Retirement in 2019 looks very different than it did fifteen years ago. Today, people are retiring earlier and living longer, therefore requiring more robust savings and diversified income strategies than ever before. Many find that life after 50 is a time to harness energy and interests that may have been dormant or unused during their career. I should know, I am that 55 year-old who pursues diversification, and boy do I love watching my investments grow!
I work with similarly experienced and successful business people via my consulting business. Yes, I see some choosing to invest in real estate or diversify their investments through the stock market. A short-sighted stock market investment strategy only cheats the investor, while staying the course long-term is where real wealth is generated.
There are loads of baby boomers who are choosing to stay engaged in the business community by pursuing franchising, and are looking outside of the traditional stock investments. Even into their 70s, I work with mature and experienced investors to find the best franchise concepts. These franchisees are vital, engaged, and impactful, allowing them to be their own boss, invest in a known product/service, and call the shots for their day-to-day schedule.
I find that a franchise investment not only provides those looking to leave the corporate world with a solid departure strategy that will allow them to remain active in their careers, but also a financial cushion during retirement. By aligning with a company that has a solid track record and strong infrastructure, people with little time and lots of experience can plug and play, and not recreate the wheel. Not to mention, owning a franchise is also a sound way to protect your family’s financial future through legacy ownership.
Whether you’re a recent retiree pursuing franchise ownership to fulfill your lifelong dream of entrepreneurship “with a safety net,” or simply as a money play and long-term wealth building strategy, there are several factors I advise you to consider when thinking about a potential franchise investment during your retirement years.
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