Hey! Mike Wolf is here, and I’m coming to you from Costa Vida which is on the Caribbean side of Mexico. If you are tuning in, you want to hear about the method of retirement.
Today, I read about a very alarming statistic, around 10 percent of the seniors are now living below the poverty line, trying to retire and they’re flat broke! And that’s not even the people that are rich; they are the people that are struggling a little bit or trying to downgrade their lifestyle. We’re talking about the people who are clearly below the poverty line, and that is scary! So, one of the things, you know, I’ve noticed is that most of those people have J-O-B’s, jobs, and just over broke is what it stands for though. Most of the jobs, by the time you pay taxes and by the time you pay your expenses, there’s not very much left for you to save or invest. And that is a problem.
If you are an entrepreneur, most entrepreneurs, even if they manage to create successful businesses, quite often, their business will run without them, so they can’t really retire, they have to continue to trade their time for money. Plus, most entrepreneurs would be lost if they don’t get to do their work. So, instead of giving you a whole bunch of alarming and negative statistics, I will rather give you some solutions. And so, to me, the solution is to create a passive income. And, you know, a lot of people say; “Once I get a million dollars in my bank…”, which usually doesn’t happen, or 2 million dollars, or whatever that number is, “and then, I’m going to retire.” Well, most of them can’t get to that number, unfortunately. And the bigger challenge is that human beings are living longer and longer. So, eventually, that money is going to run out.
If you have a million dollars and live longer than you’re expecting, you’re in trouble financially. So, what do we do about this? Well, the key is to create a passive income. Now, passive income is something you do one time and get paid for it over and, over and, over again. And so, in the case of real estate, you buy a house once, and I hope you have a team managing this, you will not be trading your time for money to get the rent at the end of the month. Your team does all of that! And every single month you’ll get money in. And when you get to enough properties which I could teach you how to do, once you get to enough properties in your portfolio, you get to live off of that money. Even if you spend every dime, at the end of the month you get to have another big lump sum of money coming in from your properties, and that’s the goal.
Now, that’s one way and in my opinion, the best way to create passive income, buy once, and you get paid for it forever. It’s your goose that lays the golden egg every single month for you. So, for me, I consider myself retired, even though here I am making a video for you. I’m going to make this video once, leave it on Youtube, cost me nothing to make the video, and this is going to generate leads for my business while I’m sleeping, while I’m traveling, it just keeps on working, and I don’t have to keep on reshooting the same video. But this is my busy work day; I do this, I do a few phone calls, and I answer some e-mails. I have people to look at the vast majority of my business which is my revenue properties, so I don’t trade my time for that. And I also have some businesses that create key revenue properties to be sold to investors all over the world. But I have teams in place and systems in place, and that’s really the keys to take yourself out of your business and let other people do the work for you, so you can have that freedom. It’s all about creating freedoms.
If this interest you, I recommend that you check out my webinar, where I talk about the different ways to create passive income and different ways to have your money work hard for you, so you don’t have to keep trading your time for money. So, if that interests you, click on the link below to get access to it. Also if you enjoy this video, please subscribe to my Youtube Channel. Like it and share this video with any of your friends because we eventually all, hopefully, want to retire.
So, thank you so much for tuning in. I hope you have a great day wherever you are. I will talk to you soon. Take care!
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