Let’s say that you came to your senses one day and realized you needed money to retire on. If you’re in your forties, statistically it’s impossible for social security to be there for you because not enough Americans are being born to contribute to the system. This post will open your eyes so you can beat the system and come out on top. First, let’s work with an investment of $38,000, which is the average salary in the US. The calculator below will tell you how many years it will take for this sum to double. For our purposes, just enter 4% for the interest rate. You probably won’t find a savings account that does better than that. After doing the calculation, you will see that it will take 18 years to double.
Now try putting that doubled sum of $76,000 into the inflation calculator below. For the inflation rate enter 3.2%. Then enter 18 for the amount of years.
After doing the calculation you see that you will really need about $134,000 in order to attain the buying power that $76,000 has today. So forget about savings accounts. They won’t help you and they definitely aren’t safe. The stock market can easily help you reach $134,000 but do you know of any no-risk investments that can achieve this? I sure don’t. In fact, no one does.
I think the immediate question that most people have already asked themselves is, “How would I even get a year’s worth of salary to invest?” If you can only invest a little at a time, you can buy silver coins (part graded and part non-graded). Another answer is to focus on different passive income models now and grow with them. They need to be models that you can see yourself doing for the rest of your life. I personally hate network marketing because I’ve been there and done that. People would try to avoid me because they knew that they were always a target. But some people are made for that I think. There’s a couple in my community that makes $30,000 a month doing it and they’re really philanthropic so I have to be careful not to slam network marketing in public.
How to double your money – the big secret
I believe in doubling my money through one of the models mentioned in the passive income section of this blog. In my opinion, the best idea in that section is to create videos and throw them up on Youtube. As the years go by you will learn what kinds of videos you are best at making and which are the most profitable. (Click here to learn about it.) You see, making videos is the real foundation for cashing in on the internet and requires the least amount of expertise. They collect money for you inside your Youtube channel and on Google. You can put them in each post of your blog. If your videos are interviews, you can take the audio out and create podcasts. You can throw the videos up into social media like Facebook, Tumbler, Vine… whatever. At the end of each video you can advertise an ebook that you’re selling on Amazon or a blog that highlights your ebook. As you can see, videos can easily fit into every nook and cranny of the internet. And no matter where they’re found they’re engaging.
One last word on doubling your money in a high interest rate savings account. Year by year, the government takes a large percentage of your interest and it’s such a downer to know that you have inflation and tax working against you. So start now with your video production and blogging. If you pick the right categories, your massive earnings through the years will ensure a healthy retirement.