A study conducted by GOBankingRates found that as many as 64% of Americans are now expected to retire with less than $10,000 in their retirement savings accounts. The problem is that people are saving and waiting for retirement to convert these savings to monthly income.
Retirement saving, contrary to popular belief, is not about making yourself rich in retirement. In reality, retirement saving is about being able to maintain your pre-retirement standard of living once you decide to stop working. And most Americans will not be in a position to do that.
However, there is the issue of financial freedom.
Financial freedom means building up a portfolio of investment that will generate enough passive income for you to live on comfortably. You may choose to pursue the career of your dreams without being driven by earning a set salary each year. With financial freedom, you can do exactly that. But if you don’t have enough financial investments and cash on hand to afford the kind of life you desire for yourself and your family, this should be your number 1 priority. Eric Martel, a real estate investment expert and owner of MartelTurnkey is disappointed that Americans are accumulating $1-3 million so they can retire, but do so without a strategy for converting that cash into a monthly stream of income.
But it wouldn’t do you any good if all you got was the bad news. The good news is that you can do something about the status quo in the whole retirement business.
Start By Setting a Monthly Passive Income Goal
So you want to retire early, or you’re seeking to fund your dream. It is easier to track progress towards a monthly passive income goal.
However, since goal setting is a skill that takes practice, the idea is to set a goal that’s motivating but that’s also believable for you. If you believe in a goal, it is more likely that you will be in a position to achieve it. On the other hand, if you fumble with this initiative and set a goal that’s too big and unbelievable, you won’t achieve it. The same happens if you set an unrealistic deadline. Martel’s advice to new investors is to start with a monthly passive income goal that is manageable. If you are not sure what’s a realistic goal, calibrate with practice, just like you learned to walk and talk.
Have a Plan for Retirement
It is wise to listen to what financial experts tell you as long as they have a fiduciary duty to protect your interests. Quick hint if you are not paying them for their services then they are not looking after your interests. But what do you follow through with, and what do you leave out from their volumes of advice? Martel supports the idea of saving, but he insists that a large portion of these savings should be invested in real estate that generate passive income and that you should figure out how the rest of these savings will be converted to a steady income source at retirement.
Basically the financial industry is telling everyone to save in order to retire comfortably. Instead of saving a lot of money without knowing how this pile of cash is to be converted to monthly income, invest some of it in real estate. Over time, property investors are guaranteed to see their passive income streams turn into a flood. But they have to get the strategy right. It took Martel 30 years to get there. “I finally achieved my dream of financial freedom through real estate. It didn’t happen overnight. It wasn’t until I figured out how to sift through all the popular advice about investing and determined the right strategy and regional markets for my goals and resources that I was able to get started,” Martel says.
Invest in Turnkey Rental Properties
Once Martel found the markets that could bear results, he was able to quit his lucrative consulting job. “I saw an immediate return and the opportunity for sustainable growth.” Martel became a Turnkey property investor and he has never looked back. “In 2017, my sons and I founded MartelTurnkey, a real estate investment company that now has assets in Memphis and Cleveland.”
A Turnkey property refers to a fully renovated home or apartment building that an investor can purchase and immediately rent out.
This investment approach is best for people who want to get into the real estate market but do not have the time, ability, or interest to renovate a home or handle maintenance issues. In most cases, the investor will hire a separate company to manage the property. That’s what Martel does. Instead of bothering himself about collecting rents, conducting maintenance, and so forth, he leaves that to the property manager.
Not having to worry about money is liberating; you get your time and energy back, and how you spend every day is up to you. If you are unsure how you can start earning passive income from real estate or how to retire early by investing in Turnkey properties, MartelTurnkey is your go-to place.
Original post by Ulyses Osuna July 6, 2020 in Top Minds
