Chapter 23
Business and Finance Books

Chapter 23

financial literacy

I Am A Baby Boomer Without Much Money, What Should I Do?

Both Robert and Donald’s advice in this chapter mostly encourages Baby Boomers to get involve and become familiar with the Information Age and how most Boomers are still entirely devoted with the Industrial Age mentality. Robert first talks about Health, Wealth and Happiness and how a person can live longer if you have a good balance of the three as too many times people sacrifice one for the other. He also encourages people to get professional coaching if you need someone to make you accountable for not doing certain things in order to help you move forward.

Donald Trump then throws in some motivational stories of an example how an old couple in their 60’s lost their business and loved being at a ski resort which they hoped to retire in. One day, they were offered a job at an inn there and actually became managers for it. Down the road, they actually bought out the company and now not only were in a good position financially, but they were able to live in the area that they always wanted. This is to show that regardless of one’s age you can still accomplish great things.

I guess I would have to classify myself as one of those Information Age group people and while I am not a Baby Boomer, I guess the great thing about the Information Age is that it has changed the way on how we can communicate with each other and has made establishing some form of business a lot more open to a larger group of people. You just have to get up and start doing something with it.

2 Comments

  • Geri Spieler 11/20/2006

    I’m a little confused: First you say you are a Baby Boomer and then you say you are not?

    Regardless, if you are close to “retirement” age, and who knows what that really is, and you are not one of the 25% with loads of retirement investments, you need to be creative. It is not too late to sit down and figure out a plan for yourself.

    Coaches are expensive and you never really know if they are worth it. You can “coach” yourself, talk to friends about your goals and work something out for your future.

    Do you own a home? If so, you could consider either selling it and buying something that has a tenent space to help you pay your mortgage. Or, live in an apartment building as the manager. Often you can live rent free or at least at a greatly reduced rate?

    Moving is another consideration. How far is acceptable from the grandchildren? There are parts of the country a lot less expensive than others.

    I could go on, but I think this is enough to get started. Your next step is to figure out health care. A biggie.

    gs

  • Alan Yu 11/20/2006

    What? I didn’t say anywhere that I was a baby boomer and I also wrote that at the end. I think you are confusing the chapter title of the book I am reading which is bolded and says “I Am A Baby Boomer Without Much Money, What Should I Do?”

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