Online freelancing and retirement - What you should know

Online freelancing and retirement - What you should know

In the online freelancing world there isn't a system we pay into like social security or a pension that pays us when we're retired.  If we're a business owner, we're likely paying something to Uncle Sam, but we're more focused on making money and not needing to file for this type of system to live off of.  I would assume that 99.9% of online freelancers don't have their businesses registered and aren't paying into social security or a pension, and that number might actually be low lol.

There are things you can do in order to have money after retirement as an online freelancer, but it's not an easy journey and it will cost you a lot of time and money to do so.  Think about it, you have to spend money to make money.  You will also have to invest a lot of time if you want to take time off, and your retirement is years upon years of time, so you'll need to invest now so you can sit back and relax later.

You're a freelancer, not an employee
When you're working for someone or a business as a freelancer, you're a 3rd party service that is being outsourced to.  You're not building up any sort of 401k with that company and you won't be able to cash in any sort of investment because there isn't anything waiting for you after the job is done.  You do the work and then you part ways, hoping the company will call you back in to do another job. 

You won't be getting a social security check or pension
After you retire, you better have a lot of money in the bank because nothing will be coming in after you close up shop.  A regular job has you pay into social security or a pension, which pays you throughout your retirement, but you're a freelancer and that's not a thing. 

Instead, you need to bust your butt right now and make more money than any pension or social security could pay you throughout the years.  You could even build up your business and sell it to build your retirement cash flow, which is what a lot of people likely will be doing.

You need to build passive income streams
One thing that I'm building now, and have been for years, are passive income streams.  These are websites that generate me money even if I'm not working on them.  Sure, I'll add some content here and there, but I never really talk to the customers who are making me money.  I'll do affiliate marketing and even drop shipping with these passive income streams, and I would highly suggest you start building them now.

Think of the long game, you won't have an income when you retire if you're solely a freelancer, so you'll need some sort of income coming in so you can hang out with your grandkids.  I want to be the grandpa that doesn't have to work in order to pay for some legos or a Batman action figure for a grandkid.

Sell your profitable websites when you want to retire
I touched on this slightly in the point above, and it's definitely a possibility, you can sell profitable businesses and make a lot of money from it.  You can actually do this from your home and make a great deal of money from just responding to emails or answering phone calls.  You can buy and sell the sites, buy and build up the sites, or be a middleman between the buyer and seller and take a commission.  No matter which you choose to do, it will take some work and the profits from this tend to be quite large.  Save up your money and see it as your retirement funds.  You can even do this part-time from a home office after you retire.  If you've built up a big enough name in your industry, or as a website seller, you can have people come directly to you in order to get their businesses sold


In conclusion
Retiring as a freelancer really isn't a thing, you're just done working and your cash flow stops.  If you're "retired" but still working on a website a few hours a day, you're not actually retired.  What I can say is start working on your passive income streams now, build them up as much as possible, and sell them if you really need to later on.  A passive income stream will entice people to pay a premium if you have years of data and income to show them. 


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Thanks!

Tommy Carey