Trying to start a pension at 40+, on minimum wage
Hi there, it's Dermot again, and if you are like me, then this article could just be of benefit to you.
An Uncertain future
I am now 49 and have no pension plan at all.
Sometimes that frightens me as I think, how will I survive on the "state" old age pension. I don't want to be a pauper in my old age.
The way things are going, when I reach 65 will there stilll be a state pension?
Will it be pushed back to 70 or 75?.
This is actually happeneing right now as people are now living a lot longer and resources just won't be there to keep the elderly.
My wife works for the public service, so she has a pension plan with her employer, so she at least will have more of an income than me on retirement.
Can that cover both of us? (If she hasn't given me the boot, already)
We have had children late in life, will they still be dependent on us? (Noooooo)
I hope not.
A lot of questions, with a lot of uncertainty.
I have great faith in the "Law Of Attraction", but am also aware, that what I worry about I also manifest, but it is hard not to worry about the future (anxiety) at times.
How did I get here?
Up until the last 13 years, I was single alcoholic, I changed jobs, like I did underwear, and was on a constant geographical. Starting a pension was never a thought, anyway how many 20 and 30-year-olds think about pensions?
You must be joking, I could hardly afford to drink between weekly paycheques.
In recovery, I did start a pension plan about ten years ago, but had to stop it eight years ago as I just could not afford it anymore, the monthly contributions went up on an annual basis and it became too expensive to maintain. The economic crash in 2008 also scared me as thousands of people were left penniless after saving for a lifetime. I didn't want that happening to me, the next time it does.
I put it on hold for a couple of years, but when I went to restart it, I was told that it would be too expensive to run and I was too old to start a pension plan anyway, I should have started it in my twenties. This was told to me by a financial advisor.
Back to the drawing board, what do I do now?
I did inherit money from my father as after my parents died we sold the family home and split it 3 ways, between mysefl and my sisters. Don't you know the tax man took his share, I invested some in bonds for my sons' future and brought a camper van!!.
I didnt really think of the future, as at the time I thought, non of us knows how long we are going to live, I could invest in a pension and drop dead tomorrow, so I took out life insurance instead.
So Where am I going?
I am still in the prime of my life and I don't feel like a 49 year old, I wasted 20 years of my life in active addiction, so I am really only 29?!,
I did though look at my father's life, and I have a blog about that, and began to feel that I didnt want to be tied down to the same job, even career for the rest of my life, only to eventually retire and die.
That is a reality for most of this world, we live to work and not the other way around, work to live. When you look at it, it is quite absurd, most of us work 40+ hour weeks and if you want to succeed in the corporate world, you need to be prepared double that time.
Yes you might earn great money, but at what cost - time. You can always get back money, but you can never get back time. Trading time for money is what most of us do all day long, and before you know it, you've lost everything else: time to spend with family & friends, free time for leisure and hobbies.......
It is a sobering thought, if I may say so myself.
What to do now?
I have been pondering about this ever since my kids where born:
How can I balance my family time and work?
How can I be at my kid's school plays, sports days and also report for work at the same time?
Cloning is out of the question, but being an entreprenuer could be a possibility. Then the dread of cutting the life line with my employment.
How could I possibly survive on my own and also provide for my family?.
Every doubt entered my head. Maybe I could do both, work for my employer and myself at the same time, 2 jobs. Sounds like a very stressful situation and what if both end up competing for the one limited resource, we can't control - Time.
Also starting up a business was very costly and I am already direct debited up to my eyeballs.
Could this be The Solution?
In January 2018, I was surfing the web and came across a Youtube video about online affiliate marketing.
Now I usually can't wait for the countdown to end so I can skip the adds, but I decided to watch this one and the rest is history, so to say.
What made me progress with this? was it because it was january, a time for change, was it what I've been looking for all along?, was it a quick fix? I honestly can't say, I suppose it was a mix of them all.
Like everyone else, who search online, I was looking for opportunities, for answers to my pain of being stuck in "Groundhog Day" for the rest of my life.
Now I had never ever heard of attraction marketing, affiliate marketing or even digital marketing. I thought only computer nerds, who all worked for Facebook, Google & Apple, made money from the internet, not me!!
Well eat humble pie, I thought wrong as millions of people are making a living in the "Online Economy", infact during the last recession, when we were all down and out, the Online Economy was booming.
So if you are "trying to start a pension at 40+, on minimum wage" maybe this just could be a viable option for you: Realise Your Recovery Dreams
Are You ready to try it out Yourself?
I have 2 amazing mentors, Stuart and Jay, who created a company called Six Figure Mentors (SFM), and together we will teach you the A to Z on how to start up an attraction marketing business from scratch and propel you (at your own pace) into the World of Online Entrepreneurship.
Are You interested in finding out more?
If your answer is yes then we have for you a no obligation FREE 7 Day Video series, introducing you to Stuart, Jay and the great gang at SFM, who will explain to you, a hell of a lot bettr than I can, everything you will need to know.
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We hope to see you on the otherside :)