Think about it. A corporate job is no walk in the park. You likely work 40-50 hours a week, and that doesn’t take into account how travel and external business commitments take up your time. But you want more savings for retirement, and cutting expenses can only get you so far. You might think starting your own business to boost your income is impossible given your corporate job. And you’d be wrong. Older entrepreneurs are succeeding all the time, thanks to the internet.
Tap Into Your Strengths
It’s true, you probably don’t have the time or energy to invest in a physical business and keep your corporate job. But luckily, the internet has come as a saving grace to boost your savings for retirement.
Today it’s easy to start a business online with very little capital in your free time. Offering tailored online advice is one area of the digital world that’s very nascent. There are many famous generalists out there (Tony Robbins comes to mind), but people turn to the internet for specifics. Maybe you have a skill or wisdom in a certain area that you can capitalize on.
And even if you don’t have any skills or experiences that others want to learn from (which I highly doubt), you can always learn. A quick Google search of personal coaching programs will show you that people are spending money to learn from teachers who are only a few steps ahead of them.
All you have to be able to do is solve a problem that others will pay money for. And the good news is that “problems” are diverse.
And if you can’t take the time to coach, you can also package and sell your knowledge or expertise as an ebook, web course, or other media.
Recruit Top Talent
I know what you’re thinking:
“Okay, I can consult or sell knowledge online. But how do I find the time to manage every aspect of this business to boost my savings for retirement?”
Again, the internet solves this problem. Online, you have access high quality talent from anywhere in the world. And online university education is accelerating this talent pool.
Need help setting up your website, designing your business logo, or other technology needs? You can outsource these tasks to Bangladesh, India, Pakistan, or Upwork for a fraction of the cost. India’s independent workforce of 15 million people fills about 40% of the world’s freelance jobs. I have contracted these with the same folks who prepare major research reports for Wall Street for relevant background info and full blown reports. They’re trained and ready to cater to your needs.
All your back office work can be outsourced as well, affordably. Credible full-time customer support or secretarial help can cost $200/week or less, and they’ll work by US hours. Similarly priced workers from Eastern Europe are also flooding the market.
With a global talent pool at your fingertips, you have complete control over how much time investment you really make into your side business to boost savings for retirement.
Is It Worth It?
Savings for retirement is a big concern for all level employees today. In 2015, EBRI reported that the median 401(K) investment was only $18,433.
Many late-career workers, even those towards the top of the business ladder, are struggling to make the math work out for their nest egg. They need to save a lot of money in a short amount of time.
If you’re a corporate executive looking to boost savings for retirement, this is a unique opportunity. Harness an affordable talent pool, manage it properly, and start reaping substantial rewards. Just tap into your unique knowledge, experience and abilities to make it happen.
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Ian Bond is a private banking senior executive with over three decades of experience in wealth and asset management with Goldman Sachs, Credit Suisse, and Citigroup. He has built major businesses on four continents.
Despite his professional responsibility for assets over $100B and revenues over $1B, after the 2008 crash Ian was personally going broke. Within five years he destroyed his debt, became an expat in 2014, and built multiple streams of income to fund his imminent retirement. Ian is also the founder of MyRetirementRehab.me created to help other executives and professionals rehabilitate their finances and make a prosperous, enduring retirement a reality.