December 2, 2016, by Rachael Everly – Military service is great and one of the great advantages that accrue from it is that you get retirement benefits that include pension but even though it is great, you, like most other people in different professions, should know and understand the power of investing in the future. There are no disadvantages or discomforts attached to it but the advantages are quite high to entice you into delving in to make the effort.
To get a great life post-retirement, you would need financial acumen and even a bit of foresight to understand what really will get you the best deal. Income diversification is an ideal that allows you to have a financial cushion by getting you multiple revenue streams that will ultimately help in filling your post-retirement pockets and lead a relaxed and comfortable life.
To diversify your income, you would need to seed your current earnings into different investments that will start accumulating money on their own. Here are some great ways to benefit from income diversification and help achieve financial stability post-retirement:
The power of diversified investments:
When you start out towards the aim of having a financially stable life post retirement, one of the greatest friends you can bank on is the power of exponents. A sound investment with a good even if not great investment multiplied over time exponentially can yield a high amount at the end of the self-determined maturity period.
It would be highly beneficial for you to delve into different kinds of investments where you allow your money to work for you like stocks, bonds, mutual and domestic funds. The purpose of having a diversified portfolio of investments is to allow you to spread the risk over a higher number of financial commodities and increase your chances of expecting a high return. You only qualify for a pension if you serve for 20 years or more, but if you decide to leave early then this can act as a great buffer between you and your financial difficulties.
Opening up a small business venture:
Conventional businesses might not be possible for military personnel as their nature of service requires them to be deployed away for elongated durations away from their homes and any such option like opening up a clothing store will not be feasible in a scenario like that. But that doesn’t mean that you cannot open up a business. You can certainly do it, but doing it with an idea that caters to your needs of absence.
Purchasing assets and delving into the online business world are two of the most viable options for military personnel as it allows them to earn, have a business and be comfortable while doing it. Your online business needs to be skill based rather than commodity-based as it will allow you to render your service from anywhere you are deployed like freelance writing, graphic designing, CRM management, SAAS tools among others.
Having an asset rental business is also quite great as it will help you to keep earning while your assets are in service. You can choose from a variety of options like purchasing a home and renting it out if you a have enough money to invest or buy farming equipment or even a dump truck and rent it out by getting a small business registered in the name of this service.
If you want to become creative at it then you can even rent out your roof space for solar power installations and start making use of a latent asset.
Crowdfunding investments and book proceeds:
One of the biggest ways in which the online world has changed our lives has to deal with the notion of making possible to partner in things that are extremely difficult without these avenues open for us. Crowdfunding investments at sites like Realtyshares and Fundrise is perfect for all of us who want to become part-time investors in big projects but do not have the financial resources to do that. For military personnel, this is a great option as it will allow them an option of investing in buildings and real estate projects with even small time money resources that are as low as $5000, to begin with.
You have served in the military and your exposure is diverse from others, having served at multiple places and faced a life and career that takes you out of the norm, you must have had some great experiences that people would like know. The e-publishing world which is currently led by Amazon, allows you to publish your book for free and then earn money from it. It is also extremely easy and requires zero investment from your end, opening up a revenue stream that you can definitely benefit from in the long run as long as the book is there.
Your decisions shape your future and to achieve something, you have to break the shackles that confine you, make sure that you start planning for your life post retirement now to enable you to lead a life full of happiness and comfort once your service period ends.