{"id":7785,"date":"2019-10-07T07:14:36","date_gmt":"2019-10-07T11:14:36","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=7785"},"modified":"2019-10-07T07:14:45","modified_gmt":"2019-10-07T11:14:45","slug":"retire-to-a-rich-life-of-self-employment","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=7785","title":{"rendered":"Retire to a Rich Life of Self-Employment"},"content":{"rendered":"
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In 2015, people 65 and older had the highest self-employment rate of any age group, according to the Bureau of Labor Statistics.\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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You don\u2019t have to retire.<\/p>\n

Read the column<\/a> on The Washington Post<\/strong><\/p>\n

Maybe you don\u2019t want to be the on-call babysitter for your grandchildren. You have no desire to play golf or travel the world.<\/p>\n

What if your retirement meant finally pursuing your lifelong passion of becoming an entrepreneur?<\/p>\n

After all, you have a wealth of work experience you can apply to your new venture as you enter the next season of your life.<\/p>\n

And you would have plenty of company.<\/p>\n

Self-employment is increasing among seniors. In 2015, people 65 and older had the highest self-employment rate (15.5 percent) of any age group, according to a report by the Bureau of Labor Statistics.<\/p>\n

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\n\u201cNever Too Old to Get Rich: The Entrepreneur\u2019s Guide to Starting a Business Mid-Life\u201d by Kerry Hannon<\/a>. (Wiley)<\/span><\/div>\n

You can retire to a rich life of self-employment, according to Kerry Hannon, author of this month\u2019s Color of Money Book Club pick, \u201cNever Too Old to Get Rich: The Entrepreneur\u2019s Guide to Starting a Business Mid-Life<\/a>.\u201d<\/p>\n

The title is a bit of a tease, Hannon admits. Yes, it\u2019s great to make money, but the entrepreneurs she interviewed \u2014 there are 20 profiled in the book \u2014 talk about something more priceless than what money can buy.<\/p>\n

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\u201cThe title refers in many ways to the inner richness of doing work you love, with people you care about and making a difference with your work,\u201d she says.<\/span><\/div>\n<\/div>\n

Hannon lives what she preaches. She started her own company at 42. She\u2019s the author of a dozen books. She writes a column for Forbes on second acts and retirement, and she is the entrepreneurship and personal-finance expert for NextAvenue.org.<\/p>\n

Her guide is as much an explainer of how to become an entrepreneur as it is a pep rally encouraging you to take the risk.<\/p>\n

\u201cIt\u2019s about fearlessly creating something new regardless of your age,\u201d Hannon writes. \u201cIt\u2019s scary. It\u2019s risky. It\u2019s hard work, and most entrepreneurs I have interviewed have told me that their only regret is that they didn\u2019t do it sooner.\u201d<\/p>\n

This senior entrepreneurship movement makes sense. People are living longer, and many worry about outliving their savings. Some seasoned workers are also victims of ageism.<\/p>\n

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\u201cThe frustrating reality of ageism bias by employers is alive and well, which is why being your own boss has become the default for droves of older workers who are shut out of the workforce by employers who see their expiration date and view them as lacking stamina, up-to-date skills, or perhaps simply being too expensive in terms of salary demands,\u201d Hannon writes.<\/span><\/div>\n<\/div>\n

Not sure what business is right for you?<\/p>\n

Start with your passion, Hannon recommends. However, make sure it\u2019s bankable. I agree with Hannon. It\u2019s frustrating when I meet folks who have wasted a lot of time and money trying to monetize a dream.<\/p>\n

I loved this example in the book: One avid gardener decided to open up a landscape-design business after taking an early-retirement package from her law\u00a0firm.<\/p>\n

\u201cShe soon realized when her garden time was every day and the long hours were mostly spent alone, she had made a big mistake,\u201d Hannon writes. \u201cHer garden was her respite from her hectic life. When it\u00a0was\u00a0<\/i>her life, she missed the people connection.\u201d<\/p>\n

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The best entrepreneurs have a higher level of \u201chuman, social and financial capital,\u201d according to Cal J. Halvorsen, a retirement researcher and assistant professor at the Boston College School of Social Work, who is quoted in the book.<\/span><\/div>\n<\/div>\n

\u201cHuman capital might be, for example, education and work experience,\u201d he says. \u201cSocial capital would be their social network. Financial capital would be their financial assets and wealth.\u201d<\/p>\n

Before you take the entrepreneurship leap, know your limits. Do some research and line up the money, Hannon suggests. Set goals. Get help. (The Small Business Administration is a good start.)<\/p>\n

It takes more than grit to succeed as a self-employed individual. You want a profit-making business, not a hobby.<\/p>\n

Here\u2019s Hannon\u2019s three-part business-fitness program.<\/p>\n

\u25cf\u00a0Get financially fit<\/i>. Create a lean budget. Save as much as you can. Pay down any loans. \u201cDebt is a dream killer,\u201d she writes. \u201cThe biggest stumbling block for many midlife entrepreneurs is money.\u201d<\/p>\n

\u25cf\u00a0Get physically fit<\/i>. Your health is connected to your wealth. \u201cWhen you\u2019re fit, you bring positivity to your work and your life.\u201d<\/p>\n

\u25cf Get spiritually fit.\u00a0<\/i>\u201cFind a place to center yourself, and de-stress.\u201d<\/p>\n

You may not be hard-wired to be your own boss, but if you think you could make self-employment work, you\u2019ll find some useful and inspiring advice in this guide.<\/p>\n

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By\u00a0Michelle Singletary<\/a><\/div>\n<\/div>\n
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Columnist<\/div>\n<\/div>\n

September 13<\/span><\/p>\n<\/div>\n

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Readers may write to Michelle Singletary at The Washington Post, 1301 K St. NW, Washington, D.C. 20071 or michelle.singletary@washpost.com. To read previous Color of Money columns, go to\u00a0<\/span>wapo.st\/michelle-singletary<\/a>.<\/span><\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/section>\n
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