What are you working for?
It’s a simple, yet potentially complicated question. According to Business Insider
, the average American spends 90,000 hours at work over their lifetime. (Unfortunately, that same study reveals we also spend 100 hours of our life on the daily commute. But that’s a different blog for a different day). 90,000 hours of work in our lifetime; that’s a lot of time! So, to take it back to my original question, why do we do this?
For many of us, it’s to take care of our family, ensuring they have a path to a successful future. For a lot of us, it’s to ensure that one day we can retire comfortably. Thinking about retirement can be a bit scary, though. And many Americans aren’t saving enough to have that peace of mind one day. A recent study
found that 55% of Americans over 70 years of age cannot write a check for $500. Another study by Bloomberg
shows that two-thirds of all Americans aren’t contributing at all to a 401(k) or other retirement account through their job. So it begs the question, how are you saving for retirement today? Along with your 401(k), we have another solution to get you to the finish line, and that’s by making real estate a part of your wealth plan!
How To Make Real Estate a Part of Your Wealth Plan
One of the best ways to save up for retirement and live a comfortable life is to start buying rental property now. That way, after you’ve worked all 90,000 hours (hopefully much less) and you’ve reached retirement age, the property will be completely paid off! Want some even better news? Living locally makes this even more doable, with nearly 40%
of the city being renters.
An example snapshot of rental properties available in the Greater New Orleans area.
So think about this: the average rent in the New Orleans Metro area is around $1200-1400 a month. That means that you could earn $1200 a month in mortgage-free rent. Multiply that by 3 rental properties, and that could easily be all you need to live comfortably! Check out all of the possible investment properties
in the Greater New Orleans, Baton Rouge and Mississippi Gulf Coast areas
We know the thought of retirement can be scary, but if you plan ahead, you will have peace of mind later. That means that fishing holes, sandy beaches, open roads and many more adventures await you in retirement!
Contact a Gardner Realtor to get started on making Real Estate a part of your wealth plan and creating the life you love!