Seniorpreneur Project

[Seniorpreneur]

What is your business strategy going to be when you turn 60 years of age? I would be very interested in your comments. Will you finally quit the work place and concentrate on your traditional values for a more productive retirement? Thanks for listening.

Joe Wasylyk
Seniorpreneur

 

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[andviv]

In my plan I have no business strategy in mind when I turn 60. I am planning to be retired and living from my passive investment for a long time.
I am curious about your comments though. I remember reading you are an author. Are you writing a book about entrepreneurship after 60? What is your experience about this?

 

[kimberland]

Well, considering no one in our family
with the defective heart (that I have),
has ever lived past 70,
I plan to be take it darn easy at 60!

We'll be living fully off of passive income,
cruising a good portion of the year,
maybe write a few books, etc.

I'll always be investing though.
I can't see me ever stopping that.
And why would I?
Investors just get better with experience.

 

[Seniorpreneur]

In my plan I have no business strategy in mind when I turn 60. I am planning to be retired and living from my passive investment for a long time.
I am curious about your comments though. I remember reading you are an author. Are you writing a book about entrepreneurship after 60? What is your experience about this?

I am glad that you have built up some passive income hopefully; for your retirement years needs also. I am presently working in the research phase only of this seniorpreneur project and God willing this will give me the direction to do some creative writing. I have limited financial resources so I decided to this research work through Google search engine starting from zero. Go To: google and type: seniorpreneur project. So far I'm getting many positive comments and some good discussions, where many seniors want to be more creative and productive in their retirement years but are searching how to do this.:thankyousign:

At the same time I am practising being a Seniorpreneur myself to get a real good feel for this possible lifestyle for seniors (60 Plus).

 

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[dbeck29]

being significantly younger, i dont really plan that far in advance, but i can tell you, when i was years younger, i was always interested in retiring as young as possible. At the time, the thought of not having to wake up to get to the office was an inspirational thought. Growing older has definitely changed my mindset though. I have become some what of a work-a-haulic. The thought of sitting around all day, even with those i care about, just doesnt really do much for me. Dont get me wrong, taking extended vacations is a great experience and i look forward to many many of those in my life time, but i enjoy the process of creating tangible goods. I enjoy everything that has to do with work, starting with the planning stages and following though until completion. I am a big advocate of the "use it or lose it" thought, mainly for brains. Relaxing and traveling in my opinion will speed up the process of "losing your mental edge," the mind needs issues to stay sharp I need goals, projects, problems to solve, etc in order to keep my mind sharp and inspire me to strive to be the best i can be. Part of my life plan is to leave not only a great deal of wealth behind, but a legacy as well, and i just dont see that happening in retirement. All in all, i just i just love to solve problems (work) I will continue to create, run, and sell business until they throw dirt on me.

 

[Bobo]

I'll be incredibly busy.

With dementia setting in already I am compiling lists of great books and movies I can read/watch all over again...

I plan to be retired (on passive income) well ahead of 60. I won't be very entrepreneurial then (I hope). I have zero interest in being an entrepreneur and derive little satisfaction from work, for me it is a mountain that I have to climb in order to get where/what I want.

My perfect retired life? Growing a few acres of decent grapes in North Texas sufficient to produce a drinkable red wine. ...or I could become the head greenskeeper at a golf course and landscape all day. I like to be outside, in the sun, making things grow. Meanwhile I need to bank some major dollars so that at some point money becomes a very minor focus area - I'll know I have enough, there is enough to ensure kid never struggles and I can worry about 'projects'. Boredom and I have never hung out together and if it shows up on my doorstep I am reasonably certain that I will LOVE golf but I will not learn how to play until I'm retired because I'm afraid I will like it!

 

[Legacy Dad]

Hey Joe,

Glad to see you on the site!!!!

Lance from Legacy Dad

 

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[PEERless]

By 60, I plan to be living on passive income.

But are you asking what I would do if I were 60 now and trying to decide how to get into the fastlane?

You are right that education and research are important. But you have two distinct advantages over a younger person, like myself:
1. 40 years of life.
2. A look into the psyche of a large customer sector (boomers/seniors)

Try to use these advantages to leverage your limited resources. Can you solve a problem? Can you deliver an amazing service? Can you bring your expertise to bear in an established industry?

Good luck!

 

[Seniorpreneur]

In my plan I have no business strategy in mind when I turn 60. I am planning to be retired and living from my passive investment for a long time.
I am curious about your comments though. I remember reading you are an author. Are you writing a book about entrepreneurship after 60? What is your experience about this?

I'm concentrating so much on writing my first book that I forgot about replying back. Sorry about that. I guess one of the tricks here is to focus like a lazer beam on your own project. Yes, I am presently working on my manuscript about 'seniors as entrepreneurs' as the answer to people being affected by the current economic conditions. I have a small business background, a business education and about to officially become a Senior or an Elder or a Boomer, Zoomer or whatever.

Thanks!

Joe Wasylyk
Seniorpreneur

 

[Seniorpreneur]

I am curious if you are investing any of your monthly 'stock money' in Canada since the US Dollar might be in trouble in the next couple of years?

Joe Wasylyk
Seniorpreneur

 

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[hatterasguy]

Thats a long time away for me. But I'll probably be on a boat somewhere, semi retired.

I don't plan on every fully retiring, I enjoy what I do. I'll probably just do what my grandfather did and cut way back and only build a couple houses a year.

 

[Seniorpreneur]

I see that you might be looking for a Boat in your semi-retirement. Well, as the children's rhyme goes: Row Row Row your boat, gently DOWN the stream, Merrily, merrily............
Life is but a DREAM.

Good Luck with your house building projects from semi-retirement to full retirement to running (sailing) down the stream until you cross the finish line and your Boat is announced to be the Winner!

Joe Wasylyk
Seniorpreneur:eusa_clap:

 

[Seniorpreneur]

Encore! Encore!

I have finally converted my 'Seniorpreneur Project' into a non-fiction book.

The title of the book is: Encore! Encore! Seniors (50 Plus) As Entrepreneurs: Their Time has Come.

There is a Free Sample Book Chapter on my website: Seniorpreneur - Home

This is the dilemma. The long lasting economic turmoil in North America has caused an upheaval in the labor market where I think it is unfortunately possible to have 35 year old's having difficulty getting and keeping any available full-time jobs. What is the unemployment rate? Is it 10% now?

What do Fastlane members here think about the possibility of being forced to become an entrepreneur in their mid thirties after more quality jobs disappear? Will you be prepared if this event becomes a reality?

I remember some Fastlane members saying that Retirement is still many years away. Has your opinion changed now after we have had a couple more years of economic doldrums?

Joe W.
Seniorpreneur

 

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[GlobalWealth]

What do Fastlane members here think about the possibility of being forced to become an entrepreneur in their mid thirties after more quality jobs disappear?

While I think this will be painful for many, this may be the catalyst this country needs to get back on solid footing.

I'll give you an example. A good friend of mine, age 36 now, was a long time employee with a very large fortune 500 company and was laid off in 2008 due to cutbacks.

He looked and looked for a job to no avail. As a sideline, he started a very small business that involved his hobby.

Over the last 2 years he has completely replaced his job income with his 'hobby' income and now is doing something productive and has a passion for.

I never envisioned him as an entrepreneur, but he became one out of necessity. Now he is much happier and enjoying productive work again.

 

[CommonCents]

Love the Seniorpreneur term. Have you checked on trademarking it? I think its a great oppty as with many seniors (esp large boomer population now hitting retirement) will need some extra income. Targeting them seems real smart. I have brainstormed out a couple ideas along these lines.

 

[Davidla]

Joe,

I like your initiative. But I am wondering if you are focusing your efforts on senior entrepreneurship, or senior self employment?

I skimmed through the first chapter of your book, and the impression I got is that you are talking more about self employment.

For example: A senior person gets layed off at the age of 60 and cannot get rehired, opens a small restaurant (his hobby) to recieve the same income he used to get before. Is he a Seniorpreneur?

This leads me to my next point:

Many senior people actually have potential to be entrepreneures, but they are likely not to realize it.
They have more experience (professional and life), knowledge, and probably more contacts and financial resources aswell.

I saw a live example for this a few monthes ago: my father.
He is a baby boomer and he is nearing the age of 60. He has a Phd in materials engineering, and he has tens of years of experience in the semi-conductor industry.
He was fired after the 2008 crisis as the entire project got shut down in 2009.
Luckily, in 2010 he managed to find a job in his field with better payroll and status than his former job.

But during the monthes he was unemployed, he thought of ideas for self employment such as real estate agent, photography etc, INSTEAD of utilizing his knowledge and experience into forming a consulting/subcontractoring company in his field of expertise, which has a big demand and a much better profit margin than the alternatives he was considering.

I think that these are the main reasons he did not focus on entrepreneurship:

1) Fear of taking risks with the commitments he has in life.
2) Tens of years of working for fortune 500 companies - employee mentality.

So I think that an interesting question that involves your project, is what can be done to help seniorpreneurs realize their knowledge and experience to gain true wealth, after (or preferably before) their inevitable push from the job market?

Why not leverage the event of leaving the job market and "striking" on their own to achieve much higher levels of income?

Obviously not everyone can do it - but I am sure that many who can do not.

 

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[Seniorpreneur]

While I think this will be painful for many, this may be the catalyst this country needs to get back on solid footing.

I'll give you an example. A good friend of mine, age 36 now, was a long time employee with a very large fortune 500 company and was laid off in 2008 due to cutbacks.

He looked and looked for a job to no avail. As a sideline, he started a very small business that involved his hobby.

Over the last 2 years he has completely replaced his job income with his 'hobby' income and now is doing something productive and has a passion for.

I never envisioned him as an entrepreneur, but he became one out of necessity. Now he is much happier and enjoying productive work again.

Your friend was only 36 years old! That's great for those people who can spot the trends quickly, know themselves really good and get back to productive work (fastlane) again. I love this example.

 

[GlobalWealth]

get back to productive work

I wouldn't say he is in the fastlane by any means, but he is doing something he loves. He is a good friend, but not an overachiever.

This is the dilemma. The long lasting economic turmoil in North America has caused an upheaval in the labor market where I think it is unfortunately possible to have 35 year old's having difficulty getting and keeping any available full-time jobs. What is the unemployment rate? Is it 10% now?

This was in response to your post about having difficulty finding FT jobs. He did what he had to do and is much happier now. Maybe the ambition kicks in, maybe not. We can't all be fastlaners.

 

[Seniorpreneur]

I'm focusing on the senior entrepreneur, both for-profit business and non-profit social entrepreneur. Many Seniors have different expectations and as a result they could use hands-on and individual entrepreneurial training by both mentors and coaches. The 60 year old example you used could have a unique restaurant menu item but could be assessed to see if he is cut out to be a restaurateur. You probably already know that Colonel Harland Sanders was bankrupt at age 65. Then a secret chicken receipe was the unique menu item, and the rest is history.

 

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[Seniorpreneur]

In my book I give credit to the people that originated any term, phrase or paragraph in all of my research. This includes the term 'Seniorpreneur'. At the present time I haven't decided which way I would like to go. But I'm sure it will be more in the realm of helping Seniors in any way I can. Thanks for your kind comments.