Welcome to the “new economy“, Baby Boomers! In case you haven’t noticed, things have changed……..BIG TIME!! We basically had spent 40-60 years (all our lives!) in abundance. Then October, 2008 happened and for many, the world came crashing down. Maybe not all at once, but over the past few years our demographic has suffered the most devastating financial circumstances of our lives. How could this possibly happen? Real estate always went up, there were always enough jobs around, retirement was secure and assured, everybody had a legitimate shot at the American dream. Now? Our economic and political systems are a mess, with no obvious short-term, pain-free fixes. Unemployment is through the roof, retirement has become a shattered dream and, worst of all, people have lost hope.
Except for the very small percentage of the very rich, these are hard times, but there is indeed hope. Baby Boomers have always been an independent, creative and tenacious force in the world. The positive side of the “new economy” is the development of the Internet, the globalization of commerce (specifically e-commerce) and the ability to outsource almost anything. An example of “old vs. new” would be; if I came up with a new mousetrap in my machine shop within the old economy, I’d start making them, selling them locally and, as my business grew, I would expand my factory, hire a lot more people to 1.) make and sell the new mousetraps, 2.) manage accounts receivable and payables, 3.) manage legal affairs, 4.) manage human resources, 5.) maintain my factories, 6.) manage customer service, etc., etc., etc., and, over a long period of time, with a lot of capital invested, I might have a successful enterprise that sold mousetraps around the world. In the “new economy”, I can do all this sitting at my desk, investing a fraction of the time and money. I have an idea of a new mousetrap, I outsource it to a company I found in a Google Search (GS) that builds prototypes. I then do another GS to find a manufacturer who will make my new mousetrap, maintain an inventory and drop-ship it directly to my customers. I set up a slick website to sell my mousetrap and immediately have a global presence. I hire a Search Engine Optimization (SEO) firm to drive traffic to my website and a marketing firm to make sure that the website is visible wherever someone looking for a mousetrap might go (Amazon?). My customers pay online through the website and the payment management company I outsourced to sees that the money ends up in my account and my manufacturer automatically charges the same account for any mousetraps he delivers to my customers, and the customer service company I outsourced to makes sure everybody is happy. I just built a successful, international mousetrap company sitting at my desk with a computer and a phone, and all I have to do now is check my bank account.
If you are a Baby Boomer who has been hit hard economically, there is hope…………….and tremendous opportunity, but it lies in understanding the “new economy”. The opportunities for making money from the comfort of your own home (or wherever you have access to the Internet) and on your own time have never been greater, but beware because the scammers have found this to be fertile ground for their insidious schemes.
Bottom line, if you need more cash or you’re looking to re-establish some financial security, you can do it online, in an area that interests you and build long-term value, but you have to be committed to the process and willing to learn. Stay tuned for more information on how to mine the Internet nuggets!