Are you saving for retirement? For the average person, that means investing in an IRA or 401k. But what if that’s not your cup of tea?
If you tell someone you’re NOT investing in an IRA or 401K, be prepared to hear all types of horror stories and people telling you you’re making a TERRIBLE mistake.
In this video, I discuss my personal investment strategies and explain why I don’t use IRA’s or 401k’s.
People will question your sanity if you tell them you don’t have an IRA, 401k or invest in the stock market.
What people don’t know is there are MANY ways to accumulate that do NOT involve an IRA, 401k or even the stock market. In other words, just because you don’t have an IRA or 401k does NOT mean you’re don’t have an investment strategy.
In actuality, many wealthy people AVOID the stock market.
For those who don’t want to invest in an IRA or the stock market, its critical you have a plan of action. To do nothing would be a catastrophic mistake. There are many alternatives to IRA’s and the stock market. Here are just a few:
Precious metals. Gold and silver are popular investments for those looking to preserve their wealth and protect it from inflation. Generally speaking, when prices go up, gold and silver retain their value better than most other investments. Precious metals can be purchased in small amounts, similar to using the dollar cost average in the stock market. The most popular options are owning physical coins and bars and mining stocks.
Cash Flow Over Capital Gains
The best way to invest outside of the stock market is for cash flow. Cash flow is the investment strategy where you receive monthly income from your investments. Ideally, this income is passive income, meaning this revenue is generated while you sleep. When investing in the stock market, most people are looking for capital gains, meaning they buy low and sell high for a profit. Other examples of capital gains include house flippers.
Popular cash flow investments include the following:
- Rental property
- Online courses
- Stocks and bonds that pay dividends
- Business ownership
- Vending machines
Here’s more info on passive income:
By generating passive income, you are able to enjoy the benefits of this revenue now instead of having to wait until retirement. In actuality, having passive income can allow you to “retire” well before retirement age.
The key to investing outside of the stock market is to acquire as much knowledge about the investments you are interested in. Unfortunately, this isn’t discussed in mainstream media or taught in school as much as it should be. This means you must seek out the information yourself.
In addition, this type of investment strategy takes time. Creating passive income and multiple streams of income won’t happen overnight. Just like saving for retirement, having a long term outlook and patience is key. However, the benefits of this strategy can be seen much sooner than having to wait 20-40 years for a retirement plan.
Call To Action
The stock market is not the only way to accumulate wealth. Creating multiple streams of income and passive income are excellent ways to become financially free and create generational wealth. Order a copy of my book Invest For Success: Millionaire Wealth Strategies Not Taught in School.
Should children be taught about passive income and multiple streams of income? Absolutely. Order a copy of my book Planting Seeds: The Children’s Guide to Entrepreneurship today. This information is not taught in school.
Want more? Sign up for one of my online courses at the Yes We Did Virtual learning Center: Use code LIBMT60221 to order courses starting at $12.99.