I’m a Self-Made Millionaire: 5 Ways I’m Planning My Retirement — Without a 401(k)
Written by
Cindy Lamothe
Edited by
Zuri Anderson
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Think you need a 401(k) plan to retire rich? Think again.
A growing number of self-made millionaires are skipping the traditional path — and still managing to build serious wealth for their golden years. From smart investing moves to unconventional income streams, these go-getters are proving there’s more than one way to plan for retirement.
Since a record number of Americans are reaching retirement age, according to a report from Alliance for Lifetime Income — it’s crucial to pay attention to smart strategies for going about it.
GOBankingRates spoke to Pavel Khaykin, founder and CEO of Pavel Buys Houses, about some of the creative (and surprisingly practical) ways he’s doing it.
Real Estate Investments
“Real estate is the core of my early retirement plan,” said Khaykin. Through owning rental properties, he’s able to have regular monthly cash flow with property appreciation.
“I primarily buy undervalued properties, renovate them and rent them out to have regular income flow,” the CEO added.
Not only can it provide a passive income, but also serve as a hedge against inflation.
Investing In Precious Metals
According to Khaykin, metals such as gold and silver act as a protection against economic instability.
“They don’t themselves pay income but they are a store of value and form of diversification in my retirement portfolio,” he noted.
Investing in Farmland
Khaykin also noted that farmland as an investment is a unique and stable asset class which allows one to earn passive income through lease agreements with farmers or receive profit shares from crop sales.
“It’s also a hedge against inflation and long-term wealth building, especially as the need for agricultural products keeps increasing,” he explained.
Investing in Small Businesses
“I have begun investing in small businesses, as a silent investor or on equity crowdfunding platforms,” Khaykin explained. That enables him to make a portion of the profits and still keeps his nose out of the daily business while helping budding entrepreneurs.
Invest in Index Funds and ETFs
At the same time, Khaykin observed that index funds and ETFs are inexpensive ways to invest in a variety of stocks, which offer potential growth over the longer-term.
“They’re a hands-off way to build wealth and create passive income through dividends and capital appreciation,” according to Khaykin.
Final Take To GO
You don’t need a 401(k) plan to build a comfortable — or even luxurious — retirement. As Khaykin’s approach shows, diversifying across real estate, precious metals, farmland, small businesses, and index funds can create multiple streams of income and long-term stability.
The key takeaway? Think beyond the traditional playbook — financial freedom often comes from mixing creativity with consistency.
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