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A major financial company has been running an ad on TV recently that really made me mad! The ad shows a bunch of different people walking around with big orange numbers under their arms. The number is supposedely what that person will need to have in savings in order to retire and live a lifestyle like they’re accustomed to. At first, I wasn’t really sure why these ads made me mad.

Then I realized it wasn’t really anger I was feeling, it was more of a sense of desperation and anxiety. My wife clued me in that that was exactly what this company wanted me to feel, so that I would be inclined to follow their advice. That’s what negative advertising is all about. It did get my attention, but I don’t think it generated the kind of response that the company was hoping for.

This financial company wants you to become a client of theirs and they will advise you on how to save and invest so that you can reach your orange number. While I’m sure they are very good at what they do, I think this ad is more geared toward those in their twenties and thirties. What about those of us in our fifties? My savings are minimal, and I just don’t see the possibility for me to increase them to one million dollars plus in the next 15 years, even I had Warren Buffet as a financial advisor!

What are people my age supposed to do? I’ve decided that I’m going to generate multiple streams of income coming into my bank account every month for the rest of my life. Furthermore, I think this is a great solution for most baby boomers. How do we really know what that number is, anyway, with the rising cost of gas and the decreasing value of real estate. These are uncertain times. So how do we generate those multiple streams? Here are a few ideas.

1. Get a reverse mortgage on your house. If you’ve got substantial equity in your home, you can refinance it with a reverse mortgage and take out a lump sum or monthly payments until the day you die.

2. How about a part-time job? If you don’t need a lot of extra money because you’ve got some savings, a pension, and/or social security, maybe a part-time job will be enough to make retirement work for you.

3. A franchise might be an option. There are many different business plans available for those that have a little money saved up. These businesses range from restaurants to auto-repair facilities, and there is also a huge variety in start-up costs, too. This might be something you want to look in to.

4. A traditional home-based business. Do you have special skills, talent, or training? You could market yourself or products you create on Ebay or Craig’s List. Maybe you know how to build furniture, or do taxes. The possibilities are endless.

5. Look into a home-based online business. There is a lot of money to be made doing affiliate marketing, where you promote other peoples products and earn commissions based on sales that are made because of your recommendation. This is pretty cool, because it can be a residual type of income, where the money keeps coming in month after month, which leads to time freedom.

6. A network marketing business. This is my top choice for the simple reason that it offers both leveraged incom and residual income. Leveraged income means that you sign up distributors underneath you, and you are paid a small part of any sales they generate for the company. Residual income is accomplished by setting up customers that continue to buy your companies products on a month-to-month basis, and you earn commission on every purchase they make.

These are a few ideas. Everyone is different: you’ll have to discover what works for you. But do something, it’s never too late!

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