As 2008 winds down we as entrepreneurs, need to focus on building a strong foundation for our home-based business in 2009, which soon will be upon us. There are discussions in every household around the world about the changes that will be taking place, globally, locally and in all of our homes. As people are preparing for what might be the worst economic times that we have faced in some time they are searching for a way to lessen that impact personally.
No longer should we take for granted that our parents and maybe even grandparents will be fine when everyone else struggles. Those that were born between 1925 to 1945 (the Silent Generation they are called) started out their life with many trials and tribulations. Between the Great Depression and a World War their numbers are few. As that generation grew and started to become self-sufficient there were many jobs to be found. “They were probably luckier than the baby boom,” states David Foot, author of Boom, Bust and Echo. “They entered the job market in the 1950’s were promoted quickly, they did better than they ever expected to do and they’re the ones who are probably the richest people in the country.” They did exactly what was expected of them just like the generation before them. “They were conservative, hard-working and they lived well below their means. They were not big spenders and did not run up trillion dollars of credit card debt,” states Ken Gronbach author of the Age Curve: How to Profit from the Coming Demographic Storm. This silent generation saved more and accumulated less debt. The future was supposed to be bright.
Fast forward to 2008, the markets are falling, pension plans are crumbling, the years that were supposed to be golden just do not look so bright anymore. Those that were born in 1938 have to start their mandated withdrawals from their retirement funds in 2009. Due to the market collapse this past fall the majority of seniors are finding that they have lost 45 – 50 % of their retirement fund. What was meant to be a nest egg large enough to outlive them and allow these folks to live comfortably now looks like a broken dream. “These people have no recovery” Mr. Gronbach said. “Depending on how long they live, they’re going to have an interesting 10 – 15 years.”
Some will take what comes and hope for the best, some will sit quietly not wanting to burden their children and grandchildren but others have already started to actively look for another income to help offset their investment loss.
This Christmas and into the New Year we have to remember these people, do not be afraid to approach them and offer our business to them so they have a means to live out their life the way they originally thought that they would be doing, with financial stability.
These people raised us, taught us right from wrong, and helped us when we were down. Now is the time to repay that favor, offer a helping hand, encouraging words and insight into today’s marketplace.
Suzanne Lavigne is an Entrepreneur and a successful internet marketer. She believes that everyone can enjoy business success with the right gameplan and the right mentor. She enjoys helping others to live the life of their dreams.
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