Blog - Boomer Passive Income

28Mar 2024 by Bill

Are Passive Income Investments Risky for Baby Boomers?

Investments

As retirement approaches, many baby boomers are seeking ways to supplement their income and ensure financial security in their golden years. Passive income investments often emerge as an appealing option, promising a steady stream of income without requiring active involvement. However, are these investments truly safe for baby boomers? In this article, we'll talk about passive income investments some of the risks associated with them specifically for the baby boomer generation. As always, this isn't intended to be financial advice, it's just an information article to help you understand some of the risks. Please always consult your financial advisor, CPA, or retirement planner for actual financial advice. Definitions: What is Passive Income? Passive income refers to earnings derived from sources in which an individual is not actively involved, typically requiring…

09Mar 2024 by Bill

Can you build Passive Income and Create Legacy Wealth?

Investments

Building passive income streams is a great way to create income, but can you also create legacy wealth at the same time? My answer is absolutely yes! In today's rapidly changing economic landscape, it's crucial to explore alternative avenues that not only generate passive income but also pave the way for creating lasting wealth that can be passed down to future generations. In this blog post, we'll dig into the significance of building passive income and creating legacy wealth and why both of these need to be components of your financial strategy. Why Passive Income and Legacy Wealth Should Be Part of Your Strategy: Passive income and legacy wealth are not just financial concepts; they represent fundamental pillars of financial freedom and generational prosperity. While active income requires continuous effort…

03Mar 2024 by Bill

YouTube for Passive Income? What you need to Know!

Investments

YouTube has become a popular platform for content creators to share their knowledge, skills, and creativity with the world. Many people are drawn to the idea of starting a YouTube channel for passive income, but is it really as easy as it seems? In this blog post, we'll explore the ins and outs of starting a YouTube channel for passive income, including the steps to create one, choosing the right niche, and understanding the time and effort required to build a successful channel. Challenges in Starting a YouTube Channel for Seniors or Baby Boomers: Starting a YouTube channel can be an exciting endeavor, but it also comes with its fair share of challenges, especially for seniors or baby boomers. Some of the common hurdles include: Technical Know-How: For those who…

25Feb 2024 by Bill

10 Investments That Make Money While You Sleep!

Investments

Welcome to my blog, where I share insights on how to build wealth and achieve financial freedom. Today, I want to talk about a topic that's close to my heart: passive income. As an entrepreneur and investor, I've learned that having multiple streams of income is crucial for long-term financial success. In this post, I'll discuss the importance of passive income and share 10 investments that can help you make money while you sleep. Why Multiple Streams of Income Are Important Having multiple streams of income is essential for several reasons. First, it provides stability and security. If one source of income dries up, you'll still have other sources to rely on. Second, it allows you to diversify your investments and reduce risk. Third, it gives you more flexibility and…

17Feb 2024 by Bill

Buy Rental Properties Now, it’s Passive Income! Is that True?

Real Estate

Passive income is the holy grail for many investors, offering the allure of earning money while you sleep. Does owning rental properties provide for passive income? Maybe, but just how passive are they? In this blog post, we'll explore the reality of owning rental properties and evaluate the level of passivity they offer. We'll cover the process of buying a property, hiring a property manager, managing a property manager, annual costs, tax benefits, and conclude with a discussion on the level of passivity for those close to or in retirement. What is Passive Income? Passive income is income that requires little to no effort to earn and maintain. It's money that comes in regularly with little to no effort on the part of the recipient. Rental properties are often considered…

25Jul 2019 by Bill

Change your Mind, Create a Mindset for Success!

Mindset

Do you have a Mindset for Success? Do you approach new things with a positive attitude? When it comes to new things are you more likely to think, ‘I can do this’, or ‘I hope this works out’. Most people would pick the second statement. Why? I think it boils down to fear of change, and wanting to stay comfortable. Change is hard! But why? Generally, making a change involves spending (or risking) your time, money, or your reputation. These are all things that can really trigger our emotions. FAILING OUR WAY TO SUCCESS Would you make decisions differently if you weren’t afraid of risking these things? I might. I believe the fear of failure holds many people back. The reality is that some of our greatest advances came after…

12Jul 2019 by Bill

What is a 401k? Should I Have One?

Investments

Money Ted Benna is credited with first using a obscure provision in the tax code to create a simple, tax-advantaged way to save for retirement, the 401k. This happened in 1980 and love it or hate it, we've had a significant shift from defined benefit plans to 401k plans. Most private industry employers either don't have a defined benefit plan any more or have scaled it back significantly. Defined Benefit Plan Pre 1980, many companies offered a Defined Benefit Plan. Essentially this plan gave employees a retirement paycheck after working 30 years for the same employer. While it was more prevalent, it did have some problems. Key was that many companies didn't fund their retirement plans adequately. When that happens, the fund essentially goes bankrupt and those employees who were…

10Jul 2019 by Bill

Collaboration? Here are some tools to help!

Technology

Collaboration Working by yourself is boring and makes the time go by so sloooowly! But don't worry, we're going to provide some help with Technology for Boomers! Google Today I wanted to talk about some great free tools that you can use in your business or personal life to allow others to share the work with you. I'm a big fan of google productivity tools. Best thing is that they're free with your google account. But, please remember that if you're getting a free service online (facebook, google, etc), your actions and data are what the company uses to pay for their products. They do this via marketing strategies and ads. But if you're ok with that, then your Google account provides some great tools. Setting up an account is…

10Jul 2019 by Bill

Commercial Financing – Your First Deal

Real Estate

The center of U.S. Finance markets, Wall Street in NYC. So, you've searched like crazy to find a deal. You were bold enough to submit your LOI. Now it's accepted and you've got to figure out your capital stack. Financing multifamily properties (over 5 units) is a little different from a single family house. Typically the interest rate is higher, the amortization period is shorter, and there is usually a 'term', this means your loan is due in full (balloon payment). For smaller loan amounts (under $1M) local banks and credit unions are a good option. They like to support their community and these portfolio loans are a great revenue source for them. But, if you're an out of state investor, how do you get them to approve you? Relationships…

04Jul 2019 by Bill

5 Advantages of Buy & Hold Real Estate Investing. Get some Now!

Real Estate

In this blog post, we'll explore what Buy & Hold Real Estate is, why it's a powerful wealth-building tool, and the five undeniable advantages it offers. What is Buy & Hold Real Estate Investing? Buy & Hold Real Estate is a long-term investment strategy where investors purchase properties with the intention of holding onto them for an extended period, typically five years or more. Instead of flipping properties for quick profits, Buy & Hold investors focus on generating steady rental income and benefiting from long-term appreciation. This strategy requires patience, discipline, and a long-term perspective, but the rewards can be substantial. Advantages of Buy & Hold Real Estate: 1. Long-Term Appreciation: One of the most significant advantages of Buy & Hold Real Estate is the potential for long-term appreciation. Historically,…