The generation known as Baby Boomers, born between 1946 and 1964, have created new trends at every stage of their lives because of the large number of people born in that generation. Of all of the baby boomers surprising lifestyle trends the rise of boomerpreneurs has perhaps been the most significant of all.
Have you noticed that many of the baby boomer generation are now choosing to combine their chosen lifestyle and leisure with income producing activities?
I first became aware of the trend towards older people learning about online business when I began to attend internet marketing workshops to help me market my business. When I started this quest to learn about online business, about 12 years ago, there were quite a few people of the 50+ demographic but over time I’ve observed the numbers growing strongly and the success of boomerpreneurs becoming common enough to be considered a definite lifestyle trend.
Perhaps it was that I was so interested in this demographic professionally that I took notice initially. Perhaps it was that I felt that I may be a little bit weird trying to be a successful entrepreneur when I was at the stage of life that friends were starting to look forward to retirement!
Well, weird I may have been, but I certainly wasn’t alone! And the longer I’ve been working in this fascinating arena the more people I’ve met who have similarly embraced online business in the second half of their lives.
Now that BoomersNextStep.com offers online business education and support I am hearing so many wonderful stories of people who have become successful entrepreneurs – boomerpreneurs – after leaving the careers that they were known for most of their lives.
Technology gives us so many wonderful opportunities that were not around for previous generations. With the likelihood of living longer than people did just 20 years ago, and with the desire that most people have not to outlive their savings, it is not wonder that so many baby boomers are making their next step towards online business….and as boomers’ surprising lifestyle trends go this is a very financially prudent trend.
Watch this video to find out what one retired school teacher has been doing with the first few years of her retirement!
Have you ever considered buying a brothel in an outback mining town at 55 years old? Would you like to still be working at 102? How about becoming a barrister when you have just been sacked as the judge on a top rating television talent show? Or becoming an entrepreneur in your 60s?
These remarkable stories, and many others, were shared on a recent Australian television show. Insight host Jenny Brockie interviewed people who, for many different reasons, are still working at a much older age than normal. She also sensitively dealt with the issue of older people finding it very difficult to find work. You can view this great program by clicking on the image above.
With the trend of people living longer many people worldwide are questioning the paradigm of retiring at 65 and just living off their investments, doing no more income producing work for the rest of their lives.
The concept of a ‘traditional’ retirement is being challenged by many.
This idea is not new. It has always been common for successful business people to transition from full time work to becoming a director of a company with part-time involvement. Retired professionals often become consultants within their industry and continue to work on a project basis, with blocks of full-time work alternating with blocks of full-time traditional retirement. Writing a book has long been the retirement project of people who felt they still had a contribution to make but wanted to do it in their own time, combining the lifestyle they desired with the challenge of creating a great book.
People seek purpose, challenge and meaning in their lives, at all stages of their lives. Why should this change when they hit the magical age of 60 or 65?
For many people this purpose, challenge and meaning comes from the traditional retirement life that they create; perhaps some form of community service, genealogy, pursuing a long-held interest, mastering a physical or art/craft activity or becoming actively involved in the lives of their grandchildren.
For others, this is a time of life when they decide to do the things that they couldn’t do before. How often have you heard someone say “I’ve got a great business idea but I can’t do it now” or “I’d love to work from home”. There is a spark of entrepreneur lurking in the most surprising people, and it is often when people get older that they embrace this aspect of their personality and are in the position to build a business.
Outliving your retirement nest egg is a fear of many people as they approach retirement age. The reality is that living is expensive and that a large proportion of people go into retirement worried that they will not be able to afford the lifestyle that they have dreamed they would be able to live in retirement.
There is no point in worrying about it but there is a lot of point in doing something about it!
Technology has given us the opportunity to run a business from anywhere, with no borders, no need for staff, and no glass ceiling. There are many people who are earning very good incomes (sometimes extraordinary incomes) working online, all around the world. Certainly there is learning involved, but that is part of the fun and the challenge. Just like any business venture there are no guarantees, and it is essential that you trust the right people as there are many sharks online.
When I work with people changing their careers, or even just chatting socially with people, so many express the desire to work for themselves. Frequently this is followed by “I’d love to create a business online and work from home.”
This is a career move that is close to my heart, after all I live it every day. But I have, until now, hesitated to recommend it to people because there can be a few speed bumps on the road to online success. I know because I think I’ve hit every one of them over the last eight or nine years!
Now they are highly regarded internet marketers, keynote speakers at major international internet events providing online business education, and reaping the financial benefits of their hard work, their new skills and their ability to deliver online business education in an interesting and understandable way.
I recently met up with them again after all those years. We had kept in touch, and in fact I’d been following their work and learning from them for several years. They traveled to Australia to be the keynote speakers at an internet marketing workshop.
My husband David attended the summit with me and we were both most impressed by their knowledge and their stage style, which is just them being exactly who they are on stage. That is refreshing in an age of youthful success, photoshopping and manufactured images.
We also had a great time catching up socially, with lovely dinners and the occasional glass or two of bubbles! With a common interest in creating a great lifestyle that encompasses lots of travel and embraces some work online to enhance that lifestyle, we had a lot to talk about.
Barclays has appointed the founder of a skincare company, Liz Earle, to advise on the ways that banks can better support older entrepreneurs. In an interview with YourMoney.com she commented
The older generation adds so much value to the workplace in any context – bringing a wealth of experience and industry contacts to the table. I’m not surprised to see so many budding entrepreneurs of my generation, but it’s great to see them taking the plunge in later life, rather than feeling it’s too late.”
She offered ten tips for people starting a business later in life which I have adapted and shared with you here.
What if I had done things differently?
What if I could do things differently now?
What if I was twenty years younger?
Are those “what if…?” questions stopping you from living a rich and full lifestyle?
Are they stopping you from following dreams, learning new skills, seeing opportunities, doing different things?
Getting older doesn’t have to mean that you give up on your dreams and seeking new challenges.
Frank is 85 years old and has retired three times. " I saw that people who retired often died fast. I didn't want to die."
Frank wants to live life to the full and create an income. Watch his story here.
In keeping with our BoomersNextStep belief that baby boomers can thrive on making career changes and should not let age stop them from following their lifestyle dreams, in the post below I proudly announced that I’ve been practicing what I preach.
I’d been searching for a way to continue to make an income once we decide to retire from our “real jobs” and were free to travel as and when we wanted to. I started learning about Amazon selling, and this blog post was written when my first product had just been launched on Amazon. It was a challenging, exciting, scary, inspiring, fun, frustrating, but mostly delightful journey, except for the fact that it didn’t really work out for me as I had hoped.
What went wrong? Amazon kept changing the goal posts and I didn’t manage to keep ahead of their changes. They had a major change in the way they promoted products, and it made it more difficult for small business to compete with the big companies. As with any business, unscrupulous people “played” the system, and in this case people were paid by bigger companies to write negative reviews about their competitors. Another problem for me was the design of my product. It was designed to be packed inside itself, forming a small pouch. Amazon is very lenient with their returns policy, and returned items are put back for sale if nothing seems to be wrong with them. In the case of my product you couldn’t see anything wrong with it if it was packed back into its pouch. Consequently when it was resold customers received damaged goods. I’d be upset about that too.
So do I regret my venture into Amazon? Not really. I wish I had made more money out of it, but I learnt a lot and actually enjoyed the experience. I think if you are venturing into unknown territory you have be prepared to be resilient and I have learnt that I am.
It is now sold out and I have closed my account but I’ll still share the Press Release with you. It was a great product and fortunately we still have a couple of bags left that we use all the time when we are traveling or going out to a festival or other day outing.
The new RovEasy daypack is designed to meet the needs of the savvy traveler. Weighing less than 6oz, the pack folds with ease into its own internal pocket in seconds, small enough to be easily transported in a handbag or coat pocket. The daypack features classic styling with high quality fabric and once open is a comfortable size for adults of all sizes to carry their daily travel necessities.
Principal of Clarity Travel Solutions, Jenni Proctor, explained “We were thoroughly enjoying our travels, but because of the changeable weather we started the day wearing jackets then needed to remove them as the temperature rose. It was inconvenient carrying jackets around all day in our arms but we didn’t want to carry a backpack on our backs all day, even when it wasn’t needed.”
“For convenience we bought a lightweight backpack that could be carried in my handbag or my partner’s pocket and then unfolded it when needed,” Jenni said. “It became the most useful item we had on our holiday, but we were unhappy with its quality and felt the design needed improvement so we decided to design one that would really meet our needs.”
The RovEasy daypack has just been launched on Amazon at a special introductory price. For more information please have a look at RovEasy daypack on Amazon.
Meanwhile these intrepid Baby Boomer travelers are planning their next holiday and their next product to ease the inconveniences and enhance the ease of traveling.
When it comes to being exposed to malware and viruses, who do you think is more likely to fall victim – the kid who spends every waking hour online, or your grandmother who just logged onto the world wide web for the first time over the holidays? If…
Over the last ten years the world has moved online…business, learning, shopping, marketing, even ordering a takeaway dinner. The advantages and convenience are obvious (most of the time) but what does it mean to you if you are considering business possibilities for yourself?
Increasingly baby boomers are seeing an online business as a very viable alternative to seeking employment, a way of creating a business that brings in an income through your own endeavors, skills and preferred style of working.
The thought of having to learn how to make a business succeed online can be daunting for those who can see its potential but haven’t been actively involved in how to make it happen.
I have been working in this space for some years and have been to so many seminars, attended so many workshops, participated in so many webinars, that if I had put that effort into a PhD I’d have a completed it with honours by now! It’s become a bit of an obsession for me I think J
By nature I’m a lifelong learner. I love learning about new things or hearing similar ideas expressed from a different perspective. I have been fascinated by all things to do with the internet and have watched the “normalization” of working in this space over the last few years. Six years ago if I was attending an internet marketing workshop I would tell people I was going to a “business” workshop, which was true but was definitely putting up a smoke screen. Why? Because I found then that people treated internet businesses with mistrust. I would have to explain to them it was the way business was going, and that perfectly respectable normal people like me needed to learn about it. Now I happily proclaim my interest in blogging, social media and internet marketing to anyone.
I’m going to be blogging about working online, particularly from the perspective of baby boomers creating an online business that uses their skills, experience and expertise while giving them new challenges and their choice of working environment.
So my big question is:
Email me [email protected] and let me know what interests you and I’ll be sure to include that in the blog posts.
By Jenni Proctor
Do you have the retirement savings that you had hoped for or expected to have by now? Daniel Goldstein's TED talk considers what we need to do to achieve our goals when that involves a battle between your present self and your future self.
According to the McKinsey Global Institute two out of three baby boomers will not be able to meet their anticipated retirement needs when the time comes. He specifically speaks about retirement savings, and uses some very interesting virtual reality tools to give emotional strength to the need for current action to meet future needs.