Passive Income is the New Retirement – Are You Planning Now?

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I’m a baby boomer.  To any of you out there who are part of the younger generation, you are in a prime position to create great wealth and freedom, if you start now.  And, if you are a baby boomer, and did not create the BIG retirement that you dreamed of, you still have the opportunity to make it happen, in a very short time.

When I was growing up, we were taught to get a job, save money, put your money in retirement accounts, retire when you are 65ish and spend your remaining years going on cruises. I, on the other hand, decided to become an actor.  I was a woman, and women expected to marry some guy with all of the above, so I didn’t think much about it.  The result:  Unpredictable income.  I would make a large amount of money, then be off.  If I was lucky, I  made an average of minimum wage.  Not much to retire on.

At the age of 47, I became a widow.  I was married to someone in the film industry.  Same unpredictable income.  No savings and a small life insurance policy.  At that point I discovered the possibilities of passive income.

My daughter just graduated from college and now has a great JOB.  That is what school is for.  It prepares students to enter the job force.  There is nothing wrong with that as long as your JOB lasts. But, in addition to a JOB, I think it’s important to develop passive income streams, to create financial freedom, so that you can truly enjoy life when you get older. 

What many young people do not understand, is that at a certain point in your life, it is much harder to get a job.  Ageism DOES exists.  Who knew?  Recently, however, I have met many young people who completely get it, and are working to make up for their parent’s short sightedness. Yes, even those with the 401 K’s that have dwindled down to nothing.  I just had coffee with a guy dressed in a sharp suit, who had an extremely professional demeanor.  I was almost floored to find out he was only 20. He already has a financial services business and has been quite successful.  Katie Freiling, a 27 year old woman, created a quarter million dollar income per year on the Internet in only 2 years. She is definitely someone to watch and follow. 

My advice: Take 10 percent out of everything you make and put it into a fund you do not touch that generates some sort of interest.  Use the interest money to invest into businesses that create passive income.  You may have to start with a JOB, but the object is to have the passive income pay your bills.  For excellent guidance on getting your financial mindset in order CLICK HERE.

A few years ago, people invested into stocks and real estate.  Smart investors still do, although it is quite volatile. You have to know what you’re doing.  Fortunately, people are creating huge passive income streams, on the Internet, and offline, in various types of businesses, and other ventures.  The list of possibilities is endless.

As I watch people in traditional brick and mortar businesses, close up their shops and downsize their lifestyle, but are still resistant to use these resources, I feel sorry for them.  Opportunity abounds.  Figure out what your passion is, and then create a business that will bring you continuous passive income, so that you can enjoy all that life has to offer.

As a business connector, I  assist entrepreneurs by connecting them to those who will help them pursue and monetize their passions.  If you are such a person, please go to my contact page and send me an email.  I would love to hear about your project and assist you in any way I can.

About Rebecca Olkowski

I'm a 30 + year voice over actor, blogger, WordPress Blog Consultant and a gal who loves to have fun. I'm on a mission to travel the world in style. Can you give me a lift?