You may be thinking, “What can I do to make money as a baby boomers?” There are a number of things you can do. For example, you can become a tour guide or invest in stocks. Or, you can start a side business.
Become a tour guide
The baby boomer generation is growing, and with them come the millennials, the generation that is redefining work and wealth. This group is also on track to become the most wealthy generation in history, and they are not afraid of travel. They often travel with their families and prefer simple solutions, which makes them the perfect target market for a tour operator. Generation Z is another growing group, which is behind the millennials, but has grown up with digital technology and has plenty of free time to travel. The only limitation to their spending is budget.
For this generation, it’s important to position themselves carefully. The best place to start is a blog site about baby boomer travel, or a niche website aimed at attracting older travelers. Sixty and Me, which represents a community of over 500,000 women, is an excellent place to start. Other sites that focus on travel for the over-50 crowd include Travel Past 50 and Grey Globetrotters.
Another idea is to become a local tour guide. This is a great way to make extra cash. It allows you to spend more time with your family, or with friends, and you can get paid while doing something you love. Another great side hustle is retail arbitrage, where you buy items from one store and resell them at a higher price at another store.
Invest in stocks
As a baby boomer, investing in stocks can be a great way to generate income in retirement. As a baby boomer, you may not have the financial ability to retire immediately, but you can start accumulating a portfolio now and reap the rewards when you are ready. Some baby boomers have young children or spouses who need their support. Others may want to leave a charitable legacy. No matter what your reason, you should invest in stocks that have steady gains.
Stocks and gold IRA companies provide the greatest opportunities for investors who can stick with it for many years and are realistic about their expectations. However, it is important to remember that older investors are more vulnerable to volatility, so it’s important to diversify your portfolio. A well-diversified portfolio protects your money from severe losses.
Although the millennial generation is the largest generation in the U.S. workforce today, it will still be around for years. For this reason, a baby boomer may want to shift their focus to stocks that are geared toward older people. The market is changing rapidly, and younger generations have different investing ideas and risk tolerances. By learning more about the differences between younger and older generations, you’ll be better equipped to invest in stocks that are relevant to you.
In 2001, nearly half of all people under 35 were investing in stocks. That market crash probably affected many of these investors. This has led many to speculate that the retirement of the baby boomers will cause a crash in the stock market. However, this is unlikely to happen. As long as you’re patient and don’t get discouraged, you can make money as a baby boomer by investing in stocks.
Sell a business
Baby boomers are a generation of entrepreneurs with strong work ethics and self-assurance. There are 12 million businesses in the United States. About two-thirds are owned by baby boomers. Of these, 4 million are businesses with employees. Of these, 83% are expected to change hands in the next five to 10 years. In fact, more baby boomers than any other generation are setting up businesses.
If you are a baby boomer who has an existing business, it’s important to look at the transfer process through the eyes of a prospective buyer. This way, you can minimize tax liabilities and avoid any legal issues that can arise from the sale. Also, a business created by a baby boomer may be more attractive to potential buyers than one created by a more established person. The reason may be that the business has a solid customer base and a well-established brand.
To prepare for the sale process, baby boomer entrepreneurs should consider hiring a business advisory team. The team can help them navigate the process by appraising the business assets and mitigating potential liabilities. In addition, they can prepare financial statements and prepare for the questions prospective buyers will have. Selling a business can be a challenging but rewarding experience. The right team can take care of the details and help you get the most for your business.
The pace of transactions has sped up historically. As a result, more Baby Boomers are looking to sell their business in order to maximize their retirement funds. While the economy is still struggling, this is the perfect time to make a sale. Besides, it will allow you to enjoy your well-deserved retirement.