Timing matters
Trying to build a real estate empire in the middle of the Gobi desert probably is not the best way to create financial freedom. Wealth creation coaches have one central theme when advising their protégées.
Go with the tide
At different periods the tide of opportunity moves in different directions, according to the needs of the whole, and to the particular stage of social evolution
It’s common knowledge that the boomers, one of the largest demographic groups in the history of the world, must delay retirement by 10 years, and then continue to delay it for longer and longer to account for their increasing life expectancies. If they don’t, there’s no way to correct the ever-growing mandatory payments for healthcare and retirement. i.e. There’s not enough money to cover the tab.
In a nutshell
The problem is, there are roughly 10,000 baby boomers entering retirement age with every passing day, and most of them aren’t even remotely close to prepared for it.
According to the Federal Reserve’s latest Survey of Consumer Finances, the median American household, with the head of the household aged 65-74, has a net worth of only $232,000, which would include home equity.
(Interestingly, the same survey reported that only 53% of American households save any money at all; the rest apparently live paycheck to paycheck.)
$232,000…
…isn’t going to get you very far in retirement.
Assuming the standard 4% annual withdrawal, you’d be looking at an annual income of $9,280. The boomers know this, which goes a long way to explaining why their spending isn’t what it used to be.
Their children, the millennials, are also between a rock and a hard place because they’re entering their careers with mountains of student debt. That’s a big part of the reason why they’re marrying and buying cars and homes much later in life than the generations that came before them.
In his chapter on Opportunity Wattles points out that “it is the natural and inherent impulse of life to seek to live more. It is the nature of intelligence to enlarge itself and the quality of consciousness to seek to extend its boundaries and find fuller expression.”
Take a closer look and consider the concept of “the tide”
Number one
Boomers are all looking for the elixir of life that will extend their years and put more life into the years remaining. Couple that with their need to generate income.
Add the necessity of the Millenials to get creative about paying off debt along with their love of experiencing things to their fullest by enhancing their performance and endurance and what you have is the perfect storm of opportunity.
This explains precisely why online business and the health and wellness affiliate marketing industry are experiencing a tsunami of growth.
Here are my top two suggestions on how you can capitalize on these massive trends.