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Franchising Magazine USA: Owning a Franchise Leads to Financial Freedom

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By Bill McPherson, VP of Retail Network Development

For the majority of entrepreneurs, the traditional path to financial success involves climbing the corporate ladder, receiving a six-figure salary or more, and earning enough money to retire comfortably.

Achieving financial security often involves a solid plan for reoccurring passive income.

With that said, one of the best ways to generate the kind of passive income necessary to achieve your goals is through franchise ownership.

The Great Retiring

According to the American Association of Retired Persons (AARP), nearly 10,000 people turn 65 every day in the United States. With Baby Boomers retiring in mass, the country will see a change in how business is done as more Gen X, Millennials and Gen Zers move into positions of power.

And with this great retirement period, millions of retirees are looking to supplement their retirement income with the types of passive income that will enable them to maintain the lifestyle they led during their working years.

These changes have even started a new cottage industry, complete with a tax write-off. For example, the Rollovers for Business Startups (ROBS) method allows people to use their retirement funds to buy or start a franchise without incurring tax penalties or early withdrawal fees.

Put simply, a ROBS plan allows you to access your retirement funds ahead of schedule. If you’ve been contributing to your 401(K) since you first entered the workforce, you may have a sizeable sum of money by the time you reach your late 40s or early 50s.

You might be able to launch your franchise debt-free. This could have a significant impact on your future earnings.

But, even if you aren’t considering retirement just yet, investing in a franchise model can allow you to earn more money to put into your eventual retirement account and provide your family with a means to acquire generational wealth.

Click here for the full article.

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