Saving for your retirement usually follows a few pretty standard paths with little deviation. Using whatever savings vehicle your place of employment offers -- 401(k), 403(b), etc. - and combining it with both personal savings and social security can add up to a nice little nest egg after 40 years. If, however, you want to augment that savings with a less traditional investment, you have plenty of options.
1. Gold Coins: Gold is currently trading at over $1,400 an ounce and has always been considered a solid choice for investors. You can invest in gold bars, coins, or even put your money in gold-focused ETFs (exchange-traded funds).
2. Art Prints: If you love art and have a trained eye, perhaps investing in art prints and etchings is more your style. Unless you are secretly the owner of a 110 million dollar Monet painting, you probably will want to get your feet wet in the world of limited edition prints and etchings. They have a lower threshold of entry yet can still increase in value considerably over time.
3. Tree Farm: Investors who think out of the proverbial box will like the idea of buying land for the purpose of owning a tree farm. The idea behind this method of growing wealth is to plant black walnut tree saplings, harvest the nuts annuals once the trees start producing, and, finally, harvest the trees themselves in forty years or more. Black walnut lumber is an extremely valuable commodity. You can then sell the land or plant another crop for your children and grand-children to harvest.
4. Rental Income: In the world of real estate investors, the most popular way to build wealth for your retirement is the B.R.R.R.R. method -- Buy, Rehab, Rent, Refinance, Repeat. The idea is to buy run-down homes to repair and then rent them. A steady rental income will pay the mortgage note you have on the property and any other expenses of ownership. In thirty years or less, they will be paid for and providing a nice little income stream for retirement.
5. Debt-Free: Although not technically a way to 'save' for retirement, you could focus on paying off all your debt first. Dave Ramsey lectures around the country about the concept of living a debt-free life. The theory is that once you pay off all consumer debt and mortgage debt, you can put the majority of your post-tax income into savings and grow it quickly.
While you should use what savings options are available to you and max out their potential, there are plenty of non-traditional and fun options for saving for retirement out there if you want to try something different.
To learn more about non-traditional ways to save for your retirement like buying Louisiana art print etchings, consult a resource in your area.Share