Episode 21: Alternative Retirement Plans for Self-Employed Small Biz Owners Who Are Less Than 10 Years from Retirement

Financial Independence: A Better Perspective is a new podcast hosted by Lance Edwards, bestselling author of "How To Make Big Money in Small Apartments," and Randy Luebke, Founder of Lifetime Paradigm, Inc., an organization dedicated to helping clients to and through their retirement by fixing broken retirement plans, putting them back on track and making up for both lost time and insufficient savings. In this episode, Lance and Randy talk about a perfect topic for a new year – mindset and what it takes to overcome doubts and procrastination and get started on achieving your long-range goals.

 

Brief overview of this episode:

 

Your number one asset is your ability to earn an income. But what if life throws a curve ball at you that prevents you from working? What is your safety net? This episode illuminates why "safety nets" and "off-ramps" are imperative to the small entrepreneur. Lance and Randy explain how to forecast these and build them into your retirement plan, even if you are nearing retirement. While the episode focuses on the needs of entrepreneurs, it is also very relevant to W9 employees.

 

Highlights from the interview:

 

00:51 Lance paints the predicament of a person ten years away from retirement without a solid retirement plan.

 

02:48 Randy introduces concepts of "Safety Nets" and "Off-Ramps."

 

03:40 Randy explains how to insure your income if you can no longer work.

 

06:35 Randy defines "off-ramps" and suggests how to plan for them in advance.

 

09:00 Lance asks Randy for clarification of the finer points of off-ramps.

 

10:18 They discuss the merits of buying investments like real estate.

 

10:45 Lance describes the dangers and limitations of "the addiction to the cash flow" and the benefits of having a "sellable asset."

 

14:50 Lance depicts how buying apartments is a robust catch-up plan for both a "safety net" and an "off-ramp." He expounds that you can do this without your own money.

 

17:00 Randy provides two recommendations to the question, "What is your best investment?"

 

18:08 Lance explains that the three available roles for people wanting to invest in small apartments are based on the "ROI vs. time" consideration.

 

21:10 Randy summarizes the options for "safety nets" and "off-ramps."

 

22:00 Lance expands on his summary of these concepts.

 

Resources:

 

●     Buy Lance's upcoming book (launching on Amazon on March 1st), "Apartment Alchemy: 50 Ways Small Apartment Owners Can Boost Their Cash Flow and Wealth." 200% of the proceeds of this book are going to the Intrepid Hero's Fund when you purchase on Launch Day, Mar 1^st.

●     Go to www.FallenHeroesFund.org to learn about this fantastic charity.

●     Explore www.LanceEdwards.com to learn more about Lance's training and real estate investment opportunities.

●     Sign up for Randy's newsletter at www.LifetimeParadigm.com and learn about Randy's services and get his FREE “Financial Independence Toolkit” at www.LifetimeParadigm.com/toolkit

●     If you want to learn how to earn a high return on real estate investments, go to www.FreeApartmentsBook.com to receive a FREE copy of Lance's best-selling book, “How to Make Big Money in Small Apartments.”