As a sales or marketing professional in your mid 30’s, have you ever given any thought as to what you will do once you retire?
After the initial excitement of not having to go into work every day wears off, many retirees often find themselves sitting around the house with nothing to do.
Considering how little money Social Security pays out, a retiree would give anything to have a thriving business that they’ve built up over the past few years, which can provide a nice financial safety net as they grow older.
While retirement age is still quite a way’s away for many young professionals, it’s never too early to start thinking about the end game.
We’ve come up with five reasons as to why starting a new business in your mid 30’s is one of the smartest things you can do for “future you” and your family members:
Supplement Your Income
The Social Security Administration estimates that the average person receives around $1,461 in retirement benefits every month. This isn’t anywhere near enough money for most retirees to maintain the same quality of life and standards of living as they had when they were working full time. That’s even less if you’re the sole bread winner in your family.
Starting a new business now can help supplement your future income, and you’ll be able to continue to accrue full Social Security benefits while you’re retired. If you incorporate now as an LLC or S-Corp, your CPA can also provide tax advice and help itemize and write off business expenses.
Keep the Mind Sharp
Many retirees find that staying home with nothing to do gets boring after a while, and that can make them feel like their life really has no purpose anymore. Starting a new business now will help keep your retired mind sharp, active, and provide you with a reason to get out of bed every morning.
The Harvard Health website encourages people to stay active after retirement. It not only keeps one mentally engaged, but it also helps keep potential depression away. Running your own business offers an escape hatch from the boring day-to-day life of retirement.
Starting a new business now will also keep you physically active long into your golden years. From walking around your home to going out on business meetings and lunches, you’ll find that keeping in shape will be much easier.
It Can Help You Avoid Spending Money
As counter-intuitive as it may sound, starting a business can actually save you quite a bit of money every month when you retire.
If you weren’t busy working at home on your business, you’d most likely get bored and go out and spend $15 on lunch, $20 on movie tickets, or $50 on an 18-hole golf game. All of these little daytime or trip expenses can quickly add up.
If you spend most of your time working on your business, you won’t find yourself getting restless and making excuses to go out and find entertainment that can quickly run into the hundreds or thousands of dollars every month.
Pass the Business on to the Next Generation
Some sales professionals will start a new business in their 30’s with the intention of passing it on to their children or grandchildren. It’s a great way to ensure that the next generation will have something that they can work and grow and that can help keep your legacy going.
You can even bring the kids or family members into the business while you’re still building it. This will also allow you to spend more time with relatives and pass on your strong business acumen and decades of knowledge to the younger generation.
While it may be a bit macabre to think about, many retirees often find themselves getting very lonely once they retire. To make matters worse, they no longer have their co-workers to socialize with on a daily basis.
Having a thriving business when you retire will provide a whole new host of socializing opportunities and will introduce you to many new people. It’s an ideal way to make new friends and connections that will last you for decades to come.
The TravelHost Advantage
Are you a sales or marketing professional who’s in your early 30’s and hungry for more than what your 9-5 is currently offering?
If so, TravelHost is an ideal low-investment business opportunity that you can run from the comfort of your home. Put your sales experience and strong business acumen to work, and it can provide you with financial freedom, flexibility, and control over your life.
Say goodbye and good riddance to relying on the company you work for to control commission structures and benchmarks. When you run a TravelHost business from your home, you’re in complete and total control. TravelHost will also provide you with a First Year Experience (FYE) on-boarding package and launch plan which will allow you to hit the ground running.
To learn more about this fantastic business opportunity, contact the TravelHost New Business Development Department at (972) 556-0541 or click here to get started.