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This Is Like Having Another Million In Retirement

Increase Income before Retirement Tools https://retirecertain.com/wealth-buil... This is not to be taken as personal financial advice. Financial author Camille Gaines shares how to increase income before retirement What if you had an extra $1,000,000 in retirement? This is so doable. When I first realized the strategy I’m going to show you in this video, I was blown away. Hi my name is Camille Gaines. Welcome to Retire Certain. This channel is all about helping people maximize their skills, passions and savings to create diversified income streams and build wealth so they can enjoy life. First, a little background. Most traditional retirement planning is a plan to withdraw 3% or 4% from your investment savings every year to live in retirement. This amount will be increased for inflation every year. Here is an example. For a $1,000,000 investment portfolio, the income would be $30,000 a year before considering taxes and inflation using a 3% withdrawal rate. That equals $2,500 a month to spend. Even though this is usually called income in retirement planning, it’s not really income. The reality is that you’re spending your hard earned investment savings but that’s another video. Now, what if you retired at, say, 58, and saw that the $2,500 a month was not enough to live? So you decided to work part time, or do a little consulting on the side based on your career expertise? Maybe you consulted about 6 hours a week and made $100 an hour making roughly $2500 net income a month after very minimal expenses? Based on the retirement withdrawal method, this is like having $1,000,000 to generate income. The math is the same we saw earlier but reverse: $2,500 x 12 = $30,000/.03 Retirement Withdrawal rate = $1,000,000 I can already see the comments. Yes, there are some trade offs but there are some benefits, too. For example, it’s harder to do consulting than it is to simply withdraw your money. But it is also more rewarding and good for your confidence and financial security since you stay marketable. And most people don’t want to work beyond retirement, but many do, or many find out they want to work part time after being retired a few months. Been there and done that. Look at Warren Buffett. He’s not resting on his laurels playing cross word puzzles to keep his mind working. And the income is like withdrawals; you don’t really have an extra million dollars. But what if you invested the extra $30,000 a year into income generating assets that increase in value? You could have another $1,000,000 over the years. Plus, there can be unforeseen upside to starting a side consulting gig. Examples are online global sales for a digital course or virtual consulting group if you start a consulting website, developing software to serve your clients or selling other scalable services. You could get set up on LinkedIn and attract high paying businesses for your work that pay double, triple your $100 rate. Sound too pie in the sky? We did all of these strategies and we’re not really that smart. Later, you can ease into something less demanding than one on one consulting when you’re older or when you want. You may have even developed some marketable assets like software or programs to serve your clients along the way. It’s doable. Been there and am doing that. How could you make $2,500 a month extra? Start small. Test your idea. Shoot for $100 an extra month, then $500, then $1,000. Celebrate your victories along the way. For more on how to make extra money watch this video. Build wealth. Create income streams. Enjoy life. Help me Inspire Others to Live Well in Retirement by: 1. Liking This Video if you enjoyed it 2. Subscribing to my Channel here: https://www.youtube.com/channel/UCcTP... 3. Share this video link on your social media channels =============================================== This is financial education only and is not to be taken as personal financial advice since everyone’s situation is different. Learn personal finance and investing basics so you can embrace and lead your wealth with confidence! =================================================== Camille Gaines Retire Certain Leave a Comment here and I’ll answer it, or connect with me on my blog at: http://retirecertain.com/ Here’s More about Me Personally: About: http://retirecertain.com/about I really appreciate you watching. Thank you:) Joy and Prosperity, Camille Gaines #RetireCertain    • This Is Like Having Another Million In Ret...