Need to know how to retire on $500,000, due to the fact you just gained a huge lump sum of money? You can do it, if you implement the right techniques for your money as well as the right decisions for your lifestyle. See what I'm talking about below, so you can retire comfortably without ever working again.
- Move to a smaller town. This is first priority because $500,000 in Miami doesn't go as far as $500,000 in Birmingham, Alabama. This money would probably have quadruple the buying power in a very small town or city in comparison to a huge city like Miami. Go to a smaller town and buy a house for $70,000, that in a big city would cost you 250,000 dollars. These are the types of savings you can get and this is great for some who has recently retired.
- Set up a business that brings in residual income. If you can create a business that can bring in residual cash, It will lessen the amount of money you have to take out of that retirement you worked hard to save. Don't depend on just retirement, when you decide to retire.
- Have a sound safe investment plan set up for that $500,000. Put that money in a safe investment plan after you retire, something modest like a plan that gives you four percent interest a year. Four percent percent of $500,000 is $20,000. This means you would make roughly $20,000 a year just from something like this.
- Buy real estate and rent the property out to renters. Buy a home or condo and rent it out to renters. This is also a great way to have a steady stream of cash coming in, so that you do not have to depend solely on that $500,000.
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