Playing in the Second Half
Playing in the Second Half
Life expectancy has generally been on the rise and with modern medicine many of us can certainly expect to reach the century mark. That large segment of the population called “baby boomer” are now all in their late forties to early sixties. Many have seen a great dramatic net worth increase due to their real estate values exploding and often wealth transfer through inheritance.
As they reach midlife point of their lives, they now have the opportunity to create the second half as they would like. Many do not merely want to retire but rather find ways to pursue their passions. There are many others however, who have not done so well economically. During the recent downturn in the economy they have seen their life savings evaporate and therefore now find themselves trying to find new ways of making income since they still can have many years to take care of.
For both of these segments starting their own business becomes a driving force. The challenge however is that even after 50, starting a new business many not be any easier than for someone half their age. In fact many people over 50 think that their age might be a deterrent to succeed. However, this is the time in life when they really do have something of value to offer.
It has been noted by the US Small Business Administration that many of the people starting up new small businesses are people that are actually in this age group. As they hit the empty nest stage in life, they no longer have the responsibility and expense of children in the home. At this point in life they often also have the time to begin to fashion their life doing the things they please.
So the question becomes, what is the best way and right business for me to begin at this point in my life? Some might just discover some passion and begin to pursue that. For others who might be more economically challenged, they might want to look at a business that will offer them the greatest financial reward as well as the greatest opportunity for success. For many that might look like a franchise of some kind, since the success rate of a proven franchise is vastly higher than any conventional business.
However, most traditional franchises require substantial start up capital. If you have hit mid life and you are still financially challenged, that may not be an option for you. For the vast majority of people who attempt their own business, it will be some kind of home business. Here too there are many options to choose from. The internet has certainly opened up many possibilities for home based businesses. However, if we listen to the advice of Robert Kiyosaki of “Rich Dad Poor Dad” fame, he says that network marketing offers a great opportunity for people who find themselves a position of having to make up economic ground quickly so that they have the best opportunity to have a great second half of their life.
When you are looking for such an opportunity, try to find some networking product or service offering that can capture your interest. When you grow to love what you do and make a great income at it, you will have no challenge doing it for the next 20-30 years.
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Tags: Age Group, Baby Boomer, Downturn, Driving Force, Empty Nest, Financial Reward, Forties, Inheritance, Life Expectancy, Modern Medicine, New Ways, Own Business, Passions, Real Estate Values, Sixties, Small Business Administration, Stage In Life, Starting A New Business, Us Small Business Administration, Wealth Transfer
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