Is Your Financial Portfolio Still Looking For an Economic Stimulus? Have You Thought of Becoming a Joint Venture Expert? (And Just What Does a Joint Venture Broker Do?)
Listen Up! Summer’s over. This past weekend was Labor Day Weekend here in the United States. If you’re in the US, it’s likely you used the weekend to cram in a last gasp of vacation fun.
But if you’re like most Boomers, you probably also took a few minutes to pause and reflect on the status of your job and your income-generating power for your future retirement.
Hopefully that part was not too grim.
No matter the specifics of those quiet thoughts you had about your financial future this past weekend, you no doubt realized that you need to do something different than you have been doing – and do it fast.
I mean, just how long can you keep trying to sell your stuff on E-Bay in order to make this month’s mortgage payment, right?
I Hear You on That One, Some of My Best Friends Have Been Doing the Same Thing:
Some of my own income opportunities have dried up recently as well. That’s why I’ve just signed up for a new 12-week, income generating training program. The really exciting part is that when you come out if this program, you’ll be a certified joint venture broker, and you’ll immediately start generating a very nice income stream.
No Pie in the Sky Here. This is the Real Deal.
Your income generating opportunity is built right in. You graduate from the program and you get projects to work on.
If that sounds interesting, there’s even more good news: This is something that you could do too. There’s still time to get into the course, though you’ll have to act fast. REALLY FAST. Class starts Wednesday September 9th. That’s tomorrow as I write this…
(If you’re reading this after that date, there’ll be another class. But you might still try to get into this one, and the price for the training will be going up later…)
So what kind of training am I talking about?
It’s called the “International Joint Venture Broker Certification Program,” — or as Willie Crawford, one of the trainers calls it for short: “JV Brokers Bootcamp.”
But let’s begin at the beginning…
If you’re not sure what a joint venture is, or whether or not you have what it takes to become a joint venture broker let me share one of the big questions I pondered over the weekend:
Have You Ever Profited From Seizing an Opportunity That Was Only Available to You? Or Have You Recognized – and Profited From – an Opportunity That No One Else Saw?
I’ve seen this happen a few times – and when you watch it play out, it’s nothing but awe-inspiring…
As An Example, Let Me Tell You About A Joint Venture Opportunity My Former Stepmother Has Recognized – and Continues to Profit From
We’ll call her Athena, to protect her identity. I’ll also refrain from telling you what city she lives in, other than to say it’s regularly listed in Money magazine’s list of top places to live – as are many of the surrounding smaller communities.
The important thing to know is the “back story,” that Athena, a beautiful single woman in her late 60s, is a registered nurse who moonlighted in her youth, as a real estate agent.
It’s actually the combination of nursing and real estate sales experience that have allowed her to recognize the opportunity she’s developed into a cash cow.
In fact, you might think that’s an odd combination, but it’s worked well for Athena… especially these days, when the economy has decimated her stock portfolio.
Is she worried about her financial future?
Interesting question: While I’m sure she’d like to recapture the money she lost in the stock market over the last two years, that hasn’t stopped Athena from continuing to enjoy life the ways he has lived it for as long as I’ve known her. Despite the economy, she is still known for:
- Lavishly gifting her grandchildren whenever she sees them
- Always wearing beautiful clothes – and owning a shoe collection that is “to die for”
- Living in a fabulous new home in an upscale neighborhood
- Driving an expensive late-model car, and
- Taking extended trips to Europe when she wants to visit her many friends and family back on the Continent.
How Can She Do It?
Her secret is a little joint venture deal she’s developed which regularly tops off her bank account, while she hardly lifts a finger. It’s all based on who and what she knows. And it’s predominantly passive income, as she barely spends an hour a week actively involved in this venture…
(Remember the adage that it’s not what you know, but who you know? Well, the fact is, both can make you a nice passive income if you know how to play the game.)
Here’s the Unique Deal She’s Cooked Up:
- First, Athena lives in a Big Ten University town, where there’s a major medical clinic — large enough to draw patients from three states — which benefits from its proximity to the University’s medical school – and which is regularly recruiting new doctors.
- Though she’s retired and not working as a nurse anymore, she maintains social contacts at that major clinic — including contacts in their recruiting office. Which is significant, since the clinic is always recruiting new physicians.
- Athena knows that when those new medicos accept a position with the clinic, they’ll end up moving their home and family to the area. A fact which brings her real estate connections to the fore.
- By staying in touch with her clinic connections — usually by sharing coffee or a meal with them — she regularly acquires a list of the names of the docs who are likely to come on board at the clinic – men and women who are about to become home-buying prospects.
- Then she turns around and shares these prospect names with a friend who’s an active Realtor.
- The Realtor gets “first dibs” on contacting the fresh prospects, and does all the necessary leg-work to contact the prospects, shepherd them through the whole moving process – and close the sale.
- Then when all is said and done the home-buying deal closed — the agent pays Athena a finders fee for sourcing the buyer for her
It’s A Pretty Sweet Deal, and It’s Truly a “Win-Win-Win” Sort of Venture:
- The clinic gets a new doctor whose family is happy in their new home
- The doc gets access to an excellent Realtor who helps match needs with homes
- The Realtor gets a reliable source of really fresh leads; and
- Athena gets paid for putting the two needy parties together
- And don’t forget that the clinic recruiter knows that since the Realtor is a competent person who will impress the doctor’s family and help make the transition to the new community a pleasant experience – word of the smooth move will get passed to other clinic staffing prospects – and future recruiting becomes even easier!
I Don’t Know What The Agreed-upon Finders Fee Is:
But typically, a buyer’s agent make three percent on the real estate transaction.
Even if Athena’s Realtor friend only shares a half of one percent with my stepmother, the finder’s fee would still be well worth her time.
As Proof, Let’s “Do the Math” On a Couple of Examples:
- One half of one percent on a half million dollar home sale is — according to my calculations — $2,500.
- And, if the transaction is more in line with the median home price for the community — somewhere in the low $200,000 range?
- Well, who would balk at making $1,000 for doing just a few minutes work?
I Know, I Know: You’re Saying, “That’s Great For Your Stepmother, Anne, But What’s In This Story For Me?”
After All You’re Neither a Realtor, Nor A Medical Professional. And Perhaps Money Magazine Isn’t “Hot” On Your Home Community, Either
Well that’s where the JV Brokers Bootcamp comes in. Because once you understand how to recognize the opportunities that are just sitting in front of you, as Athena did, then you can use these concepts to find opportunities you can profit from – right where you live.
And who wouldn’t want to be part of a “win-win-win” scenario, right?
Once you’re trained to recognize the principles, you can readily see — and profit from — the highly profitable joint venture opportunities that are available to you close to home, right in “your neck of the woods.” And suddenly you discover them everywhere – just staring you in the face, waiting for you to take action on them…
Best of all, these opportunities are there all the time, whether we’re living living in boom times or recession. And many times they can bring you a 6, 7, even 8 figure income.
Personally, prior to learning about Athena’s money-generating scheme, I had thought you either had to have access to big money or participate in big deals in order to profit from participation in a “joint venture.”
After all, the first time I’d heard of someone profiting from bringing two parties together for mutual benefit, it had been when I discovered that a friend’s father was a big player in the oil industry…
- Thirty years ago, I had been fascinated to discover that my friend’s father, a man with a degree in petroleum engineering, had become a multi-millionaire by bringing together wildcatters — men who drilled for and found oil — with investors — the people who have the financial wherewithal to fund a speculative drilling expedition.
- Now I’d understood of course, that the money lenders would get a share of the proceeds when the oil well began producing. But I had been amazed to find out that my friend’s father got an equal share of the profits – just for putting the deal together — even though none of his own money was on the line…
- As I saw it, his expertise was in befriending people from two wildly different worlds — and putting them together for mutual profit.
- I’d always thought that what a sweet deal his was. But again, I’d figured that these sorts of majorly profitable deals were found only places like West Texas, home of the Permian Basin.
It Was Only Recently That I Found Out I Was Wrong.
As my friend and mentor Gina Gaudio-Graves, one of the four founders of Joint Venture University has explained to me:
You don’t have to be wealthy to begin a life as a Joint Venture Broker, though you will likely become wealthy as a result of your efforts.
Why? Because as a joint venture broker you are trained to look at life, business — essentially everything — from a completely different perspective. Once you’re trained to have this vision, suddenly everything you touch has the potential to become hugely profitable.
Now, as never before:
- You see opportunity where no one else does
- You’re able to seize opportunity where no one else can.
- You’re able to produce far greater results for each and every effort and asset than can anyone else.
- You begin to strategically focus your mind on JV marketing opportunities as naturally as breathing.
- You can clearly see how to ethically exploit every resource, every relationship and every deal that crosses your path.
- You suddenly find that you’re achieving profitability with everything you do.
- Let’s repeat that one: You suddenly find that you’re achieving profitability with everything you do.
To sum it up, let me just say that according to Gina, “being a JV Broker gives you the ultimate feeling of power, freedom, and security, because you know that the world is constantly generating possibilities for you to profit from.”
Talk about not having a scarcity mentality!!
Here’s the Complete List of the Joint Venture University’s Founding Faculty – Ladies First and Then in Alphabetical Order:
- Gina Gaudio-Graves – Known all over the Internet as the “JV Queen”
- Willie Crawford – The “Black Belt JV Broker”
- Sohail Khan – Dubbed the “Million Dollar JV Dealmaker” after he brokered a single deal that netted him something like $1.8 million, with just a couple of months worth of effort
- David Preston – The “Legendary Consultant”
As you can see, these people know how to do joint ventures. Between them, they’ve generated millions of dollars on behalf of their clients.
I’d love for you to learn how they do it, so you too, can rise above today’s economy with your very own economic stimulus package.
- Aren’t you ready to take action to change your financial future?
- Especially when you can help others in the process?
- I thought so!!
Now’s your chance to join me and let these proven Joint Venture Experts show you how to become a certified joint venture broker. After all, how else can you legally make tons of money in just 12 weeks?
Don’t wait: All the details you need are in that link.
But do it now. Time’s a-wastin’!
The World’s Beaches and Sideroads Await You: Can Simply Learning How to Write a Book Actually Allow You to Retire Before Age 90, AND Give You More Play Time Now?
Remember how frustrated you got as a kid when you found yourself stuck in the classroom on a beautiful spring day? All you wanted was to get outside so you could play…
But you couldn’t. Because until that end of day school bell rang, you were tied to your desk, with work to do. You know; math, and reading and penmanship… The stuff they said you had to master in order to get a good job when you grew up…
Fast forward to the present.
You’re grown up now and toiling away at that job you worked so hard to get. The job you now can’t afford to leave. Outside, it’s a balmy, breezy summer day, the kind of day that we all dream about – perfect weather for all good Baby Boomers who would still prefer to be playing outdoors, except now you want to be:
- Enjoying a long walk in the country with your sweetie at your side
- Taking your Harley out for a spin, or
- (Insert your favorite outside activity here)
As You Steal Another Wistful Glace Out the Window, You Suddenly Realize:
- It’s taking every ounce of self-control you’ve got to keep you in your office and at your desk
- You’d love to throw responsibility to the wind and answer your siren’s call
- But you don’t blow down the door, because — hey, you’re a responsible employed adult and you have work to do…
So Is Today’s Scenario REALLY Any Different? Has Your Life Actually Changed?
It’s Times Like These When You Start to Daydream, Just Like You Did When You Were a Kid.
Except Now Instead of Dreaming of Hitting Grand Slam Home Runs,You Find Yourself Fantacising About What Your Life Would Be Like If You’d Paid More Attention to Your Composition Classes, And Felt More At Ease With a Pen…
You Wish You Knew How to Write a Book
You want to be able to put your name on something – like book or movie rights – that both generates a passive income stream and gives you credibility.
You know that owning a piece of intellectual property which opens doors for you while simultaneously churning out income while you sleep is something that gives you the same credibility as a bases-loaded home run provided you back when you were in Little League. Yep. It says you’re “The One.”
The Next Part of Your Summer Daydream Probably Goes Like This:
“Wouldn’t it be great if I had a way to make money while I sleep — Even better if I could also crank out big bucks while I play! Then I might actually be able to afford to retire… And I’d be able to leave a legacy for my family.”
You start to fantasize about how different your life would be TODAY, if you had started writing books A FEW YEARS AGO…
You realize that if you could figure out how to write a book, it would probably vastly change your life, your income and your business. Your change in fortune could even happen practically overnight, as it has for so many people you’ve watched brand themselves with a book and become household names. Among them:
- Donald Trump
- Loral Langemeir
- Robert Kiyosaki
- Warren Buffet
- Robert Allen
- Zig Ziglar
- Brian Tracy
- John Maxwell
- Barack Obama
They’ve All Used Books to Launch Their Current Lives and Lifestyles, Right?
Perhaps no one more successfully than the current President of the United States of America. Think about it: Hardly anyone from outside of the Prairie State had even heard of the junior senator from Illinois before he wrote “Dreams from My Father,” right?
Before he published that book, he was as inconsequential and invisible to the world at large as are these current junior senators, undoubtedly all good people, but whose names are unknown outside their state:
- John Kyl (AZ)
- Jim Bunning (KY)
- Ben Cardin (MD)
- Jon Tester (MT)
- Kirsten E. Gillibrand (NY)
Authoring helped Obama gain the notice that got him invited to address the Democratic National Convention in 2004. You’ve probably heard that he’d attended the same convention four years earlier, but he had to drive and he didn’t even had enough money to rent a hotel room! No one was asking to hear him speak then!
The rest is a matter of history: he used the phrase “the audacity of hope” in his electrifying speech which gave him visibility. He then expanded on his views in his next book, “The Audacity of Hope,” which doubtless helped propel him to the White House just four years later…
Beyond that, Obama made $2.5 million in book royalties on those two books just last year. And he currently has an authoring contract in place guaranteeing him another half million for a third book.
Talk about profiting from learning how to write a book! When you wonder if authoring really can be a life changing event that can provide you with long-term, ongoing financial security, his story has to come to mind!
But You Already Know This
Perhaps I’m preaching to the choir when I remind you that properly branding yourself and using a book as your business card, gives you:
- Instant credibility, since authors are perceived as expert on their subjects
- An opportunity to change your life, income, and business overnight
- A proven way to grow your business and income faster and bigger
- An opportunity to retire from the workforce, while continuing to generate income via your books as well as a few complementary products or services with bigger price tags
These Days, If You Want to be Able to Afford to Retire, One Great Way to Do It is to Take Action to Become an Author
If you don’t finally figure out how to write a book, you’re always gonna be stuck in the office, with no chance to get outside and do something you love on a beautiful day. No “hall pass” that gives you the option to go out and play when you want to, “just because you can”
Don’t Throw Your Hands Up in Despair! You Have it In You to Write a Book Which Can Become the Keystone to Your Abundant Retirement Income!
According to my good friend and writing coach, Ronda Del Boccio, the good news is, you don’t have to be “good at writing” in order to write a book.
Ronda, who’s not only written her own best sellers, but has also personally coached hundreds of people to write successful books, spells it out simply:
- You don’t have to be a former “A” student in your native language.
- You don’t have to be a prolific writer.
- You don’t even have to be an avid article writer.
- And you don’t have to hire a ghostwriter or outsource everything, either.
Ronda teaches her authoring students that your book will actually be more successful if it’s crafted in a conversational tone. You know, written as though the reader is a good friend, conversing with you over a coffee.
(Don’t drink coffee? No problem. “Picture yourself sharing tea, or even a beer with your friends, as you write,” she says.)
Not sure you have a problem-solving book in you? Again, Ronda has an answer to help you get started. She suggests you ask yourself:
- What “problems” do you solve over and over again for friends, neighbors, clients, customers or others in your life?
- What kinds of people do you feel you are best equipped to serve or assist?
- What are you known for?
Keep in mind that your answer might not be related to your career expertise. It might be that you’re known for helping friends with problems that are hobby-related.
- For example, if your hobby is sailing, and you’ve successfully navigated some major water — you’ve crossed the Atlantic, you’ve “bare-boated” in the BVIs, or you’ve circumnavigated the “Great Loop” — perhaps your authoring forte might come from telling others how you did this, and how they can prepare to succeed in the same endeavor.
- Likewise, if you’ve trained for and run the Boston Marathon as my friend Scott Sharp Armstrong has, you might write a book, “Boston Marathon or Bust,” to share your knowledge about how to prepare.
- And don’t despair if the thing you do best is bake. After all, who would have guessed that anyone would choose to write about preparing all 524 recipes in Julia Child’s famous cookbook. And yet Julie Powell did that – and her book, “Julie and Julia: 365 Days, 524 Recipes, 1 Tiny Apartment Kitchen,” was so successful it’s now a movie.
Ready to Start Implementing Your Book-authoring Retirement Plan?
You don’t need to work in a vacuum. Help is at hand. Check out Ronda’s main website, Profitable Storytelling. She’s packed it with tons of articles, videos, tips, templates and other resources.
Or, if you want more help, faster, get her book, “Instant Credibility.”
I’m personally working through her “Instant Credibility” book — which comes with a workbook — right now, and I can honestly promise you that it’s working better for me than all the one-on-one coaching I’d previously received on the topic of how to write a book.
In it, Ronda Covers Hugely Important, Success-generating Topics Like:
- Why writing your own book is so important for your credibility – AND the growth of your business. This works whether you’re creating a retirement business, or you’re not ready for that yet…
- A structure for your book that makes it EASY to write. This is a specific plan that you can follow, with action steps in every chapter so you know EXACTLY what to do in each chapter as well as for the book overall.
- The sad truth about how much of your book people read and how to overcome it. Read this and you’ll understand that even when a reader doesn’t finish your book, you CAN still grow your business.
- 3 things you must have on your website before you put your book up for sale. Ronda covers the steps a reader takes to decide whether or not to purchase your book. Yes, there’s actually a specific process.
- 3 factors that determine whether your prospect is a likely customer.
- 3 things you can do on the book COVER that will compel your prospect to open your book. One of them will surprise you. Many book authors get the first two right, but don’t do the last.
- 7 essential elements of every single chapter. Yes, the title is the first! (well DUH of course!) But the 6th makes you a magnet. And the 7th makes the reader want more.
- The single most compelling element of any book. You’ll be surprised – and it’s not about the training/content either.
- The specific formula that makes writing your book simple. When you have the recipe, it’s easy to fill in the elements of your book in short bursts.
What? Are you still reading this blog? Hey, the sun’s shining somewhere in the world, and you still want to be able to afford to retire, right?
So go get Ronda’s book already! I promise it’ll be the best investment in yourself you’ve ever made!
Besides, it costs less than a nice steak dinner. So as a safeguard against your future and an opportunity to generate passive income so you can finally get out of the office and play — it’s certainly very affordable…
Daring New (Non-“PC”) Topic for Cocktail Party Conversation: “Do YOU Think You Will Have Enough Money When It Comes Time to Retire?”
This very provocative question is of the type that my socially correct mother raised me not to ask: Everyone knows it’s socially unacceptable and completely impolite to discuss topics like how much money someone makes, or how well off they are. Questions like that are “Totally CR and SU,” as we used to say in college: “crude, rude and socially unacceptable.”
But the point is, we are starting to ask this question of each other, and I say this is a good thing.
If we don’t talk and plan, we’ll end up unpleasantly surprised, as many of my Boomer-aged coaching clients have discovered.
Consider one of my former clients, a dentist from Indiana who sold off his practice for slightly more than $1 million at the young age of 61, and then began looking at his options. Only to discover that a million dollars doesn’t go as far as it once did – especially since he still had school-aged children living at home.
- He quickly realized that unless he took massive action of some sort, he was in no condition to maintain his current lifestyle. Especially since he was in good health and had every reason to suspect he would live for another 30 years!
- Thankfully, he was quite entrepreneurial, and we quickly came up with several business concepts based on his professional expertise, which would generate a steady passive income stream, and would not require him to get back into the daily grind of seeing patients in a clinic setting.
- I’m happy to say he is living the good life, these days!
Will YOU have enough money when it comes time to retire?
Too often these days the answer is “no,” even if you diligently started planning for retirement in your 20s. A recent but unscientific poll I saw showed that only 28% of us felt secure enough to answer yes when asked this question.
Another survey I found noted that 63% of Americans 50-59 worry about having enough money to retire.
And 80% of us Boomers plan to work in retirement — and I don’t mean doing meaningful volunteer work, which is also popular — I’m talking about people who want to get paid for their labors.
Why? Well, two-thirds of us told Scudder Kemper that we are “worried about having enough money in the future,” and no wonder: we realize that the money we planned on for retirement just isn’t going to be there! Often the problem is not that we Boomers failed to plan – though that does happen – but that the backdrop against which we did our planning shifted. For example:
- Even the diligent savers among us were affected by the stock market decline of 2001-2003, which eradicated roughly $7-8 trillion in shareholder wealth, much of it held by us Boomers. And of course, if you’ve started investing in the market again, you’re aware that the last few months haven’t done that well for us, either! Clearly the timing for major withdrawals is a huge concern
- Then there was the famous “dot-com” crash, which ate away roughly $279 billion on 401[K] assets and huge chunks of other retirement savings
- Not to mention that many of us are financially savvy enough to know that 401[K] and IRA/retirement money statements can create a false sense of wealth, since – with the exception of Roth IRAs – these funds will be federally taxed on withdrawal
- For others of us, the challenge came because our employers lopped off 50% of the work force, dropped pension plans, were bought out by a foreign national – or went out of business. Downsizing, right-sizing, off-shoring, you get the picture.
Or, the financial challenges might be brought on by death, divorce, illness, or unexpectedly finding ourselves caring for our aging parents, our children and grandchildren – or all three! No wonder 50+ consumers outspend younger adults two to one! Currently:
- 22% of us financially support an aging parent
- 24% provide for an adult child, aged 18 or more – many of these being “college re-bounders” who come home to live in order to reduce their own living expenses
- 43% of all singles are 45 or older
- Collective Boomer debt is estimated at roughly $2.5 trillion
- The top monetary concern of Boomers considering retirement is “being unable to afford health insurance”
What is the solution?
- Arrange with your employer to work longer?
- Figure out how to effectively reduce your standard of living?
- Win the lottery?
- Start a business, perhaps based on life experience, which allows you to generate income without “working” in the traditional way?
What if you decide to Work Longer?
According to an article , “How Much Longer Will Boomers Need to Work?” which is posted in the August 11, 2008 issue of US News & World Report, “The typical American retires at age 63. Those fortunate few who have traditional pensions, retiree health insurance, and a fully loaded 401(k) will probably be fine.
But if you haven’t saved enough to fund 30 years of retirement-and as we’ve seen most baby boomers aren’t even close – the obvious solution is working longer.
Some experts correctly note that there are huge benefits for the health of the nation of we work longer. Specifically:
- The Economy (not to mention Social Security and Medicare) needs the money
- The Nation’s Employers need both our brains and our bodies – to stave off brain drain and a pending labor gap. Especially in the fields of health care, biosciences, energy and the federal government, where 44% of all workers will be eligible for retirement over the next five years
- We Boomers are healthy enough to work and will be so for several more decades
- Future Generations will benefit from a rosier future – because Boomers working longer will alleviate the need to draw down on federal benefits, or liquidate investments, home equity and savings to fund two of three more decades of living, and as a result more money will be left for Boomer children to inherit
- It will probably put an end to intergenerational warfare and the now-popular sport of “Boomer bashing“
- It’s a common sense solution that could inject $3 trillion into the economy each year and result in a 9% increase on Gross Domestic Product by 2045
But how much longer will we Boomers need to work to finance a secure retirement? It depends on who you ask:
- “For those workers who can work, the way to a secure retirement is to keep working until 66,” says Alicia Munnell, director of the Center for Retirement Research at Boston College and coauthor of Working Longer: The Solution to the Retirement Income Challenge. Social Security currently replaces 39 percent of preretirement income for the average earner retiring at age 65 after the Medicare Part B premium is automatically deducted. But those who retire at the same age in 2030 can expect Social Security to replace only 30 percent of earnings, according to Munnell’s calculations. “Retirees in 2030 will have to work two to four years longer to maintain today’s level of replacement income,” she says.
- Marc Freedman, founder and CEO of the think tank Civic Ventures and author of the book Encore: Finding Work that Matters in the Second Half of Life, says that Boomers should try to work until at least age 70. The share of households prepared for retirement would nearly double from 31 to 60 percent if early Boomers currently between the ages of 54 and 63 delayed retirement from age 65 to 70, according to a McKinsey & Co. analysis.
- While Tamara Erickson, author of Retire Retirement: Career Strategies for the Boomer Generation, says Baby Boomers should plan to work until a minimum of age 70 and up to 85 or 90 if they can.
Hmm, still “punching the clock” at age 70; I can see appreciate those advantages for both the workforce and the individual…
But I’d be looking for an option which would allow me to work on my terms. Ideally I’d like to incorporate:
- Limited hours
- Opportunities to work from home
- A paycheck whose size I have some ability to control and the opportunity to REALLY get paid what I’m worth
- The ability to take off for a week or two at least every quarter…
I wonder how well perks like these, as well as options like retention bonuses, bridge jobs, phased-in retirement plans or delayed retirement subsidies will go over with my younger co-workers?
How Possible is it to Reduce Living Costs?
A group they labeled “Financially unprepared, yet undaunted and uncompromising,” the Forbes authors note that this group shares all the optimism and expectations of their wealthier counterparts, yet this group — incorporating 24 million middle-class American households – is approaching retirement with lofty lifestyle aspirations, a thirst for new products and brands, and limited financial resources.
None of this group will be living a “Lexus Lifestyle” in retirement. Think more in terms of the recent commercial where the wedding guests are exclaiming over the lovely backyard garden reception featuring Martha Stewart-branded products purchased at Wal-Mart.
According to the article, the “U’s” will account for almost 25% of total U.S. consumption by 2015, which leads the authors to suggest there will shortly be a massive market for products and services that meet discriminating u-boomer tastes at affordable u-boomer prices. (Obviously the copywriters who wrote that Wal-Mart commercial were listening!)
Note also that the article points out that the “U’s” are the largest segment of the baby boomer generation, sandwiched between roughly 10 million well-to-do households with high hopes for a comfortable retirement and the financial resources to pay for it, and 11 million disadvantaged households that are deeply pessimistic about the future.
But the concept of reducing you standard of living is one you surely hope to avoid, so let’s not accept this option!
Realistically, What Are Your Chances of Winning the Lottery?
Well, it obviously works for some, we see those excited winners on the state-run lottery commercials all the time…but wining is nothing you can bank on.
And since there’s no guarantee — and history shows that the odds of lottery winners actually holding on to their winnings and effectively investing them is slim to none — you’re going to “take a pass” on this option.
So Maybe the Best Option is to Start Up a Business of Your Own?
This is the best option for generating income at this time in your life. And starting up your own business makes sense, considering that the stage is already set for lengthier Boomer careers, thanks to the increasing acceptance of older workers. What better time to dust off your dreams and start taking control of your life and future? After all, you’ve got experience, your children are grown, you’re healthy and you’ve still got decades of good life ahead!
And Boomers DO want to work. What else would you expect from the generation that mainstreamed working women, has such a strong work ethic, embraced 24/7 connectivity and coveted the MBA degree? And where better to call the shots than in a business of your own? Especially since Boomers have also been called the “me generation,” due to recognition of the fact that we’ve always made our own rules.
Actually, the Boomer penchant for defying convention, if expressed as an extended working life, could be the offsetting – and saving – factor in the economic doomsday scenarios that have been passed around lately. And it really works, since more Boomers working longer translates into additional contributions to the Social Security coffers, more income tax revenue, fewer Medicare payouts and a delay on draws from the Social Security system.
But if you’re providing those benefits to the economy while working in your own business, it finally gives you the chance you’re sought our entire working lives – to do it your way.
- A recent Towers Perrin/AARP Study, “The Business Case for Workers Age 50+” concluded that older workers are more engaged and motivated to exceed expectations than younger workers, and that declining physical skills such as manual dexterity are more than offset by skills that improve with age, such as verbal communication, tacit knowledge and experimental innovation. All skills that are much needed in business start-up situations. And moreover, starting a business of your own allows you to profitably leverage your life experiences.
- A 2005 survey by Merrill Lynch revealed that almost 80% of workers age 40-58 plan to work in retirement, and roughly 60% look forward to the challenge of trying something new
- Recent AARP research found that 69% of today’s workers age 45+ plan to continue working past age 65
- Globally, Boomers are starting up businesses at a rate higher than any other demographic.
Now, you might say I’m biased in my opinion about the values of business ownership, since I’m a coach who works with Baby Boomers who want to start a business based on leveraging their life experience.
But I’m not the only one promoting the benefits of working in one’s own business, as opposed to being an employee. “Millionaire Maker” Loral Langemeier has written books and developed a series of programs and workshops that are perfect for budding Baby Boomer entrepreneurs, because they teach ordinary working people how, in as little as a year, they can:
- Quit your job and start doing the things you love
- Control and then eliminate debt, no matter how much you owe
- Live your life on your own schedule rather than that of an employer
- Engage in business ventures that generate passive income
- Substantially decrease your tax burden
- Form trusts, corporations and partnerships to protect your assets, and create a non-stop revenue stream
So, here you go: WHETHER or not you are going to have enough money to afford to retire, consider helping out the economy and giving yourself the gift of having something meaningful to do with the next few decades of your life – dust off those dreams and start planning your own business start-up! Who knows, you might become the next Colonel Sanders, Oprah or Martha Stewart!