You Can Survive Retirement
Quit worrying. You are looking at a new, fun life
Welcome to the new reality. You are now part of the out of work, out of money and over 50 Baby Boomer generation. You’ve gone through what savings you had, moved on to using credit cards to pay bills, get groceries & fuel for your vehicle. You sit across the breakfast table from your wife of 30 plus years and begin the painful discussion regarding the inevitable reality that you are facing bankruptcy. This scenario is staring you in the face after years of the both of you working hard, saving when you could and paying all your bills on time. You tried to make smart choices, managed to buy and sell several homes, making money on each sale. Then the perfect storm; the last house you buy was a bit larger than you would have normally purchased but your parents needed a place to live because they were getting up in age and have health problems that precludes their living in their own residence. You lose your job because the company is sold, you take a job in another state, because you have to work, it happens so quickly you don’t have time for you home to sell, the economy tanks, the housing market drops like a rock and major changes in mortgage reform mean that even if you find a buyer for your home, getting a good appraisal and finding a mortgage is near impossible. It all comes together when you lose the job you just took in another State.
Although the circumstances change somewhat, the story remains the same. You are caught up with the realization that bankruptcy is a certainty and you will have to walk away from your house and all the other bills you have worked so diligently to pay for so many years. Your credit score is in the high 700s for years, so this is a terrifying nightmare that can either defeat you or force you to take a look at a whole new way of enjoying life and make the future an exciting adventure.
How can that happen? I’m over 50, getting too old for the work place, going bald, too fat, my hair is graying etc. These are some of the negatives that will hold you back from making lemonade out of lemons.
First of all, you are in the same boat as a great many Americans in today’s economy. Sit down with your wife, or by yourself, pull out a pad of paper, your resume, a pen, grab a cup of coffee and begin creating a new life.
Draw a line down the middle of the paper, on one side I want you to list every skill you have, every passion you have and everything you could offer a company. On the other side of the line I want you to write down all the different businesses you could start given your skills and passions. I do not want you to consider, at this point, how you are going to raise the money to do this new business. I just want you to consider the what, where, when, why questions. You might decide that you want to start up an eBay business. You may have a knack for spotting valuable fishing poles, lures and reels that fishermen would buy on eBay. It can be anything. I think the more of an expert you become at a niche market the more you can earn. Do you love animals? How about a pet sitting business? If you are an accountant, start your own outsource asset business and work at picking up a few accounts that you can work from home.
What expenses can I cut here? Can I live with basic cable? no land line telephone (keep my cell phone)?, sell one of the cars?, go to out to dinner a little less?, set the thermostat higher in the summer and lower in the Winter to lower gas and electric utility bills?
If you decide to TAKE CHARGE of your circumstance, believe in yourself (despite the bad circumstances); figure out how to replace income doing your own thing/things. It may be a combination of things that will generate multiple revenue streams. Start building your new life today. If you believe, God will be with you every step of the way. You are only limited by HOW you think and your attitude. Network with everyone, find something that excites you and start doing it. Write a book, Write movie/TV scripts, get a booth at the flea market and sell something there every week. Have fun, life is way too short to dwell on the past and what might have, could have been if only I had done mind set.
“Opportunity visits daily. Open your mind so you can see it.” -J.W. Owens