Is starting a home business the answer for baby boomers facing a limited retirement income?
Although you may be kicking yourself for not having enough money or not starting your own business when you were younger; hold fast to the thought that you can still build a business and achieve the level of success you desire.
Why didn’t you do it earlier?
As a baby boomer you began your life in a prosperous post war period. Life was good and jobs were plentiful.
The world was forever changed by the boomers carefree attitude towards spending and saving. Do you remember all the “love-ins”, “be-ins”, and marches for peace?
Like many boomers you entered the workforce and did not worry about saving money. Jobs were plentiful, the cost of living was low, and life was good.
Over the years baby boomers prospered and grew through several economic ups and downs. Unfortunately, as you now head towards retirement are you finding, like many boomers, your retirement finances are not where you want them to be?
To add to the difficulty of a limited retirement income...
are you also seeing your aging parents struggle with the rising cost of living? Some boomers are watching as parents apply for reversed mortgages in order to be able to stay in their homes and afford daily living expenses.
At the same time, are you watching your own children struggle to get a start in life – to pay off student loans, buy houses, and afford daily living expenses?
Boomers are sandwiched between...
these two generations and are trying to help both generations, as well as, prepare for retirement.
Rather than sink into despair or depression – now is the time to: be proactive, seek solutions, and embrace personal development strategies that will help you improve your financial situation.
Like other boomers you may find the challenge in starting a home business is deciding what business to build and how to build it. Times have changed and businesses are being built online via social media and online marketing; skills and marketing strategies that are unfamiliar to many baby boomers.
So how do you, a boomer, start a home business successfully?
Here are 3 suggestions:
1. Make a business plan.
Research profitable business ideas that appeal to you; a product or service that you would enjoy promoting. Multi-level marketing companies are a good place to start. Also take a look at affiliate marketing.
Ask yourself these questions: Are you interested in building your own MLM team by talking to friends, family, and using social media?
Are you a team player looking for a team? Would working with an online business group work for you? By being a team player you can learn about online marketing as you build your own business.
Are you more of a solo "boompreneur"?
2. Find a mentor.
There are thousands of business opportunities all wanting your attention and your money. The best practice is to look for a business training program where you can interact with real people rather than just a video. Being able to ask questions before you purchase is the best way to find out if the program is what you are looking for; and if you will receive the support you need after you purchase. Group mentoring is another great option because you can:
- learn and earn,
- enjoy camaraderie,
- build a business.
3. Join a business forum.
A business forum, especially one designed to support baby boomers, is a great way for you to learn and stay informed. Other baby boomers understand your situation and why you want to build a business. Boomers who have been where you are, have experienced similar life circumstances, and are building home businesses can provide you with the information and guidance you need to learn about online marketing, social media, blogging, and much more.
It is expected that in the next five years more than 50 percent of those that enter retirement will not be able to support themselves, but will rely on family, Social Security, and charity.
Is that what you want for your retirement?
NO!? Then take action today. Take charge now, without wasting any more time, you can make a difference in your life and in the lives of your loved ones.
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