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ISSUE - 2006
of Contents for this
to the automatic message transmission of Aweber.com, when you receive
this email, Linda and I will be on
spent Thanksgiving in
called me and interviewed me about Boomers and my thoughts on the
subject. Here is
that he wrote from that interview.
you want to listen to the interview, the instructions are at the end of
A Baby Booming Time For Business
by Tim Knox
first wave of Baby Boomers turned 60 this year and as many approach the
traditional retirement age of 65 they are finding that (a) they are
still vibrant and don' t want to stop working; and/or (b) their life
expectancy has been extended and they will be dead broke long before
they are dead and gone.
a result Baby Boomers are not slowing down now that they're approaching
what once would have been considered their "golden years." If
you were a man you expected to retire at 65 and die at 75; and if you
were smart you banked enough dough to see you comfortably through that
stretch. We figured we'd get at least 10 good leisurely years before
grim reaper shows up without having to worry about money. Turns out, we
it to modern medicine and Mother Nature to throw a monkey wrench in our
plans. People are living longer, which is one of those good news/bad
news scenarios. It's good that you're living longer, but it stinks that
you have no idea how you're going to finance all that extra life. Who
wants to live forever on a diet of crackers and cat food? Certainly not
me and I expect, not you. And do me a favor: if you see me thirty years
from now passing out buggies at Wal-Mart, please, just kill me where I
stand. You'll be doing me and all Wal-Mart shoppers a huge service.
I think Viagra is the reason men are now living longer. Let's be
if a man thinks there's still a chance of getting lucky when he's in
eighties he'll hold on for dear life. And women are living longer
because they know old men couldn't survive without them. We'd never
our car keys or our pants or our reading glasses or our way home from
the drug store.
your average, white male in good health, I can now expect to live into
my eighties if I can avoid an unexpected heart attack, getting creamed
by a runaway truck, or the wrath of my lovely wife (who I believe is
actually killing me a little every day).
by the time I get to eighty years old someone will have discovered a
pill that extends my life into the hundred and ten range. Personally I
don't think I want to live to be a hundred and ten. I'm crotchety
now in my forties. Imagine what a pain in the backside I'll be fifty
years from now.
kidding aside, older Americans are finding that they have the time,
energy, desire and, sometimes, the need to start their own business. I
talked about the insurgence of older entrepreneurs in this column two
years ago and as I predicted then, the trend toward elder
entrepreneurship continues today.
talked to "Boomer Expert"
have the benefit of the lessons that many bumps and scars of life
them," Howe said. "They are more conservative than the younger
group. Patience is a trait that one learns with age. When we are young,
we tend to shoot from the hip a lot. A little age teaches you to take
aim and fire.
also have more money to invest in their venture than the younger group,
but the fact that this money is from retirement savings makes a Boomer
conservative. The Boomer will study the opportunity and do a lot more
homework before jumping in."
makes a good point. Boomers are more careful with their money because
they have less time to rebuild their fortune than someone who goes
up at 25. I asked Howe why he thought so many Boomers were starting
businesses. Was it out of desperation and need or because they enjoy
responded, "I believe it is a mix of all of these. It also depends
on the person. A major concern is that modern medicine will make us
longer and we will outlive our savings. When we started saving 30 years
ago, many planned savings for living a shorter time that we are now
projected to live."
why are so many boomers now looking at entrepreneurship as a way to
supplement their retirement income?
like myself, cannot think about not having a challenge to wake up to
everyday," said Howe. "Sitting around without a definite
direction is not my idea of retirement. I am also not doing this for
free so it is also profit motivated. We Boomers made a lot of money
the course of our lives, but many lived for the moment and did not plan
for retirement like they should have, or they suffered in the stock
market downturn and lost a considerable amount of their savings."
the end, Howe believes, the decision by Baby Boomers to start a
comes down to energy and economics. "If the desire and finances are
there, there is no reason someone over 60 should not consider becoming
of Article ****
recommend that you download the .mp3 file to your computer and then
listen to it from there. To
do so, right click the audio link on the Tim’s site and select “Save
Target As” on the dropdown box. Save
the file to your download folder on your hard drive.
When the file has downloaded, double click on the
file, and it
will start playing using your default media player.
That wraps up our
issue for this week. Linda
and I hope that you had a great Thanksgiving.
We are thankful for our wonderful family and the
good life that
God has given us.
Until next week,
John and Linda
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Copyright 2006 John Howe, Inc.
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