Cheap Retirement Living

Posts Tagged ‘salary’

Passive Income – Make Money While You Sleep!

Passive Income is money that you make from work you did once, yet you keep making money without any or much further activity on your part. Royalties from books, songs and movies or dividends from investments in stocks and bonds are all examples of this ideal source of retirement funding.

Most of us earn our living by exchanging time for money. Our time for the employer’s money. During the time we give the employer we perform various actions on their behalf. This is a finite method of income earning because we can only work so many hours in each day. Even if we billed for being on call 24/7 at a great hourly rate, there is still a cap on our earning potential dictated by the number of hours times the hourly rate.

If we owned a business where we charged out other people’s time and took a percentage of that income then we can multiply the income by the number of people working for us but we are still limited by the number of available hours and the hourly rate. Then we have to deal with the personnel issues that will arise. The more personnel you have earning you income, the more issues that will arise. And we are supposed to be retired, remember?

The solution is to earn passive income and when we consider we are exploring ‘cheap’ retirement living then we don’t need a great deal of income, passive or otherwise. A part time job might do the trick but again we are swapping time for money. Wouldn’t it be better if we could invest some time and effort now, and then enjoy the continued income that time and effort generates for weeks, months even years to come?

That is Passive Income. Click on the links below to get some ideas and direction on various passive income

SAVING MONEY – Not Quite The Same as Making It!

Saving money is important to all of us and more so to those who are keen to develop habits that facilitate their cheap retirement living. There are two ways to save your cash; directly or indirectly.

Directly means you take cash and you save it, either in a bank account or under the mattress or some other form of secure holding. Earning high interest and ‘making money’ from your savings is not the immediate goal here but it is something you should keep in mind. What is most important at this stage is to start the saving habit as soon as possible. When the time comes that you have enough saved to make it go to work for you, simply visit the pages of this web site that cover that topic.

Indirectly means not spending money. If you can avoid spending what you have worked so hard to gain then that is as good as saving it in a piggy bank for a rainy day. We will look at many ways you can save money by not spending it in the first place. You might be surprised how a few minor mindset adjustments can have you saving thousands of dollars every year and enjoying the process.

Making Money Is All In The Mind

Making money for retirement or when you are retired is not impossible and it can be both lucrative and fun. The secret is hardly a secret at all. It is how you think that counts. If you think you can’t make money then you are 100% correct, you won’t make a penny. If you think you can make money then you are also 100% correct. You will make money.

The only variables will be how much and how fast.

This section of www.cheap-retirement-living.com will explore the many avenues open to all of us to make an income either for retirement or while we are retired. I dedicate this section to an old friend, John Martin. John died on Christmas Eve, 2005, aged 75. He was not quite penniless but he was close. Yet not so long before he died he truly was penniless and was once again on his way back up the ladder of wealth and abundance. In fact John had made and lost several small fortunes over his life time. His saving grace was the fact that he never gave in and he never gave up!

Another secret passed on to me by a man who has retired yet continues to make a living while living on an island paradise is this:

“You don’t need to make $1000 a month from one source. It is easier to make $100 a month from ten sources.”

So adapt that to however much you want to make every week or month and then break it down into manageable chunks. Follow the links below to a vast amount of information, links and resources that can inspire and motivate you to reach for those goals.