BLOG 11: NEVER TO OLD
Retire-preneurial is a word I just coined, along with the many other derivatives of the key word-entrepreneur, which will hopefully resonate with the millions of Americans finding themselves not having adequately planned for their retirement, some had choices but many had no choice and did not realize with the extended life we enjoy, thanks to modern medicine and a more disciplined life style, we are living healthier and longer and that means needing more money to sustain us as we approach the end, whenever that calling comes.
This observation is no more evident than to sit in a hospital or clinic waiting room and note that 4 out of 5 people coming into the area are fairly old, like into their 70s and are taking care of themselves with annual checkups and preventative procedures.
Yes, the good news is science and our modern life style has helped us reach productive lives well into our 90's but the bad news for many of us, is that we may well run-out of money before our passing away as there are too many obstacles we will encounter; such as, natural aging, catastrophic events, unexpected illnesses, car repairs, health insurance or replacement and family problems ranging from the kids and/or the grandchildren needing financial help, to relax like our parents were taught.
Yes, you probably planned to live or retire on Social Security and the equity in your home, when you sell it, including the investments and savings you made, in addition to other fixed revenue producers; such as, work related retirement funds and even from former military pay but it does not take a rocket scientist to figure out at a rate of $75K to $100K/year, which is my estimated annual income, to live somewhat as comfortable as when you had a career job, you probably have 10 years, under the present scenario, before the money sources begin to dry-up, not counting your SS status, which is an unknown ongoing political football.
So what is being created is somewhat of a conundrum, as we get older our funds begin to deplete while we live longer with no compensating balances, unless we resort to other ancillary revenue producers; such as, extra full or part-time work, which begs the question, what kind of work? Well if you have been in business maybe you might want to consider consulting, a teacher doing part-time teaching or home-tutoring, a craftsman doing part-time home repairs or renovation, a nurse doing part-time work, a skilled mechanic working on cars even selling them; on and on, there are just too many options not to take advantage of them.
In fact, I am receiving more and more calls from both men and women in their sixties and above to help them decide on a business to buy or start. Some of these inquiries actually turn into clients, like one of my clients now getting ready to launch a very personal online teenage addiction identification and assistance program; another, invented and patented a special food canister for vending machines giving longer life to vending machine food stuffs and another creating an online car repair search app; in addition to beauty shops, and existing business purchases for the retiree and his next generation.
My list is lengthy including food recipes, upgraded GPS systems, special golf club driver and ball, double canvas zipper for the marine industry and online businesses like selling imported model ships and homemade women’s embellished clothing and don't forget grandma’s cookie recipes and the like, and there are always Arts and Crafts shows that can produce a reasonable ROI, just go to them and see booth after booth of cottage industry endeavors; even the Internet offers plenty of creative options to pursue, at home, without leaving the house.
The truth is, it is never too late to undo the mistakes of the past or still plan for the future. If you are 60 you still have 20 or more great years left to do something, even volunteering for a worthy cause and if you throw-in working-out, cardio and stretch programs, biking and speed walking plus modern energy enhancements you can drink to replace protein, testosterone iron etc., you could live to a hundred, which 72 years ago when social security was created, no one thought anybody would live beyond 60.
RONALD MITCHELLETTE & ASSOCIATES, LLC
2730 West Lake St., Ste.905
Minneapolis, MN. 55416
Direct: 612 715 9217
Office: 612 236 4248
(Search Box Enter "Entrepreneurial Decision Making")