Small Business Boomers

The news about companies cutting back is all over the news.  Many companies are “downsizing” and letting “attrition” reduce their workforces. I like the euphemism “attrition” (sounds like the British “being made redundant.” ).  Attrition means – “Let’s get the Baby Boomers to retire early so we can hire new, cheaper employees when things pick up again.”
If this is you, maybe you are looking for a new job.  I have written before about the many online sites for baby boomers seeking jobs.
Here is another source of job information: Two companies have teamed up to present a Virtual Job Fair.  VirtualCV …read more

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Jeff Thredgold has been an “economic futurist” for many years. He is an entertaining economist (sounds like an oxymoron) and a professional speaker and he spends his time writing and talking about economics. Sounds boring, but he’s not. He says he’s the only economist who is a CSP (Certified Speaking Professional). I talked with Jeff last week to ask him about the future of the market and how the current economic situation will affect baby boomers.
Jeff’s newsletter, The Tea Leaf, has lots of insights about the economic situation. He doesn’t give advice or tell you what to …read more

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In 1943, Tom Watson, legendary founder of IBM, was quoted as saying, “I think there is a world market for about five computers.”
Bill Gates also quoted as saying “640K ought to be enough for anybody.”
And in 1899 the Commissioner of the U.S. Patent Office suggested that the patent office be closed, because, he said, “”Everything that can be invented – has already been invented”
So are you limiting your thinking by deciding that:
(1)You are too old to start a business?
(2) You are trapped in a job you hate but you figure you can’t retire?
(3) The market is down so …read more

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A Nebraska boat show is seeing a big crowd of potential buyers. And sales of premium chocolate are continuing to rise.
I knew we couldn’t hold off – the habits of a lifetime are impossible to break. And our psychic makeup is such that we can’t stay down in Maslow’s lower level needs for very long.
We Boomers still crave our luxuries. And we’re convinced we are doing ourselves good eating chocolate, so why not indulge. Right? I did say a few months ago that chocolate is a “recession-proof” industry.
While the news about out 401(k)s isn’t good, many Baby …read more

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Suze  Orman has a new book that she’s promoting on Oprah’s website: Suze Orman’s 2009 Action Plan.  You can get a copy of Suze’s book on Oprah’s website, through January 15.  I’ve been reading the book online and I came across a comment by Suzee stating that, “If you intend to live in your home forever, then I recommend you focus on paying off the mortgage.” (p. 49) She does qualify this statement by saying that if you are getting a match on your 401(k), you should put as much as possible into that retirement plan instead.
That sounded like a …read more

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To continue our discussion of what we learned in 2008…
In July,
We learned of the death of Randy Pausch of “The Last Lecture” fame. The book of his lecture went on to become a best-seller. And of the death of George Carlin, who also had much to teach us.
We learned how to estimate Social Security benefits online and how to use a financial planner ……
And how to invest in a business without getting a bank loan, and the single biggest retirement planning mistake baby boomers make.
How to deal with tough financial times (which we didn’t know were going to get tougher)…and …read more

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We Baby Boomers are probably the most over-educated, over-informed, and entertained generation ever.  And with the advent of the blogosphere a few years ago, we have found new ways to be informed and educated and entertained.  From the annals of Small Business Boomers over this year, here are some things we learned:
In January we learned
How Baby Boomers who are veterans can get help starting businesses
About Creative Capitalism (Bill Gates version)
About Muni Bond Insurance and its effect on small business taxes
Jim Norton started issuing “storm warnings about the coming recession.  Too bad I didn’t take his advice and start moving my …read more

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There are Baby Boomers… and there is Everyone Else. Or, “I’m Chevy Chase, and You’re Not.” Being a Baby Boomer, I get a little upset when people (those who are not Baby Boomers) try to tell us how to think, feel, and particularly what to do.  And I especially get upset when those Not-Boomers try to lump us all into one kind of vanilla person.
OK, we all lost a sizable sum of money in the market “crash,” but it’s only relative. If we decide to “retire,” whatever that means, we aren’t forced to do so. …read more

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My sister retired in April and she started an antique business in an antique mall.  She’s having fun but she’s thinking of getting a part-time job to help pay the bills.
If you retired or are thinking of it, but the recession has you nervous, you may want to look for a new job.   A while back I wrote about resources to help you find that “second career” job.  I have found many more and want to share them with you, along with some tips to help you in your search.

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First, I found two great online resources …read more

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If you are a baby boomer worried about the erosion of your retirement savings, and you have extra cash in your business this year (“Cash?” “What’s cash?”), consider starting a 401(k) for your business instead of getting an IRA.  You can start a 401(k) even if you have a sole proprietorship. As a matter of fact, it’s easier to start a 401(k) if you have no employees, because the administrative regulations and restrictions are less.
The advantage of a 401(k) over an IRA is that you can put more money in it.  You can  put $15,500 in the 401(k) plan ($20,500 …read more

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