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Tackling a Business Later in Life

| April 10, 2013

The Lead Comment

If you find yourself in the position of not being able to retire – the way you want to retire – at the time you want to retire – perhaps you will consider starting a business.

As the Bloomberg article below shows, some people continue to work because they have to.  Some people continue to work because they want to.

Whether you fall in the former category or the latter, your own business at least gives you the possibility of somewhat controlling your own income and – eventually – your retirement.

If you are inclined to start – or buy – a business – get professional help!  Not the psychological kind – the consulting kind.  The article below is a good start, but you will need more.  Talk to some people who have done it.  Ideally, talk to people who have done it well – and also some who have struggled.

One key point stated in the article below – don’t invest more money than you can afford to lose.  It’s one things, for example, to “invest” your labor – particularly if you’ve already retired from one job – or have taken an early-out / severance package or have simply been laid off.  It’s another thing entirely to invest too much of your retirement nest egg.

Financial advisors will insist you diversify your financial investments.  If you put too big a proportion of your retirement funds into your own business, that is lack of diversification in a different, but perhaps more, dangerous way.

The How-To Articles

Tackling a Business Later in Life . . . Wall Street Journal

50 Cognitive Distortions . . . . Big Picture

As stocks mark new all-time highs, many investors are left behind . . . . Washington Post

The Finance – Economic – Political Articles

Why Grandpa Hasn’t Retired . . . .

Difference Between Bankers & Pirates . . . . Big Picture