Just because you are now retired, it does not mean that you are no longer relevant or that the world has now passed you by, on the contrary. In fact, my opinion is that retirement is not the end of anything really, but the beginning of a new chapter that is filled with nothing but opportunity. During these years we have more time in our lives and more money with which to do what we want.
Personally, I always had dreams of starting a business but work always seemed to get in the way, now that it can’t any more, I have decided to get involved in business, through the use of my 401K. Here are some of the interests which I plan on getting involved in to provide you with some inspiration in terms of using your retirement plan to launch a business.
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Hotel
Hotels are a great choice for you to invest your money into and it will be a project that will keep you highly occupied. It is important that you understand how much work it takes for you to run a hotel and so you should consider the size of hotel which you are interested in regarding how much energy you are prepared to put into the project. With that being said, a small boutique hotel can be ran with ease and be highly profitable.
Property Developer
Property always has and always will be a great place to invest money and now that you have the time to dedicate to understanding the market and seeking out the best opportunities, you can turn property into a great business. There are many different ways in which you can make money from property, you could buy with the sole intention of selling, you could buy a few properties and watch the rent come in or you could do a bit of both and buy a property at the low end of the market, bring in rent until the market picks up and you can sell for a profit.
Angel Investor
If you are looking for a business option which is a little bit more hands-off, you could look towards investing in start-ups. Ideally you should be investing in start-ups that are centered around the kind of knowledge or experience which you have so that you will be best placed to make a good decision on whether or not you have a good idea in front of you. Whilst you will need to be on hand as a stakeholder in the company, you won’t have to invest very much of your time when it comes to looking after your investment.
I have invested in all of the above and so far I have seen some strong returns on my hotel and with my property development, as yet I have not seen any yield from my angel investments but things are looking good at the moment. Make sure you put that 401K to good use and go after that business that you always wanted to start.