I get asked this question a lot and the truth is you basically make wealth the same way as you do before you turn 60. Obviously because we are in our later years in life we think that maybe it’s too late… but it’s never too late to begin building wealth. In fact if you are thinking it’s too late then you are already talking yourself out of any potential increase. You should stop that immediately and begin to open your mind to the possibility. Dare I say it… building wealth is as much about mindset as it is about wealth creation… no matter what age you are.
Look, I’m not telling you anything you haven’t heard before here, but you have got to be wise with your money. You’ve got to tell it where to go or you will wonder where it went. Use it in ways which bring you good value and wherever possible try to bring yourself increase.
So here are a couple of things you can do:
- Realise that you have gold in your super fund. Especially if it’s a self managed super fund. Many Australians are moving towards self managed super funds so they can control their own destiny.
- Continue to build your property portfolio. Especially in the area of positive cash flow properties. You want all your investments to bring you income almost immediately so cash flow positive properties are the ones to choose.
- Another one of the great ways build wealth is to continue to learn to trade. The stock market still works after 60 as much as it does prior to 60.
- Begin to enter enterprises such as building an online business. Even after 60 you can still work from home. It may surprise you but the infrastructure you have installed in your home for enjoyment can easily lend itself to business ventures. The bonus is you can work in the comfortable environment of your own household and build a viable online business. Believe me; it’s never too late to learn. It just requires a fertile mind.
I think that one of the vital keys to building wealth after 60 is realising that it’s not too late. The reason why most people stop is because they give up… Or they think they have a certain little pot of gold and the best they can do is play defence with it. I have seen many opportunities which build up consistently, and with the right advice and perhaps a little bit of mentoring they build up with minimal effort. Unfortunately as we get older we get set in our ways. We look around with blinkers on thinking the financial boundaries of our knowledge is all there is. All too often there is an opportunity right there in front of us but our blinkered minds don’t recognise it.
One of the key ingredients to building wealth after 60 is to continue to get a wealth education or a money education. Don’t leave your future in the hands of somebody else. Get educated and control your own destiny.
So my advice to you is to continue to build on your financial education. Learn to invest strategically with an educated mind and also to get yourself a good financial advisor. In fact get many advisers around you, one for property, another one for stock trading, etc. etc.
And here’s my tip: Build on your considerable knowledge and get more educated, learn to use properties, learn to use the stock market, learn to allocate money and invest, increase your financial education and build online businesses.
Yes, wealth after 60 is just like wealth before 60… to get it you need to build (or continue to build) residual income from multiple streams!
Do you want to build wealth after 60? What is your main reason? What avenues have worked for you? Share your thoughts below.