet business before retirement? Your comments on this blog will be informative and helpful to me and to others.

To your success.

Two Strategies To Retire Early

This message is for the young adults who have suddenly realized that they have to start thinking and planning for retirement (forced or otherwise). This realization usually comes about for most after they have settled into a lifestyle which includes a family, a career, and the realization that they have to have a plan beyond working at a job.

Some will get financial advice and begin to start saving using current financial products like Ira’s, 401k’s etc. This is what I call the traditional retirement planning method. Others will invest in stocks, options, bonds, etc. and run their own self directed accounts. But many will do nothing and spend all their income on day-day expenses saying “I’ll start saving next year.”

Today I would like to propose a different approach to Retirement Planning. It is a two pronged approach which includes the following:

• Traditional – save 5-10% of your gross salary using IRA’s, 401k’s etc.
• Invest in building an Internet business for retirement

The traditional approach is making sure you are putting away a fixed amount each paycheck, which is invested for your future. The higher percentage you save the better. You might be saying “But I need that money for day –day expenses”. In the beginning that may be true but change your lifestyle to find the money. Believe me it will be well worth it and after you have done it for a few months you won’t miss it. 

Ok, let’s do a little dreaming. Supposing you followed the recommendation above and you religiously saved 10% of your income starting at aged 30. As the years went by your salary grew and your retirement investments continued to grow as well.

You also started your own internet business at the same time. You invested your time and money building your internet business while holding a full time job and raising a family. Was it hard? “You bet it was” But you rationalized it as continuing your education by going to school at night.

You struggled for 4-5 years but during that time you became proficient and in some areas you even became an expert in operating an online business. The business grew to the point where your salary was greater than the salary from your job. Is this a fantasy, no.  Is it possible, absolutely.

Now think about the possibilities at this point. Here are just a few.

·        You could decide to work your business fulltime

·        You could continue to grow your business and increase your wealth

·        You wouldn’t have to worry about your retirement income because your business provides a continuous cash flow 24/7.

·        Your income is not dependent on a job that is dependent on someone else’s business

There are many other possibilities; you just have to be open to them. New business opportunities on the internet are being identified every month and once you have the knowledge and expertise you will be in a position to take advantage of them because you invested in your future five years earlier.

A word of caution, I have been talking about a successful internet retirement business. In order to be successful you need a comprehensive understanding of the business and it requires an investment in the business and in yourself. Find out more. Click on Building Your Own Internet Retirement Business.