Recently, my readers provided some valuable answers to questions I posed about what gives them angst and sleepless nights. Having enough money doing what they want to do in retirement seemed to be a common theme. Money Worries In The Third Age will explore why those worries arise and what to do about them.
Why Money Worries Arise
- You are healthier than generations past and you have discovered how to maintain your good health as you age;
- You know that people are living longer than our financial advisers suggested when we put our retirement plans in place;
- You can see that the cost of living goes up faster than our pension adjustments do;
- You may not have a stable pension income, or it is much less than your living costs;
- You want to leave an undesirable job situation but are afraid to retire because it would mean such a reduction in lifestyle;
- You may still have family dependent on you.
How To Generate Extra Income
A few years ago now, in our Embrace Aging Hangout On Air series, my colleagues Sue Ferreira, Nancy Crites and I had an interesting conversation about this issue. Finances For A Third Age is about 30 minutes in length and is well worth a watch. You will note that time stamps are provided to the most important ideas in the video below.
Our conclusion? We must discover a way to generate passive income. It’s going to take some learning and some work initially, but when we are in our 80s and 90s it will just require oversight.
0:00:41.930,0:00:48.860 – The Question – What would happen to you financially if you live to be 100?
0:00:41.930,0:00:48.860 – More than one stream of income
0:07:06.219,0:07:12.520 – Generate passive income
0:07:54.099,0:08:01.589 – Define passive income
0:14:13.850,0:14:19.040 – Sue’s online survey that indicates Money is a worry
0:16:45.660,0:16:55.190 – Money Beliefs
0:20:45.059,0:20:48.900 – Will I be able to retire?
0:21:26.220,0:21:35.280 – Freedom 99- not Freedom 55
0:23:37.440,0:23:44.009 – What we need going forward
0:24:10.940,0:24:17.039 – Alvin Toffler’s quote from Future Shock – about future illiteracy
0:26:03.150,0:26:09.930 – Materialism
0:29:41.280,0:29:46.110 – Money is just a tool for getting what we need
0:31:11.549,0:31:19.610 – Picture where you will be at 120 years of age.
If you happen to have an interest in creating an online business, you can check out Wealthy Affiliate – an online training platform that you can explore at no cost. (Full disclosure: Please note that I receive a commission when you use this link)
This Mindset Monday post (arriving on Tuesday this week) is presented by LowellAnn Fuglsang, Business and Career Coach, especially for solopreneurs.
In my workstyle-lifestyle coaching work I love helping solopreneurs find direction, stay motivated and build systems that both support and promote their business. One support that I like to emphasize for them is the Google experience. Two great places to begin are my Weekly Being Your Own CEO Success Circle and The Portable Business Coach (a tool that will tell you where you need to put more time and energy)
Please leave me a Review on Google Maps Here