Got to thinking about it the other day and realized, hardly anyone diversifies their retirement. I'm not talking about the 401k. Obviously its investments are diversified. I mean multiple income streams:
I'm thinking a great plan would be:
Get a healthy 401k so you have some interest bearing income when the economy is ticking.
One spouse works a job with a pension plan so you have a "known income".
Third, mailbox money in the form of some kind of residual income. That's the one I'm currently trying to find now.
I'm fortunate that I have a strong back and some construction knowledge. On top of that, I have some extra funds to pour into a construction project that I can hopefully diy a portion of.
Two thought provoking questions:
Does anyone think this way about retirement? Surely I'm not the first, I've just never heard anyone advise about multiple income streams for retirement.
Anyone have good ideas for a residual income project? Obvious ones are rental property, short term rentals, etc. What else is out there that I'm not seeing? Hopefully this thread gets several people on a good path.
I'm thinking a great plan would be:
Get a healthy 401k so you have some interest bearing income when the economy is ticking.
One spouse works a job with a pension plan so you have a "known income".
Third, mailbox money in the form of some kind of residual income. That's the one I'm currently trying to find now.
I'm fortunate that I have a strong back and some construction knowledge. On top of that, I have some extra funds to pour into a construction project that I can hopefully diy a portion of.
Two thought provoking questions:
Does anyone think this way about retirement? Surely I'm not the first, I've just never heard anyone advise about multiple income streams for retirement.
Anyone have good ideas for a residual income project? Obvious ones are rental property, short term rentals, etc. What else is out there that I'm not seeing? Hopefully this thread gets several people on a good path.