How to Augment Your Nest Egg

How to Augment Your Nest Egg

Who doesn’t want a nice healthy, robust nest egg when they retire? It can be tough to achieve that what with growing a family, paying for mortgages and colleges, living day to day and wanting to spend a little on fun such as vacations. We’ll assume you’re saving for a modest retirement through 401(k)s, stocks, and other savings vehicles. However, perhaps you want more: a little extra safety net if you will. We’ll tell you how you can augment your nest egg come retirement.

Be a Blogger

Whether you’re an expert on lawn care, closet organization, wedding planning or financial management, you can put your talents to work for you and start blogging about it. Just come up with about $30/month to start your own website and blog each day on any topic you choose, showing off your talents to draw in viewers. Any ads you can sell will bring in money, so you can try advertising with Google AdSense. You can even add some affiliate marketing links to your site. GNC’s affiliate program is great for fitness bloggers who want to earn 12 percent of the sale.

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Sell Some Stuff

We all have it lying around the house: stuff that will never get used. Why not get some more money to kick off your great business idea by purging your home or office to get rid of stuff you no longer need? You wouldn’t believe what people will pay for that old lamp, figurine or dusty book collection. Check out established sites like Craigslist or eBay, or try a pawn shop like to get started on your next money-making opportunity. If you can make things, sell your wares on popular marketplaces such as ebay, Amazon, Etsy and Houzz.

Leveraged and Active Leveraged Income

First off, leveraged income is income you make from others in which you don’t have to do anything extra: it’s basically income that requires the work of others to contribute to  making you money. Some examples include:

  • E-book authors selling their product through an affiliate who handles the promotion
  • Franchising a business idea to start-ups
  • Contractors getting work done by their sub-contractors
  • Direct sales reps profiting off work from their downline

Now, when it comes to active leveraged income, a little more work is involved. Even though you have to directly participate in this kind of income generation, you get a boost by getting others to help you. Usually, active leveraged income uses a one-time event, such as a seminar, concert, conference, convention or dance recital, where you get 500 people to your event and charge $25 per person to make $12,500 for a one or two hour event, for example. You can cover all your staffing, speaker and facility costs, plus still retain an excellent rate of return.

The key to a good retirement plan is to stick with the plan; don’t just let it fall by the wayside. It’s important to constantly update, check and verify your plan to make sure it’s always working the way you want it to. Retain the services of a good financial planner or advisor, but be thorough in your research so you can choose a reputable broker or advisor who won’t take advantage of you. Always have access to a qualified investment fraud lawyer in case things don’t go as planned.

Category Business

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