This has been a wonderful week. I hope you had a great week as well. Enjoy the video and please let me know what you think and/or how I can help you!
It’s the first full day of fall and I am sitting in my family room with a cup of coffee and my computer. It is quiet and peaceful. Things are moving in slow motion today and although the pace will pick up soon, I am enjoying the slow for now!
Ok, enough about me! This has been an awesome week. As you recall, I began the week with a plea for ideas about how to help Boomers help Boomers. The result of that plea is a conference call next Wednesday with a couple of great people who want to consider ways to create a effort to do just that. I am honored to have been asked to participate. I will keep you apprised as to the results of that conversation. I am sure this first talk will create more questions than answers and your insight will be needed to answer these new questions.
The other major event of this week was putting together a rough outline of a new training program for Boomers looking to build the business of their dreams. It is my contention that with the way things are in this economic climate Boomers need to consider three things:
- Self-reliance is the only guarantee for a successful “retirement.” To believe that the equities market, corporate pensions, or government intervention will “guarantee” a comfortable retirement simply makes no sense any more.
- Beginning to consider this 2-5 years before you retire is a must. Developing the kind of business that can both make you happy, fulfill your life’s dream, and provide for you financially requires to not wait till you have to have income from it to survive. This 2-5 year plan gives you time to test and grow a business and then scale it to meet your retirement needs.
- Finding the right help in creating such a business is imperative. Unless you are well versed in creating a business from scratch, you will probably need some help along the way. Finding the right help makes all the difference in the world. Remember, just because you have the skills to do something, does not mean that you have the ability to turn that skill set into a profitable business. Getting the right information from the right source is imperative.
With 76 million Boomers in the US alone, to think that we can rely on anyone but ourselves to create a comfortable retirement just makes no sense. There are just too many of us. We need to band together and help each other become a generation of giving, going, and doing people, leaving the world in better shape than when we came in to it!
I just read a great article by Alyssa Gerace about the number of middle-income Boomers and their plans for retirement. You can read the whole article at Reverse Mortgage Daily.
The question that these Boomers need to ask is, “Do I want to stay in my current industry/job or are my “retirement” years the time that I should go for that dream career that I always said I would do if the situation were right?” The reason for asking this question is because more than 80% of Boomers say that they don’t like their current job and would change it if they thought they could. Well, your retirement years might just be the time.
How can a Boomer thinking about a work oriented retirement decide how to spend it? Here are a few thoughts:
- Do your research. If you are thinking about starting your own business, make sure you know what it is going to take to get it up and running. Don’t go into a business blindly, it can be devastating!
- After you have done your research, you can begin slowly, working at your dream career very part-time at first. As you get more comfortable with what you are doing and how to market, generate sales, and learn to do customer service, you can move forward and make the full-time change at just the right time.
- Become a student of your niche. Even if you enter a niche that you have an advanced amateur skill-set, turning that skill-set into a successful business requires that you keep learning, growing, and adapting.
- Be patient and don’t quit at the first sign of trouble. Starting a business is not easy task and no matter how prepared you think you are, there will be a learning curve. Patience and passion will help you make it through the inevitable hard times.
Middle-income Boomers having to come to terms with this new “working retirement” should not feel cheated, but rather see this circumstance as an opportunity to do what we always wanted to do and in the end to create a legacy business that we can pass on to our family.
I am a “mid-point” boomer (born in 1955). In my young years, I was able to “Rock around the clock,” witness the aftermath of the deaths of John Kennedy and Martin Luther King, and play in the yard from sun up till sun down without worrying about someone hurting me! I was raised in a conservative household but am a hippie at heart.
By the time I got to High School (1969-1973) things were changing. Our country was going through a battle for its soul. We boomers were a rebellious lot. We were looking for something bigger than ourselves. We wanted to “give peace a chance.” We questioned authority and chose to make our own decisions. We became innovators and inventors who traveled the globe looking beyond ourselves.
Oh, we had our problems and we made our share of mistakes. However, our curiosity drove us to explore space, create the home computer, and consider our place in the grand scheme of the universe.
Now we are considered to be the “greedy” generation and even those in government have begun saying that the countries economic problems are the result of our generation. (As I said before we have made our share of mistakes.)
But what made our generation great was that we were curious explorers of everything that struck us in just “that way.” We were rebels who didn’t just accept the status quo, and who also saw that we were not isolated in the world, but were given a place of leadership. In many ways we took our desires for personal freedom too far, but we do believe that people have the right to be free. We are a great generation and we did really change our world.
As we struggle now with the forces that again have set out to destroy our world, our life, and our families, it is time for another rebellion from our generation. This time we need to rebel against closed minded greed. We need to take up causes bigger than ourselves. We need to learn from the past so that we are not doomed to repeat it. We need to be a people of grace, of honor, and of principle. Where we agree we are strengthened and were we do not we can show mutual respect. When others of our generation are hurting and need help we need to step in. We need to prepare our children and grandchildren for the future by being the powerful free-spirits that we were in our youth.
Time to rise up my boomer friends. Rise up and be counted. Rise up and be responsible. Rise up and be productive. Rise up and bring a new revolution to the streets of our country. Not one of “sex, drugs, and rock and roll” but one of love, courage, and passion. World changing is in our blood! Now is the time – Baby boomers let’s rebel again!
I want to take a minute and thank all of you who have commented on my last post: The Boomers the Economy Forgot. Whether you posted comments on the blog or in the chat groups around the net, I was overwhelmed by your stories.
If you have not had a chance to read the comments left, please take time to do so and if you have anything to add, do that as well.
As a result of what you all said a plan has been conceived in my Boomer brain and I already begun working on the basics of that plan. I am going to try to keep you apprised of the details of the plan as they become more clear. Keep watching and I will keep you up to date!
Again, thanks need to be given to all you who were willing to share with us your stories. What they did was to inspire me and I know that they did the same for others who read them as well.
More later … but for now bye!
As I have watched the economic news over the past few weeks, I was startled by a statistic. It indicated that boomers are one of groups that stay unemployed the longest and who find it the most difficult to get a new job that pays similarly to the job that they lost. Now, I know that there are many factors that make up this statistic, but it still seems to be a difficult one for me to swallow.
As an example, I was talking with a woman who told me she was recently laid off from one job, hired and then laid off from a second and just didn’t want to go through that process again. Her answer was to start a home-based business that gave her the freedom to set her own hours, meet her family’s needs, and make “a decent income.”
I have talked a lot about developing a “second career” and how that would benefit the boomer in their retirement years. But, for these out of work boomers, the thought of “retirement” or of a “second career” might seem like pipe dreams or hollow promises. What they need is a job that pays the bills or a business that is simple to start and inexpensive to operate. They need the boomer community to rally around them, look for them, make use of their experience, and help them to a better now and a great future.
What do you think? How can we boomers help our fellow boomers in these trying times? Shouldn’t we remember the boomers the economy forgot?
I have been amazed at the level of success I have had in the first couple months of the re-launch of Baby Boom Entrepreneurs. I wanted to take time to thank all of you who are reading! But because word are so often just words, I decided I would tell you in person (or at least in a video).
At the end of the video I ask for your help. I need for you to help me by telling me what I can do for you. How can the blog get better? What questions do you want answered? What kind of career transition training can I produce for you? What do you need?
Let me hear from you? How can I help?