77.3 Million Baby Boomers must reinvent themselves in the last third of there lives. Ages 45-65 are watching the generation time clock keep on ticking.
Boomers are dissecting their financial fears, job frustrations, retirement options and lifestyle changes. There will soon be a new wave of retires wondering what their going to do when they grow up. Many boomers are seriously wondering what’s in stored for them in their “ Golden Years”.
Their nest eggs have severely dwindled along with their 401k retirement plan, being hit by the stock market, skyrocketing health care costs, as well as their concerns of the higher prices for consumer goods, and commodities, that continue to effect the economy.
In the past 5 years,40 percent of Boomer households have had someone lose a job and finding it harder and harder to find a new job that paid the salary that they were accustomed to making. And some find their skills are out dated and rusty compared with a 20-30 year old applying for the same job.
Nearly one in six households have a home whose market value is below it’s mortgage balance and they can’t sell their homes; nor do they want to. Nearly one in six boomers had a stay in the hospital. The financial woes have also lead to mental anguish and stress. The thought of bankruptcy for boomers was never a concern, now it’s more like a blessing.
Baby boomers were once considered to be born in the “Wealthiest Generation” They made more money than any other generation so far in U.S. history. They were the first generation where the two income household was unfortunately a necessary. Boomers had a higher level of education which aloud them to capitalize on economic changes and technology. They were goal oriented, dedicated and career focused.
Boomers lived through the greatest and longest period of economic prosperity, however now so many affluent baby boomers are now financially unprepared and feel trapped in a sea of economic uncertainty. They are now doing less with less money mostly out of fear of the worsening economy. They’re postponing retirement, contributing less to the church and charities, they’re passing on their yearly vacation, and basically downsizing their lifestyle.
The reality of it all for those boomers who are still working, are planning to work longer, save more money, and spend less. Boomers are extremely hardworking and motivated, they are confident, independent and self reliant, they will not hesitate to accept a challenge and being put on the side lines was never an option for a boomer. They are making decisions to take back control of their life and stopping the fear of the future.
Boomers are finding business opportunities that are emerging in the service sector ranging from food preparation , house and pet sitting, tutoring, selling arts and crafts, and some boomers are great at restorations or just being a handyman.
The Internet is exploding in opportunities for the Baby Boomer generation. Marketing on the Internet is the fastest growing industry on the planet primarily fueled by the economic recession and lack of jobs. Over 1.5 Billion people use the Internet daily and over 1.4 million searches a month relate to finding a “Home Business“.
Many Baby Boomers are all ready working an Internet business part time from the comfort of their own home and finding the financial freedom they were looking for with out having to get back into the grind of a conventional brick and mortar business. There are many ways for Boomers to make money at home and keep the lifestyle they lost or always had , some may also discoverer a lifestyle they had only dreamed of and count these hard times as a blessing.
The time is right for all Boomers who were first born in 1946 until the last born in 1964 to embrace a new Internet business at home. The boomer has always been a major force to recon with and there’s nothing that going to stop them from “ GETTING BACK TO THE BASICS.”
Soodie Ferraro
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