Time in a Bottle (Jim Croce)
Time is a precious commodity. I read an article recently by Beth Braverman, (October 23, 2015) in which she described the reality gap between what Americans say they want for retirement savings and what they actually have in retirement accounts. “The average Baby Boomer has a goal of accumulating enough of a nest egg to have $45,500 a year in retirement income……The average retirement portfolio, however, has just $136,200 in it, which would provide an average estimated income of $9,129. That would leave the average Boomer nearly $37,000 per person short of his goal.” (statistics are from the (BlackRock 2015 Annual Global Investor Pulse Survey). Unfortunately, I did not note which publication (Forbes Magazine I think) but you can find her work on Facebook.
Ummmm, interesting, alarming but not surprising. Many of us are in very similar circumstances. Got me to thinking though. Is this a reality that we simply accept or can we make change for the better. How can we impact our future? I read an article in the AARP Bulletin entitled Rich After 50. The Good Life: Better Late Than Never. I believe that we are entering a new era of entrepreneurship and the AARP article focused on two individuals. Wally Blume started Moose Tracks ice cream 20 years ago, at age 57. In order to raise the capital, he and his wife had “the courage in 1996 to sell the family home and cars and just about everything,” to develop his business. The risk paid off. Moose Tracks retails were over $100 million last year.
Time, time, time. See what’s become of me (Simon and Garfunkel)
Tim and Nina Zagat, at ages 60 and 58 began to publish restaurant guides. They “got fed up being misled by restaurant reviews from clueless critics.” They surveyed friends and colleagues about restaurants in their area and then mailed the results to the participants. Their hobby became all-consuming and attempted to get their guidebook published, but publishers rejected their product. “Only because they all turned us down, we did it ourselves,” Nina reported. Eventually they found major investors and 16 years after taking a hobby, and making it a business, they are multimillionaires.
One of the best-known success stories of entrepreneurship is Col. Harland Sanders. At age 65, left only with his savings and $105 a month from Social Security, Sanders decided to begin to franchise his chicken concept. Sanders opened a new restaurant and company headquarters in Shelbyville, Kentucky in 1959. Often sleeping in the back of his car, Sanders visited restaurants, offered to cook his chicken, and if workers liked it negotiated franchise rights. Five years later, in 1964, he sold Kentucky Fried Chicken for $2 million. (equivalent today to over $15 million).
We are never too late to achieve our dreams and our goals. But to do so, we must take action. You must have a vision and do something that you love. Entrepreneurship is an excellent vehicle to move you toward that vision. Traditional businesses can create that path. Non-traditional businesses (Home based, internet based, direct sales) require far less start up capital yet require the same tenacity, the same drive to succeed.
Think about this. The value of time is priceless. But how we use that time could make that time worthless. Does it make sense to you? We all have interests, hobbies, passions to help create a better world, for others, as well as ourselves. Make a decision to take action. Indecision is also a form of action, that is, it becomes in-action. And in-action changes nothing to make our lives better.
The final time
If you found this article of value, then please click on the comment tab. I would love to hear from you. If you are looking for opportunity to change your financial situation, then I have options that you should consider. The time is now.