Is It Too Late? Why your best (money-making) years could be ahead.

A Note From Colleen

Hi, friend.

I’ve worked some 3rd Act Entrepreneurship math to see if it is, in fact, too late to start an online business.

[Trigger Warning] The numbers are going to shock you. 

At least, they sure did me.

Thanks for being here.

Cheers,

Colleen Kochannek, Publisher

*This publication may include affiliate links and links to products I sell. If you click and buy, I may earn revenue and/or commission. 

One of the hush, hush unspoken questions we often don’t dare ask ourselves as women heading into our 3rd Act is, “Is it too late?”

Is it too late to:

• Get in shape

• Travel solo in an RV across the country

• Go back to school

• Marry

• Build a business

It’s never too late to build healthy habits. Personally, I’ve been working on this, hard, for the past 6 months with a trainer. I’m feeling better and stronger. I even spotted some thigh muscles the other day when I was doing a squat.

I’m not an RVer, but I sure see a lot of ‘older’ people doing this and having a blast.

I’ve read about many many 3rd Act women going back to school ‘to finally study the thing they’ve always wanted to study’. How could learning ever be too late?

Marriage? I’m not personally interested in dating at this point, but to each her own. Do what you want. And, I never say never. There’s no age limit to relationships, btw.

As for building a business? Let’s look at some numbers because I was stunned.

The New Longevity:

According to statistics, the average lifespan today is 79.1 years. 

And, we all know people who are living far past this milestone. We all know we’re living well, meaning we’re strong, healthy and vibrant. I’ve often said I believe we’re half the age our grandparents were at our age.

What does this all mean? If you’re coming into your 3rd Act (or you’re well into it) you have an ENTIRE SURPRISE life ahead of you.

Most of us are not prepared for this longevity. Nobody told us to be. 

We face many issues that those who have gone before us haven’t. 

We’re among the first to get a healthy, long 3rd Act to live. 

We have new needs and desires that we need to prepare for:  

• Purpose: We’ve always needed ‘purpose’, but it was assumed we didn’t really need one after we ‘retired’. We’re not retiring anymore, so we need a viable purpose that gets us out of bed and feeling good about ourselves.

• Community: As we get older our friends and community circles often change. We need to build new communities.

• b: We want to stay independent and less than 2% of us will wind up in assisted living (this statistic stunned me). We need to stay functionally fit and keep our brains in good working order to be able to age ‘on our own’. 

• Autonomy: Most of us have been employees for decades. We crave the 

  opportunity to ‘be in charge’.  We also want to contribute and make an impact in a way that comes from us.

• Ageism: It’s a reality. The older we get the more challenging it is for us to be employable, to be seen, valued and taken seriously.

• Money

• Money

• Money 

Not the ABBA song, but the last one is repeated because it’s a biggie. Money.

It’s scary to think we don’t have enough money to support us in the type of quality life we want to live. 

It’s scary to think we might not have enough money to pay for support should we need it.

It’s a problem. 

I know it keeps me up at night. Financial peace of mind is, well, peaceful. If you don’t have it, it’s anxiety enducing. 

But, the GREAT NEWS is, we can take charge. We have time to course correct.

Starting a business answers MANY of the issues, especially money (or lack of).

Let’s Run Some Numbers (using me as the guinea pig):

• I’m 57 - for the sake of this equation I turned 57 today (It was actually May 20 if you want to mark your calendar for next year… chuckle)

• We’ll assume it takes me one year to learn what I need to learn and start my digital business (that’s padding it a lot).

• One year later. I’m 58 and can actually call myself a business owner.

• I decide I want to work until 70 - this gives me 12 years.

Let’s be CONSERVATIVE (I hate when marketers exaggerate reality) and say:

• I make $1k per month X 144 months (12 years) = $144,000 extra income in that time period.

• I make $3k per month X 144 months (12 years) = $432,000 extra income in that time period.

• I make $5k per month X 144 months (12 years) = $720,000 extra income in that time period.

What would you do with $144,000, $432,000 or $720,000 additional in the next 12 years?

• Would this additional money make a positive impact on your life?

• And, you get to earn by doing something you enjoy. 

• You’re fully in charge?

• A digital business is completely flexible.

I know from personal experience having an online business has benefits well beyond money:

• It has given me purpose. I’m excited to do what I do. I love my work. 

• I get to contribute and make an impact.

• I get to be the boss. It’s all on my terms.

• It’s flexible and goes with me. No more having to plan a life around employer rules

• Ageism doesn’t exist in your own business.

• I’ve built new communities and made so many new friends - all of whom support my entrepreneurship because they ‘get it’.

• I love the ongoing challenge and learning.

• I love feeling ‘in the mix’ and up-to-date.

• I love the feeling of taking control of the money situation and having pride in the fact that I am responsible for myself and my future.

My question to you: Can you afford to NOT start your own online business?

Now, I understand it requires work. You’ll have to overcome some fears. You’ll have learning curves. You’ll have some setbacks. 

But, you’ll also have some fantastic wins and, guess what, that time is going to pass whether or not you spend it building a business or not.

I never imagined I would be 57, aging solo (no kids, widowed, lost my sister) and be a business owner.

All of my ‘plans’ were ripped out from under me. I think many (if not most) of us experience this at some point in our lives. As we get older, moe shit happens.

What’s the saying, “Life is what happens when we’re making plans”.

I remind myself every day, though, how lucky I am. How lucky we are.

We live in a time where there are opportunities out there if we want to grab them. We get to live lives long past when our grandparents did.  We can travel, study, work, live independently, completely reinvent ourselves if we want.

I’m in a period of complete reinvention right now. It’s scary. It’s unknown. It’s exciting.

I don’t even know what it is I might want, but I know I’m lucky I get the chance to find out. There isn’t much to stop me, other than myself.

So many of you are in the same boat. I know this because you tell me.

One thing I am doing is learning to question everything. Do I really like “XYZ”;or, do I like it because I was conditioned to.

Keeping my mind open is bringing me to many new things that I would have never done before. Some of the things stick. Others don’t

I loved taking hip-hop lessons. It was a great way to stay in shape. I haven’t found a convenient class near me since my cross-country move.

I thought I would love painting, but it hasn’t stuck. Maybe I don’t have the patience.

Friends ask if I am staying in my hometown forever, after being away for 23 years.

Nothing is a forever decision for me anymore. I’m keeping an open mind and allowing myself to try things on for size.

You? How are you approaching this 3rd Act?

I worked with my trainer on Friday. I was trying a new kick-stand squat (they’re HARD, btw) and I noticed muscles in my legs that hadn’t been there before. 

It’s taken 6 months, but I guess in the scheme of things (57 years), 6 months is a pretty quick win for getting healthier.

Are you part of my Facebook Group community yet? I’d love to invite you to join HERE. I do weekly Facebook Lives and talk about the practical (and not so practical) side to starting an online business as a digital immigrant.

And, if you’re looking for some inspiration for what you could do as an online business; or, want a quick reference for how the whole process works I have two items for you to check out:

1. 109 Simple And Inspiring Ideas You Can Make Money With (A Free Guide)

2. The Go-Getter’s Guide: A Simple Quick-Start Online Business System  For Women Over 50 ($6 guide)

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