Start my own business

It’s food for thought, regardless of whether or not you agree with it. This is on Yahoo this afternoon, and it is Suze Orman giving conservative advice about starting a business. For example, she advises baby boomers not to touch their 401K’s to fund a business, and to save instead of spending retirement funds.

I’m not so sure about her idea. For many of us, starting our own business is something that we want to do INSTEAD of retirement. So why not take that money that other retirees would spend on traditional retirement-related activities (such as golfing, and visiting the Grandchildren) and spend the way you want to, on your business if you like?

Of course, a concern for all older people is physical health. Illness and accidents can strike at any time, but are more likely the older one is. It’s important to have health insurance, if at all possible.

Another factor is mental health. Personally, I’d go batshit crazy if I had to spend my last years sitting around doing nothing. Just like my father did. Right after he retired, he had all kinds of ailments and was depressed all the time. As soon as he found a part-time job, all of the ailments and depression went away. A doctor could not have prescribed anything that would have made him feel better than that job does!

For many boomers, starting a business may very well be the only way for us to stay employed. Those over 50 are far more vulnerable to layoffs, and less likely to find new jobs than younger workers are. So starting a new business can be a way to make the best out of a bad situation.

I will be 50 and eligible to retire 3 years from now. With that in mind, I bought a copy of the book “50 Plus! Critical Career Decisions for the Rest of Your Life” by Robert Dilenschneider. I would recommend this to anyone interested in starting their own business, regardless of his or her age.

Another book I’d like to read is “Chicken Soup for the Entrepreneur’s Soul”. Maybe I’ll get it for Christmas. I read about the book in the latest Vineyard Vines catalog, which I received yesterday. Vineyard Vines is a clothing company based out of Martha’s Vineyard, and run by two brothers formerly in the corporate world. At the time the brothers started Vineyard Vines, their family and friends thought that they were crazy. Today, Vineyard Vines is a big success. Politicians are frequently seen wearing their ties on TV. Besides Vineyard Vines, there are many other companies featured in this book. The “Chicken Soup” series of books has been popular, and I think now is a good time for me to find out why.

but must admit that I am a little nervous about it. I remember my father owning a gas station, and hating it. Not only did he work day and night, but he had problems with the oil company he franchised from and the station lost money. If I were to pursue this, I’d want to do something entirely or as much on my own as possible. No franchise for me!

Plus I would need some attitude adjustment. I’ve always worked for someone else and tend to take things like sick time, vacations and retirement benefits for granted. Of course, none of these things exist when you are self-employed.

But I can certainly see the upside to working for yourself. Not having to answer to a boss and the satisfaction of saying “I did it all myself” are priceless benefits. I especially see the upside of starting my own business after I retire from my present job in a few years. Retirement would give me a little bit of income. And I have absolutely NO desire to spend my golden years doing nothing! It sounds great in theory, but I think that it’s bad in reality. My father did nothing for a few years after he retired, and his health went down the tubes. He went back to work part-time, and he immediately began to look and feel better. Working did him more good than any doctor ever did.

Let me know what you think -