(Akiit.com) Freedom to be your own boss, and decide which project you say yes or no to. They are the main reasons that people try their hand at freelancing. Of course, there are many other benefits as well including being able to largely set your own hours. Decide where you work, whether it’s at home, in a cafe or in a shared office space. As well as having much more autonomy over your work. However, being a freelancer is not all sweetness and light, and it comes with some disadvantages as well. One of which is that you don’t always have access to a workplace 401K. Something that can help you provide for yourself financially, when you get to retirement age. But don’t despair, as there are some other options you can take to set yourself up financially for later in life. Just read on to find out what they are.
Buy to rent
If you are looking for a lump sum to be available as you begin your
retirement your best choice is to go with a buy to rent strategy. This involves buying a property, either in this country to abroad and then leasing it to tenants as a long-term prospect.
The concept behind this being that the money your tenants pay you, minus the handling fees from your property manager should cover the monthly mortgage. Something you can get some advice on how to secure at https://www.duitpintar.com/. Of course, the more money you can put down on the property in the first place, the smaller your monthly payment will be, or you can choose to pay them over a shorter time. Meaning the property will be solely owned by you quicker. Something that can allow you to make additional profits for your retirement.
The choice of whether to buy in this country or overseas is one that many people scratch their head over with this sort of investment. However, it really isn’t too hard if you get up to speed beforehand. Depending on the exchange rate between the US and the place abroad you are looking at, buying overseas and renting out can be a wise decision. This is because you can get a lot for your money, and it is pretty easy to rent such properties out, using sites like http://rumahdijual.com/balikpapan/ or a property manager that will advertise them to their clients for you.
The only issue you may have any problems with is the legal side of things. As not all countries work the same as the US when purchasing a property. However, with the advice of a local lawyer, it’s usually something that can be sorted fairly easily. So you shouldn’t let it put you off.
Investing in this country can be a bit more of an in-depth task. This is primarily because of the temptation to buy somewhere that is close to where you live, so you can manage the property yourself and save on any additional fees.
However, a word of warning here. That may not be the best thing to do, as you never know how your tenants may behave, and having some professional and physical between you and them can save a lot of stress and hassle. Especially if you have to ask them to leave for any reason.
Invest in art
Another option to consider putting in place instead of a 401K is investing in art. Some folks shy away from this sort of investment because it has an emotional layer that the other tersely businesses one tend to avoid. This emotional layer is based on the advice to buy art that you love. This is partly as most of us will want to display it in our homes. So we will need something that we actually like such as the traditional works available from http://balifoodandfun.com/articles/.
Also, it’s sound advice in case the market suddenly drops for the type of art or the artist that you have. As then at least you are left with something that has a positive value in your life.
The thing is, no matter how attached you are to the artwork you invest in, you have to keep a clear head and remember that you won’t own it for a lifetime. Instead, the idea is that you buy it at a reasonable price, get to enjoy it for a certain number of years and then sell it on. Hopefully making a profit. One that you can use to live on after retirement.
However, this does depend on the general financial market, the market and scarcity of the work of the artist in question, as well as the quality of the piece you own. So it will take a decent amount of research and investigation before you decide to part with any money for this type of investment.
Mutual funds
Mutual funds are concerned with stocks and shares. However, instead of having the responsibility of deciding where to invest and trade your own money, you pool your money together with other investors and have someone do it for you.
Why is this better than investing the money yourself? Well, for one, you don’t have to be a financial savant and understand all the rules and laws that surround investing on the stock market. In fact, it is the company’s that are running the mutual fund responsibility to do that. You also don’t have to get up with the lark to check the markets every morning, unless you want to of course! As a yearly or bi-yearly visit to your broker to discuss strategy is sufficient. Allowing you to make your investment and then focus on all the other things in your life that are important.
Also, as you can raise a larger sum of money as a group, it may allow you to invest in more valuable stock. Increasing the chance of a good profit at the end of your investment term.
The best thing about being in a mutual fund like the ones discussed at https://www.sc.com/id/ is that compared to doing your own investing in the stock market though is that it’s a great way of diversifying your investment. Diversifying means investing in a lot of different markets. Something that provides more security for your money, because if one market fails, the others are likely to hold their value. Meaning not all of your investment will be lost.
Staff Writer; Larry Poole