Small Business Boomers

I’ve been collecting good news and bad news – signs that we are in a recession (bad news) and signs that we are not (good news).  More bad news signs out there than good news ones right now.  Here are some examples:
On the bad news side:

A friend just returned from a big convention in Las Vegas.  Last year there were 60,000 people at this convention; this year there were 40,000.
He also noted that the casinos had many tables closed and the minimums on the tables are low, which means not as many gamblers.
My husband and I went to WalMart …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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This week, I’m sharing with you my thoughts on achieving financial independence. I believe that is is absolutely possible to attain the goal of financial independence, whatever that means to you as a Baby Boomer. And it’s never too late to start working on that goal.
Yesterday, I talked about Step One: Don’t Spend all the Money (DSATM). The first step is necessary, so you can have enough money to move on to Step 2: Starting a Business.
What Kind of Business? First, let me explain what I mean about a “business.” The business can be anything …read more

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We all want financial independence, but we stumble around trying to figure out how to get it. I think I have the way. It’s pretty simple actually. Now, what I am going to tell you is not totally original. I found the concepts in a brilliant article on achieving financial independence by Joshua Kennon, Guide to Investing for Beginners at About.com. The article is titled “The 8 secrets to achieving financial independence.” What I’ve done is take the 8 secrets and compress them into 3 steps.
Today I’ll give you the first step, tomorrow the …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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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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Want to play Santa this year?  Or Mrs. Claus?  Finding a part-time job as a Santa is a whole lot easier for retirees than for college kids.  Here are some part-time job ideas for baby boomers, for now and later….

Census Worker.  Have you ever wanted to know more about how they take the census?  You may have your opportunity if you can get a job as a census-taker.  Darlene McDaniel has the information about how to get hired as a census worker on InterviewChatter.  Of course, this one won’t start for a while, but it might work out for you …read more

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Yesterday, I gave you the first three of 10 Tips for Successful Business Startup.  These tips work for any kind of business, whether you are a Baby Boomer or Gen Y entrepreneur.  Today, the next 4 tips.
7.  Start with a clear picture of your business.  This one comes from my favorite business author Michael Gerber, author of The E-Myth Revisited.  Gerber says that success comes from setting up a clear picture of the business you want then going after it.  Here is what you need to do: Sit down and imagine your business as it will exist in 5 years …read more

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For those of us Baby Boomers who have been buying homes for years, it was a big surprise a few years ago for us to learn that we could buy a home and get a 100% LTV (loan to value) mortgage. Well, not any more.  The banks are finally tightening up and requiring 20% down again.  It’s about time.
Over the years, I have owned many homes (I count 24, including the one my husband and I currently own).  In the late 1990s, I started to see the 100% home equity loans and I wondered, “Why would people do that?”  Even …read more

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