We’ve all heard the statement, “Money doesn’t grow on trees.” It was conveniently used to warn us, or admonish us, about our spending habits. Parents were especially good at throwing it out when the kids wanted something frivolous, like designer jeans or a TV in their room.
The truth is, there is no money tree. But there are ways to grow more dollars for your retirement fund, before or after you quit your job. Let’s face it. The fixed income most people have doesn’t keep up with inflation. And seniors are the fastest growing demographic. We need to plant that tree sooner, rather than later.
A simple but exact plan will give you an accurate picture of what you need. Today there are numerous ways for seniors to add cash to their wallets. The first step is to calculate your situation, so you can determine what options are right for you.
Steps to planting the seed.
You have to know all the facts.
Get out your calculator, papers, statements, tax records, budgets, financial records, social security information, pensions – anything with information regarding your finances.
First, determine your assets. Exactly what do you have now and what comes in monthly? You can do this on your computer or use paper and pencil, but be diligent. This is tedious, so do it in steps – every evening for an hour, or whatever works. If you find yourself starting to guess at numbers, set it aside. This needs to be accurate.
Write down monthly income from every source. If numbers change from month to month, figure an average. Add totals, then multiply by 12. Enter in two columns – monthly and yearly. This is your basic work sheet.
Figure your expenses and list them in categories. These may be insurance, food, rent/mortgage, entertainment, travel, car expenses, etc. Decide on your own categories, but include everything. I go through my checkbook and credit card and bank statements. If I use cash, I jot down what I bought and include it. I know this sounds picky, but when you see at a glance where your money goes, you’ll have a better idea where you can save or tweak it.
The big picture. Go over your results carefully, and get a feel for what your interests and skills tell you.
Time To Plant The Seed
Outline several options for growing more money. In fact, take your time, and make notes. This is a huge, life-changing decision, so give your money tree the best possible start.
I know I hammered away at being very diligent, but there’s always room for tweaking and revising. The point is that you’ll devote a lot of time, energy and some money into your cash flow plans. The smoother it goes, the better.
Single women have issues to overcome that can derail them or hold them back. Many senior women are living on very limited budgets, and have less work/credit credentials than men. Getting a loan can be daunting. Here’s a link to a resource for you.
You can begin your search for options right here on my website. Check out a couple of my other blog posts that give information and links to women’s issues and earning money. Here is the link to the website.
Women Startup Business Solutions – resources for getting money
Best Money Advice For Stressed Seniors – options for a cash flow
Best Part-Time Internet Job After Retirement – the many ways seniors can utilize their skills and interests
There are more. Just click on the above link and surf around.
When I realized I needed an income, I chose writing and affiliate marketing. I began by writing two books about grief and loss. Now I concentrate on blogging and copywriting. I concentrate on issues confronting seniors, as we retire and learn to embrace change. I love doing research and sharing it with everyone.
Affiliate marketing is a new learning curve. My training is with Wealthy Affiliate, a business that teaches, supports and connects people with businesses and with one another. I did a lot of research before I signed on, and find it to be positive, trustworthy and really excellent training. Lessons are on video, with hands-on assignments. The best way to learn and retain. Here’s a logo. If this business idea interests you, check it out. If you want a link, please contact me.
Growing the seed, once it’s planted, is all about being attentive and nurturing. Millions of retirees are in various stages of building businesses and adding cash to their retirement funds. It takes time, but the journey is worth it. You’re worth it!
If you found this post to be informative, give you ideas, encourage you, or if you have questions, please leave a note. I would love to hear from you.