Being a decade away from retirement usually means trying to sock away as much money as possible before you leave the comfort of a regular paycheck. If you no longer work a regular job, it becomes even harder to build savings quickly — especially if your goal is to save a final $100,000 before retiring.
Check Out: Suze Orman: 5 Social Security Facts Every Soon-To-Be Retiree Must Know
Read Next: 5 Genius Things All Wealthy People Do With Their Money
To succeed, you will need to develop a plan that encompasses different income sources you might not have considered when you still worked a regular job. You’ll also need to use your time and energy wisely.
The good news is, there are several different pathways to saving $100,000 in a decade or less — even if you don’t have a huge sum of money saved up already. As previously reported by GOBankingRates, money expert Jaspreet Singh shared a YouTube video showing five methods that can help you grow $10,000 into $100,000 in only a few years.
Some of Singh’s methods assume you still work a full-time job and have additional money to contribute each year. But one option that requires only an initial cash outlay is to invest in a small business. Make sure it’s a business that operates in a sector you are familiar with, and one that you have properly vetted to ensure it has the right growth potential, revenue stream and profit margin.
If you do find the right business, you only need a net profit of $10,000 a year to reach your goal of $100,000 in 10 years. A good way to find small business investment opportunities is through crowdfunding and business incubator sites. As CNN reported, online platforms that specialize in small business investments include Indiegogo and StartEngine. Other small business crowdfunding platforms include Honeycomb Credit and Fundable.
Another popular method to earn and save money quickly is to invest in real estate. Again, crowdfunding sites can provide a fairly easy entry into this market, as can real estate investment trusts. You won’t have to sink your entire savings into the investment with these options – and you’ll face less risk, according to a blog on the Flippa website. If you find the right market at the right time, your investment can grow in a hurry.
If you don’t have much extra capital to invest in a business or real estate venture – or in stocks, mutual funds or similar assets – you still have some other options. Here are two of them:
Learn More: Here’s Exactly How Much Savings You Need To Retire in Your State
-
Get a high-paying side gig. Since you are a decade away from retiring, you probably built up 25 to 30 years of professional experience before leaving your regular career. Depending on the career, you can turn your expertise and connections into a side gig that pays good money. For example, consultants can earn an average of about $100 an hour, and there’s particular demand for those who specialize in IT.
-
Become an online reseller: As Flippa noted, you can earn money quickly with fairly low risk by buying and then reselling products via online marketplaces such as Amazon and eBay. This will require some startup capital for initial purchases. But even if you only begin by purchasing and reselling a couple hundred dollars’ worth of merchandise, the profits you earn can help you graduate to larger quantities in a short period of time.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Retiring in 10 Years? How To Save That Final $100K Without Working a Regular Job Anymore
