Patriot Wealth - December 2019

THERE’S NO EXPIRATION DATE ON ENTREPRENEURSHIP THE JOYS OF STARTING A BUSINESS AFTER YOU ‘RETIRE’

As a nation, America is getting older. By 2030, 20% of Americans will be 65 or older. With people living longer than ever before and the baby boomers approaching retirement age en masse, older adults will continue to have a massive impact on the American economy at large. Normally, we think of seniors as people who cash in on the hard work they’ve already accomplished. Many young people even worry Social Security will be wiped out by the time they reach retirement age. But who’s to say older adults can’t contribute to the economy? If you’ve ever tried to change jobs late in your career or pick up some part- time work after retirement, you know it’s hard to be hired as a senior. Quartz recently called seniors “the economy’s

most underused natural resource.” Until more employers understand the value and potential of older workers, entrepreneurship remains the most viable avenue for seniors wanting to work after their primary career has ended. There are a number of reasons why seniors find creating their own business to be rewarding and why they tend to succeed when they do. Unlike younger people, who often become business owners in an attempt to make a fortune, older entrepreneurs can be content with small, sustainable micro-businesses. They also approach their businesses with a wealth of experience that can’t be purchased. As a result, 70% of ventures founded by older entrepreneurs are still open five years

later, more than double the rate of the general population.

With so much potential to be found in senior-run businesses, it’s no surprise that organizations are rushing to empower older adults with the tools they need to succeed. Senior Planet, a coworking space for seniors with outposts nationwide, teaches classes on skills like website creation in a space that makes older learners feel welcome and comfortable. On top of being an important economic driver, entrepreneurship can be a wonderful way for seniors to generate meaning and value in their lives. It’s never too late to start the business of your dreams.

TO MOVE OR NOT TO MOVE AND HOW YOUR FINANCES MIGHT AFFECT THAT DECISION

The last few years in the U.S. have seen a fascinating trend of population decline in large metropolitan cities. Places that have had a steady influx of residents looking for opportunities, like New York or Los Angeles, have all seen their residents moving to other cities across the country at a higher rate than average. Nearly 20% of all states overall reported a population decline in the last two years. So, where are all these people going? While topography, climate, and proximity to family and friends play a large role in a person’s decision to move, a major contributing factor is also the cost of living. Many people are willing to overlook severe weather if it means they can spend significantly less on buying a home. Or, for those new to the workforce, if a smaller percentage of their income goes to housing, transportation, and

essentials like food, they make employment decisions in conjunction with those factors.

But what does this trend mean for you? Overall, it means right now is a great time to start prioritizing what matters to you most, and figuring out the financial situation you need to be in to get yourself there. Maybe you’ve discovered big-city life isn’t for you and you’re ready to join the movement. Maybe you’re ready to oppose the trend of metro decline and need to figure out, from a financial standpoint, if a move of that caliber is right for you. Let’s look right here in Raleigh. It’s one of the faster- growing cities in the state. It’s a popular retirement location, and experts point to its low cost of living, low home prices, moderate climate, and a growing cultural scene as attractors for all ages. It’s seeing a steady incline of population, and this means the possibilities for this city are endless. But does that mean it’s also on the road to eventual population decline? Whatever the case, you should be ready to make the financial decisions that will keep you happy no matter where you end up. Patriot Wealth Management is here to help so give us a call.

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