Baby Boomers are Embracing Entrepreneurship
There are a handful of demographic and technological realities happening all across the developed world. Those realities are driving a new definition of retirement for Boomers.
You’re Going to Live a Long Time
First of all, the “aging” segment of the population isn’t feeling so old. Improved medicine, nutrition and exercise means those of us in our 50’s and 60’s really don’t feel anywhere near the end of the road.
Today a 65 year old has, on average, 19.4 years of life left. Half have more than that.
And every technological indicator points to rapid and profound improvements in life expectancy, meaning that living into our 90’s is not a pipe dream.
Many Pensions Are At Risk
To anyone with his head not in the sand, it’s also becoming clear that private and public pensions don’t have a prayer of paying hundreds of millions of people to sit at home for 30+ years and collect the kind of money they will need to really enjoy life and to not worry about major medical expenses.
There’s already a $7-trillion shortfall in public pension funding in the US and in 2020 only 2.2 workers per retiree.
Companies Don’t Need as Many People
Finally, big employers everywhere are looking for ways to leverage technology and a global market of labor to reduce the number of traditional (read: expensive) domestic employees they have to pay.
What I notice is the number of voices coming out and telling people to start their own business as one of the best ways to thrive while the masses flounder.
And it isn’t the young Millennials who are starting these businesses. This article references a study done by the Kauffman Foundation that shows Baby Boomers are twice as likely to start their own business as Millennials are.
And this is a global trend.
This article talks about how Germans are doing the same. It says, “Longer life spans, less confidence in the government to provide a decent retirement and growing disillusionment with traditional work are among the factors driving Germans to turn a new page late in their careers…”
And this is the German government people are losing trust in, a pillar of stability compared to some of the financial craziness on the other side of the Atlantic.
The Solution is Independent Cash Flow
Look, when your 9-to-5 job ends at 67 and you keep living until you’re 97, you’re going to need either a mountain of net worth with virtually no counterparty risk in order to coast for three decades…
…or, you’re going to need ongoing cash flow! An online business is all about creating ongoing cash flow.
Some of us are onto this massive demographic and technological revolution early and will prosper.
Others will either remain oblivious or will just procrastinate until they get caught with their pants down. Don’t be in the latter group.
Take the advice of all of these people to heart and start building something of your own today.