1725: Thinking About Starting a Business in Retirement by Mike Lieberman with MoneyMiniBlog on Flexible Entrepreneurship

[00:00:01] Wenn jemand Charles und Melanie gesagt hätte, dass sie nach ihrem Tinder-Match gemeinsam einen Channel mit Crazy Aufgaben starten, also wirklich crazy, fünf Tage auf einer einsamen Insel verbringen, eine Zipline an einem Gurt runterrasen, eine Million Views knacken, eine Wand mit Saugnöpfen hochklettern und Falschirm springen in Ägypten? Das hätten die beiden niemals geglaubt. Aber das ist das Ding mit Tinder. Es führt dich an Orte, die du nie erwartet hättest. Wohin es dich auch führt. It starts with a swipe. Tinder.

[00:00:29] Hey Sandra, wir haben uns ja lange nicht mehr gesehen. Grüß dich, Nadine. Mensch, du siehst ja toll aus. Ja, danke. Ich habe mein Plus fürs gesündere Ich entdeckt. Was? Komm, ich zeig's dir. Die Bewegungskurse der AOK Plus. Kostenfrei für AOK Plus Versicherte. Entdecke dein Plus fürs gesündere Ich und starte mit unserem Selfcheck. Ganz einfach online auf aok.de. Aus Liebe zur Gesundheit. AOK Plus.

[00:01:00] Das ist Optimal Work Daily. Thinking about starting a business in retirement? By Mike Lieberman with MoneyMoneyBlog.com. If I were to ask you which age group has the highest self-employment rate in the United States, what would your guess be? You might be surprised that it's the 65-plus age group. Quote, self-employment in the U.S., the self-employment rate among workers 65 and older who don't incorporate, is the highest of any age group in America, 15.5%.

[00:01:28] U.S. Bureau of Statistics. What could be the reason? Well, it might be because the retirement landscape is drastically changing, and how much time people are spending in their retirement years is one of the biggest factors. Your parents and grandparents may have spent 10-15 in their retirement years. With our increased lifespans, this next stage of life may last 20-30 years. A pretty big difference.

[00:01:51] This is causing people to rethink what they want to do during this time. That stereotypical vision of spending days on the golf course between traveling still exists, not as much as it did in the past. People are starting businesses as a way to keep their brains engaged and sharp. The extra money doesn't hurt either.

[00:02:08] Are you thinking of starting a business in retirement? I mean, why not? It can be fulfilling in a variety of ways, by helping you to ease the transition from your career, or keeping you mentally on point, or putting an extra zero or so on your retirement savings. Take a moment to think about the times in which we currently live. Has there ever been a time when starting a business has been so easy? The internet has completely changed that paradigm and made the barrier to entry ridiculously low.

[00:02:35] It's also added to the overwhelm because there are now so many different types of businesses to start and ways to start them. Just thinking about that might freeze you in your tracks. By getting your head in the right mindset when starting a business, it can help to set you up for success. How? Great question. A question is where it all begins. The answer can easily be found on Google, much like everything else.

[00:02:58] It can also lead to paralysis analysis with all of the information available, thus causing you to stay frozen and not move forward. Let's make sure you stay in motion, okay? To help you, I reached out to Kevin Lyles. He's a certified retirement transition coach and head of education at Rock Retirement Club. I posed this question to Kevin. What's the most important thing you'd ask someone that was thinking of starting a business in retirement? He said, what do they want to get out of the business?

[00:03:26] That will lead to how I could counsel them because there are many possible answers. We'll get to the answers, but first, let's talk about why this is a powerful question you must answer. Sound good? The importance of this question. It's time to do some reflection to understand the importance of this question. Think back on your career and life for the past 30 to 40 years. How much of your time did work take? We'll do some quick math to put this all into a better perspective.

[00:03:52] There will be assumptions in numbers, and they'll be low, but don't get caught on the numbers. They're just to prove a point. There are 168 hours in a 7-day week. Working 9 to 5 equals 40 hours. Commuting to and from work for 5 days is about 10 hours. You spend another 10 hours a week thinking about work when you're not there. That comes to a total of 60 hours dedicated to work. That's about 35% of your entire week. We didn't even talk about how work also determined how you spent those remaining hours.

[00:04:20] It was necessary at the time for you to survive. As you enter retirement, work can mean something new to you, and you determine how much time you spend with it. This is why it's important to start something that supports the vision you have for your retirement. You now have full control of your time and what you want to do with it. Is the importance of having a clear vision making more sense? How to answer the question? These are common answers to the question that Kevin shared with me. 1. Money is required

[00:04:48] For some, the money might be required to continue surviving. If this is the case for you, consider keeping some type of employment. Starting a business and having it generate sustainable income in a short time will be a challenge. Now, if you're a few years out from retirement, you might want to get a head start on your business now. 2. Having extra spending money Let's say your retirement financial plan is all set. Your expenses are taken care of with no worries. In this case, starting a business might be a good way to pad the savings up

[00:05:17] or a way to do some additional activities without touching your savings. 3. Legacy Legacy is a word that has multiple meanings. Leaving a legacy is something that's personal to you. It might be leaving money to others or leaving your footprint on the world. However you define it, your business might be how you leave yours. 4. Being a problem solver Solving problems is the first answer people gravitate towards.

[00:05:43] They've done something in their career for so long, they transitioned to consulting in that field. There also might be something else you're really good at that people will pay for you to help with. 5. Purpose and meaning We spoke about the amount of time your career has taken on a weekly basis. When that's gone, there will be a big void. The void will be from the time standpoint, but also identity and structure and self-worth. This is one of retirement's biggest challenges. Kevin said,

[00:06:11] If they've been working 10-12 hour days for 30-40 years, now they wake up and don't know what to do with themselves. Having a business can really fill that void and give them some purpose and reason to get up in the morning. You just listened to the post titled, Thinking About Starting a Business in Retirement? By Mike Lieberman with MoneyMoneyBlog.com What does it take to lead like a superhero?

[00:06:39] Find out on the Superhero Leadership Podcast, hosted by Marvel's former CEO and legendary turnaround expert, Peter Cuneo. Each week, Peter is joined by top performers from business, media, and beyond. Leaders who have mastered the art of impact, resilience, and vision. Together, they explore Peter's 32 leadership essentials, revealing what it really takes to rise, inspire, and lead with purpose.

[00:07:05] Check out the episode with Michael Fabiano, president of ESG News, who offers candid insights on how leaders can run towards challenges and drive innovation in resistant cultures, embrace lifelong learning to stay ahead of disruption, and create environments where bold ideas thrive. If you want to level up your leadership, this is your blueprint. Search Superhero Leadership wherever you get podcasts.

[00:07:33] ServiceNow unterstützt Ihre Business Transformation mit der KI-Plattform. Alle reden über KI, aber die KI ist nur so leistungsfähig wie die Plattform, auf der sie aufbaut. Lassen Sie die KI arbeiten, für alle. Beseitigen Sie Reibung und Frustration Ihrer Mitarbeiter und nutzen Sie das volle Potenzial Ihrer Entwickler. Mit intelligenten Tools für Ihren Service, um Kunden zu begeistern. All das auf einer einzigen Plattform. Deshalb funktioniert die Welt mit ServiceNow. Mehr auf ServiceNow.de slash AI for People.

[00:08:03] And a big thanks to Mike for this post and to Kalen Bruce as well, the creator of Money Mini Blog. Kalen and his wife had $24,000 of debt and they wanted out, so he became a student of finances. Well, they're now debt-free and building wealth, and he shares what he's learned over the years with you on MoneyMiniBlog.com. That's a website featured very regularly over on one of our other podcasts, Optimal Finance Daily, where we narrate blogs covering personal finance and money topics like how to save more, make more, and invest more.

[00:08:32] So check out that show for some great content from Kalen. But I think that does it for today. I thank you very much for being a subscriber to the show and being here with me each and every day, and I'll see you back here tomorrow, where your optimal life awaits. Let's see you next time.