Creating a Retirement Plan when Self Employed (or without Benefits)

KristenAnne By KristenAnne, 30th Dec 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/3rghzqmz/
Posted in Wikinut>Business>Investment

How to turn an investment of $20,000 into $20,000 with minimal risk for retirement or large future purchases.

Creating a Retirement Plan when Self Employed (or without Benefits)

It is so difficult to save fore retirement, it seems like it's so far off in the distance and before you know it you're ready to retire. Some of us are fortunate enough to have retirement plans and don't have to worry. I always value a lower paying job higher if it offers benefits as it will pay off in the long run.

They say you need over a million dollars to be set for retirement so how do you save up that amount of money when you are self employed or don't have benefits? And what do you do with the money you do save? The accounts and options can be so confusing.

How to Earn Back Ten Times Your Investment

So I will share with you my retirement plan and how I plan to earn ten times back on my savings with a very minimum risk. Yes if you read that you are thinking earning ten times the amount is impossible it must be a scam but I assure you it's not. My plan is to invest in real estate.

Even with the inflation rate alone investing in real estate is good but what if you invest in a rental property that pays the mortgage off each month, then the only investment you will need is the down payment. 10 - 20% of the cost of the building and the mortgage will practically take care of itself with monthly rental payments.

Now I'm not going to pretend that purchasing a rental property is not going to be without headaches. What in this life worth doing is? You will have to deal with unfavourable tenants, insurance, maintenance and repairs. But other than throwing all your money away on a horse with 10:1 odds is going to yield you such a high investment on your return?

In my next article I will tell you how to save up the money to invest.

Start making some extra money (for your down payment) by writing for WikiNut You can join here.

Tags

Doubling Your Money, Future Planning, How To Plan For Retirement, How To Retire, Investment, Retirement, Retirement Fund, Retirement Plan, Retirement Plan For Self Employed, Retiring In Canada, Self Employed Retirement

Meet the author

author avatar KristenAnne
I'm a mother of one gorgeous baby girl I like to call Boo and also help my husband run a home improvements business. I like to write about business and saving money and the humour of everyday life.

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Comments

author avatar Retired
1st Jan 2013 (#)

Thank for share Very intereresting. will wait for your next article..

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