The economic crash of 2008 launched a new era where the way we work, earn and live will be as never before. This change will wipe out many, but those who learn how to earn in the new era… will enjoy even more prosperity… and joy.
The greatest asset we can have in the new era is an ability to serve… to produce a product or service that adapts to the new ways.
Many of us cannot and will not be able to stop work. Excerpts from a recent article in USA Today explains why.
This USA today article was entitled “Mortgage crisis robbing seniors of golden years” and was written by Stephanie Armour (a link to the full article is at the end of this message) and says:
The worst economic crisis since the Great Depression has slashed home values and triggered an unprecedented surge in foreclosures across the nation. It’s also taking an especially harsh toll on an often overlooked demographic: seniors who are retired or nearly so.
This population is being hit on all fronts. More than 600,000 seniors are delinquent or in foreclosure, according to AARP. A separate report by AARP found that 25.5 million seniors ages 50 and older have a mortgage. Unlike younger people, many are on fixed incomes and lack the money or job opportunities to catch up on payments when they fall behind.
Even those who own their homes free and clear are finding they can’t rely on equity as a retirement nest egg because home values have dropped severely, especially in retirement-rich areas such as Florida, Nevada and California.
Some seniors who had planned to sell their homes and move into retirement communities have had to postpone their plans because they can’t afford to take a loss on the sale of their current homes. Some older homeowners had been so confident that rising home values would provide retirement wealth that they neglected to save.
Now they face their final years with a dearth of financial resources to draw on. Thirty-six percent of workers ages 55 and older say the total value of their household’s savings and investments — excluding the value of their primary home and any defined benefit plans — is less than $25,000, according to the Employee
Many others share his plight. Americans 50 and older represent nearly 30% of all delinquencies and foreclosures, according to an AARP analysis released in September.
The analysis found that more than 684,000 seniors 50 and older were delinquent on their mortgages or in foreclosure. Among those, nearly 50,000 were in foreclosure or had lost their homes.
The impact of subprime lending also has fallen disproportionately on those 50 and older.
Older Americans with subprime first mortgages — those given to borrowers with less-than-perfect credit — are nearly 17 times more likely to be in foreclosure than Americans of the same age with prime loans, according to AARP. For those under 50, the comparable multiple is about 13.
“This whole group is going to be hugely dependent on Social Security, and people don’t fully appreciate the magnitude of the problem.”
Many of us will not be able to retire, by circumstance or choice. This is good! We can learn how to do something we enjoy… live a life we like… that pays its way.
Do what you love and figure out how to make it pay via an internet business.
Many younger readers I talk with feel that this rapid change in the new era is not just a retiree problem. Younger generations face educating their children, rising insurance and medical costs, loss of their homes value… high gas… rising food pries and even less likelihood that their Social Security will be meaningful.
Yet there are ways to gain from this change.
Take one of my daughters story as an example.
I am one of the luckiest guys in the world because my children are continually doing things that I learn from. This allows me to be a bragging dad and actually share a worthwhile point in the process.
We were reminded of the most important secret of earning success from our youngest daughter, Eleanor.
Here is a shot of Merri and me riding the Virgina Creeper Trail last summer with Ele.
Eleanor is just 27 but has already built a very successful London based business that not only provides her a six figure income, but gives her the freedom to travel the world. Last year, she visited us twice in the US plus spent time in China enjoying the Olympics and made numerous other trips. She has over four months of each year to travel wherever she desires…and earn as she goes.
While she was visiting, we had a great deal of time to talk and she surprised me by sharing a valuable lesson about business.
The earning idea came when she was telling me about her latest efforts at getting some of her students auditions and roles in London West End shows. Ele started as an entrepreneur early. She owns a performing arts school in London that teaches dancing, drama and singing. Here are some of her students in the production of Aladdin they are currently performing.
Ele’s school is a franchised operation…one of about 600. She is one of the youngest owners yet has one of the top ten busiest schools.
One reason for her success is the enormous energy and passion she puts into her business. Another reason for her success is she has a growing reputation for getting her students professional roles in the London theater.
She has helped over a dozen of her students perform professionally in London’s West End.
Two were in the Sound of Music at the London Palladium on Argyll Street.
Two were in Rodger and Hammerstein’s Carousel at the Savoy on the Strand.
One was in Disney’s Lion King, at the Lyceum Theatre on Wellington Street.
One is in Les Miserables at the Queen’s Theatre on Shaftesbury Avenue.
I was a bit surprised at this success and asked her “what is your trick”. She replied:
“This is very simple. I give the children who have extra talent free lessons. I bring them to my home and work with them there.”
When I questioned the wisdom of giving away her services as being part of a good business model, she replied:
“This is not about the money, Dad. The thrill of hearing those kids when they call me and tell they were selected is worth every minute I put into this. I love those calls so much, I am happy to devote my time and effort.”
This is the secret. Do what you love and figure out how to make money in the process.
In Ele’s case, she has profited indirectly…but the profit is not the purpose. This is a matter of fulfillment and of the heart.
This has always been an important idea, but grows in importance now. Our message about the upcoming 2011 disaster showed an economic distortion that is so grave it will force many of us to continue working… or to work more then expected or… to start working for oneself when an existing job is eliminated.
This problem is so acute and the importance of having more people do what they love is so vital that we have decided to write a new course…on how to develop your own international internet business.
The Tangled Webs We Weave…A Web Based Business Course
Merri and I have lived this way our entire lives… adapting and earning in different ways as we have fun.
Now we are at retirement age yet continue to earn in fulfilling ways via an internet business. See how you can have fun earning in retirement at our web business course introduction