The past few years the economy has been weak and shaky at best, no news there. Those of us who have been paying into a 401k or set up an IRA for our retirement nest egg, may be surprised what it’s worth now. The standard savings account where you bank most likely has not earned much interest either.
So when you started looking at retiring in the next few years, you realized that you probably are going to have to extend your working years. With the myriad of investments out there to earn money from, what is the best way to earn money quick and not take away from your day-to-day living expenses now? What can you do to build up that nest egg without taking a second job?
A close friend told you about some stock to invest in, sounds like a good plan. However, you don’t want to touch your 401k because that will end up costing you with taxes and penalties. You really don’t want to pull anything out of your savings account either. So what can you do for cash to invest?
What about that farmland you inherited from Uncle Joe years ago? Are you really planning on keeping it and become a farmer? You’ve grown up in the city your whole life, what do you know about running a farm? Not to mention there is no house on the property either. Are you going to drive from the city to check on the crops everyday? Or build a house to live there? Again you need cash flow for that to happen.
Sell that farm city slicker! You can sell that raw, undeveloped land for cash and then turn that cash into investment money. You won’t miss it from your savings account so you still having that for an emergency. You won’t have to pull from your 401k and pay penalties and taxes. This is pretty much free and clear funds that you aren’t using now anyway!
You don’t plan on using that farmland and who wants to pay taxes every year on something that you aren’t using? Not to mention the mowing you pay to have done once a month. Sell that farmland that is of no use or no interest to you and take that cash to invest in something you do know about! So get your retirement fund growing with money you can control!