As Seniors are living longer, retiring later, and spending more and more on drugs, dental, and other age-related expenses. As a result, many Seniors are very worried about how they will survive in their old age, given the fact that we are facing another recession and increased inflation, along with interest rates and taxes, especially in Canada.
Many Seniors are resorting to minimum wage jobs. This won’t solve your problem, in spite of the fact that we are vastly superior employees to automation, Millenials and “refugees.” And we can expect a financially devastating increase in so-called “Affirmative Action” that will potentially exclude White, Senior Canadians from many jobs in the future.
After reading the above and watching the informative video below, one may feel a slight tightening in the stomach – a spot of stress. Don’t worry, I have a partial solution for you, and it’s not packing groceries or sweeping streets. Remember, our bodies are declining as we age, along with our energy, so physical work is generally a losing stopgap.
My suggestion is to use and leverage your age, maturity, experience, wisdom, patience, and communication skills – these are assets – attributes that are not available to younger people. And let’s have another look at your other, possibly underutilized assets that can be leveraged, too – real estate, RV’s, cars, contacts, relationships, reputation, and so on. Use your mind instead of your body; the Buddha said, “the body is a fragile jar – make your mind and castle.”
Entrepreneurism is a solution as well since it allows you to control your income, and any abilities and skills you need are available through others – in fact, every resource you require is readily available to you through entrepreneurism. And never, never invest any more than you can afford to lose.
Finally, embrace change. This flexibility is crucial to the survival of many Seniors. And remember, there are many financial tools that you may well not be aware of that are safe and could make a huge difference in your life. Contact me for suggestions.