Here is the big misconception…
My generation, 40-50year-olds, believe that the pension income will be enough for us to maintain our lifestyle in retirement.
The truth is quite the opposite.
We Are In Retirement Crisis
A recent research conducted by the International Longevity Centre UK concluded that:
One in three people is at risk of reaching retirement with inadequate incomes!!!
Many finance experts, including the bestselling author and educator in personal finance Robert Kiyosaki, are signaling that we are in the early stages of the greatest retirement crisis in history.
The pension funds can’t keep up with the rapidly changing economy and will not be able to fully pay our pensions when we reach the retirement age.
As the world is aging hundreds of millions of elders worldwide will slip into poverty. The global population aged 60+ in 2017 is expected to double by 2050 to reach nearly 2.1 billion.
Therefore, we can not just sit and wait, relying on our pensions to feed us and pay for the medical care in our elderly years.
Creating a reliable, low-risk income stream should be a high priority for everyone who wants to secure a decent retirement.
The Ant And The Grasshopper
Of course, I knew this already for some time.
Like many others, I was not willing to accept the fact that I am aging and kept postponing thinking about my retirement.
I was secretly hoping for a miraculous good fortune without the need for me to take action or accept responsibility for my own future.
You probably know Aesop’s fable The Ant and the Grasshopper. While the grasshopper has spent the summer singing, the ant worked to store up food for winter. When that season arrives, the grasshopper finds itself dying of hunger and has to beg the ant for food.
Which character of the fable do you identify with now?
No doubt about that, I was the Grasshopper, ignoring the retirement information altogether.
Until the expensive sickness of my mother and the devastating effect of the pandemics made me realize how fragile my finances were today.
Moreover, I had no reason to expect this was going to change for the better in the future.
I was mistaken not to plan for the future, but I realized I could fix this by educating myself and taking massive action to create additional income streams.
Here is what I have done so far to secure my financial future.
Financial Education
I didn’t have any formal education in economics, finance, and how money works. So, I started reading books and following different courses to learn about them.
Robert Kiyosaki’s bestseller “Rich Dad, Poor Dad” changed my perception of money and showed me that 9 to 5 jobs are not going to produce a reliable retirement income for me.
I have written a short summary here …
Another book I want to suggest for starters is the financial world is
“The richest man in Babylon” – by George S Clason
One of the wise lessons from this book is to start putting aside one-tenth of your earnings in order to accumulate wealth with time.
The next step is to learn how to make it multiply.
But what if you currently have no wealth to multiply yet?
What if you are like me, just waking up from the mental Grasshopper mode and at a certain age already?
Don’t worry my friend, but make sure you take decisive action.
I didn’t have the wealth to invest and multiply, but I did have time and willingness to learn new skills.
This is the reason I decided, next to reading books, to join a community of digital entrepreneurs and learn firsthand, how to generate additional income online.
I must say, this was the best investment in myself and my future I ever did!
Digital Business On The Side
Yes, there was a steep learning curve at the beginning.
With time and the help of the community, I have figured it all out. Now, I have a reliable, additional income.
More importantly, my growing digital business, which I run in my free time, is easily scalable.
Therefore I can earn enough additional income to replace my salary if I wish to do so.
If you haven’t done anything to secure your comfortable retirement so far, or haven’t been successful in accumulating wealth, start educating yourself on the many digital opportunities.
I feel much more confident about the future today!!
I have diversified my income and developed future-proof skills that might even accelerate my retirement and significantly shorten my daily work hours.
Take Action To Secure Your Future
If you want to thrive and leave your life to the fullest, adaptability and taking action are the key ingredients.
Just going with the flow will not be sufficient.
The do-nothing approach may have worked for the baby boomers, but it is very unlikely to do the same for us.
Create a buffer for the winter days like the Ant from Aesop’s fable, and enjoy the peace of mind that comes with knowing that you and your family will be safe and taken good care of.
“The best time to start securing your retirement income was 20 years ago. The second best time is now.”
Take massive and decisive action now!
Learn more about the opportunities of creating an online income stream. Achieve financial independence and freedom to live life on your own terms!
>> Click here << for a list of books that recently influenced me profoundly and are today part of my body and mind.