We've been talking a lot lately about having a Lifestyle Business and how you can earn additional income by monetizing your passion, your knowledge and your experience.
But I've had a few conversations with friends and subscribers who tell me they aren't sure what I mean by a Lifestyle Business (LB). So allow me to explain.
Yes, you really can retire in style—with little or no savings.
We all know that social security isn't going to be enough for us to comfortably retire. It was never meant to be. It was meant as a supplement.
And we all know that we should have been putting money away since the beginning of our careers to make it possible to retire in style.
But most Baby Boomers simply haven't. Or if they did save some, have found it worth much less than they thought it would be.
According to a survey by the Employee Benefit Research Institute, more than half of all workers (56%) say they have less than $25,000 in savings.
And the Deloitte Center for Financial Services found that 58% of U.S. workers don’t have a retirement plan.
The vast majority of Boomers either started to invest late or never got started at all. And now they're looking at having only a few years left and not being able to have compound interest working in their favor.
The other day I was teaching at our Aikido Dojo (Japanese Martial Art School). I was observing a relatively new student attempting to perform a new technique that she was learning. She was doing fine until suddenly she moved in the wrong direction colliding with her attacker. The result is that both of the students fell to ground from the collision.
Then something special happened. My student rolled over and got up from the ground with the biggest smile I had ever seen from her. I asked her, "Why are you smiling?" She responded, "Because I know what not to do next time and the fall didn't hurt".
My student was able to smile because her training in the art of falling (ukemi) was now protecting her when she fell. Secondly, she knows that the next time she will move in the correct way as to avoid the collision with her attacker.
The Dojo may be one of a few places I know of where "failure" is encouraged. I want students to fail when training in the Dojo. This way of training gives the student critical feedback. Feedback helps them hone their skill and technique faster than if they did it perfectly the first time.