SENIOR FINANCES... often a source of concern for baby-boomers and seniors...
Are senior finances a big issue for you?
They surely were for me over the past decade or so.
But mostly, I'm getting control of expenses, and I've found a retirement haven where my $$$ stretch...
I’ve come up with 2 strategies… likely you’ve seen them before!
#1: Cut Back on Expenses
Eat cat food and live in a cardboard box under a bridge… not bloody likely!
#2: Start a small business
I can just hear your response!
“Garry, are you frikken insane?
Can’t be done at my age!”
Hang on… both are possible!
Plus, the way I do these means a far better life for me.
Could you make these work as I did?
MY SENIOR FINANCES STORY
My relationship with money was a poor one! And many terrible fiscal choices, early in my life, meant a minimal pension at age 65. My divorce at that point didn’t help…
I sucked it up and looked for ways to live better.
The first thing I did was to get my mind around the intricacies of finance, accounting and the like.
What I found was:
ALL THE FINANCIAL ADVICE IN THE WORLD IS, BASICALLY, WRONG!
THERE ARE ONLY TWO RULES OF FINANCE I NEED TO REMEMBER!
If it puts money INTO your pocket, it is an ASSET
If it takes money OUT of your pocket, it is a LIABILITY
My advice is to memorize these, and don’t pay any further attention to the “experts” in the world...
Find out more about assets and liabilities... watch the video below
SMART PERSON ALERT...
KEEP AN OPEN MIND... because... you will have problems accepting this in the beginning...
SENIOR FINANCES... MY SUCCESS
The biggest money-sucking liability you have is your HOUSE!
However, I found two easy ways to turn it into a real asset…
#1: Rent out part of your house and live in another part
WARNINGS: this can be a royal pain-in-the-ass
- Identifying the deadbeats from worthwhile tenants
- Find a decent accountant who understands seniors, rental property, taxes, deductions, and all the rest.
- Keep good records
#2: Take out a HELOC on your house, rent the whole house,
and retire to another less-expensive country,
living off the equity you’ve acquired, plus whatever rental income is profit.
The same warnings apply.
more about HELOC
I SIGNIFICANTLY reduced my living expenses by semi-retiring to Thailand, for several months each year.
Another benefit is that I no longer have to live through a Canadian winter!
more about senior retirement
I also started a business that operates online.
I found a host for this business
whose main aim is
to ensure that their clients make money!
I am just so impressed with how they have structured their approach to online businesses, the business tools that are included, and the advice they give so freely.
I urge you to really explore the possibility of a business that operates online…
Stay away from the FREE business websites that abound.
I guess that with my pension, house rental, online business, and retirement in the exotic, inexpensive and safe country of Thailand, I can say…
I’m actually living “the sweet life!”
I bet you are the type of person who likes timely advice... delivered with a bit of humor?
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