Newly Divorced? How can you Build up Your Retirement Savings?

Nobody goes into marriage anticipating the eventual signing of divorce papers or navigating through bitter custody disputes. Unfortunately, it happens. If it’s happened to you, take your licks and then move forward with your life. Your finances will likely take a big hit, especially if you have to pay out alimony or child support. Even if you don’t, you’ll have to adjust to life on one income. How can you start re-building your retirement account so you’ll have a nest egg when the time comes? Add money to your accounts with investments and side jobs.

  1. First, invest what money you do have left in a mutual fund or stock market. There are manyfinancial investments available to beef up your income depending on your level of comfort, so why not let your money work for you? Know a securities fraud lawyerthough, if you have astockbrokerwho is managing your accounts.
  2. Do some buying and selling. Buy anything from clothing to electronics from China and sell them at flea markets. But rather than sell direct to consumers, sell to wholesalers like Alibaba to bypass the reseller here in the United States. Selling wholesale to people in your local area will help you ramp up your retirement efforts.
  3. Create a buzz with a side business online. These are the best kinds of businesses because you have no overhead and you can work in your PJs. All you need to get started is 100 bucks, a skill and an Internet connection. You can set your own hours with no boss breathing down your neck, and you make money doing what you love, such as blogging, doing graphic design, or consulting.
  4. Monetize your videos. Simplyselect Monetization on your YouTube videos and get paid by Google to make instructional videos about anything from crafting tutus for little girls or baking specialty cakes. Creating a revenue stream has never been easier – check it outhere.
  5. Design your own apparel. Head to sites like CafePress and Zazzle, draw a design and upload it. These companies will print and ship your creations while you make money off your unique artwork and sayings on anything from t-shirts to caps.
  6. Pitch a product online. Become an affiliate at Amazon where you can make commissions of up to 25 percent. How does it work? When someone buys a product you pitch, you get a commission. Choose from millions of products. Commissions are even higher at places like ClickBank (up to 75 percent), and sign-ups are free.

If divorce has left you drained mentally and financially, it’s time to start looking ahead to your retirement with optimism. Save money in a variety of ways aside from your regular income. Work hard enough at it and you can do it full time to really gain control of your time.

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