Today on MyMoneyLife with Chuck Bentley

Who’s more likely to launch a new business…kids fresh out of college, or folks in their 50s who are past the halfway point in their careers?

Well, believe it or not, it’s the 50-something crowd, according to a study by the Kauffman Foundation, a non-profit outfit that promotes entrepreneurship.
 
The results of the study were recently featured in Entrepreneur magazine, and they’re pretty amazing. There’s even a new word for people launching businesses late in their careers—they’re called “boomer-preneurs.”

Here’s what you need to know about them:

1. Since 2000, people in the 55 to 64 age bracket account for the highest rate of entrepreneurial activity.



2. Even though the Internet has spawned a slew of 20-something millionaires, young adults, ages 20 to 34, are actually the least likely to take a chance on starting a business.



3. The unemployment rate for folks over 55 is only 7%, that’s 3 points lower than the national average, but it’s still the highest unemployment rate in 50 years for older workers.

Boomer-preneurs face advantages and disadvantages. They’ve had more time to gather the necessary experience and capital to launch a business, but they’ve also got less time to recover if the business fails.

The bottom line, you’re never too old to start a business, as long as you know the risks and avoid going into debt to do it. And a recession is actually a great time to launch, since there’s far less competition.

At Crown, we want to help you make and manage money wisely. I hope you’ll visit us online at Crown.org.

Starting a Business

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How to be a Success

To be a spiritual success, a Christian must be willing to relinquish all rights and accept God’s plan. God’s plan will always provide enough.

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Should I Start a Businss?

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Basic Business Minimums

.Christians need to give their businesses to God, live by His principles, and accept the fact that they are managers of His business.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Principles for Operating a Business
• Business By the Book
• Crown Mvelopes