Unkind understates the impact of the economic changes affecting the middle class of the United States and Europe. While the stock market is “up” from 2008 ninety-five (95%) of the economy’s growth has gone to the wealthiest 1% of Americans. 2 out of 3 Americans are living paycheck to paycheck. Many are not only are they not catching up, including the students saddled with college debt to seniors.
More than one in four adults (27%) say they’re going deeper into the hole, according to a survey of 8100 adults by Peter Novelli Styles. Only 20% of seniors do not rely on Social Security as their primary income source, according to the National Academy of Social Insurance.
Keeping afloat in this ongoing Jetstream of economic trouble, stemming from companies closing entire divisions or adopting new technology from software to robots that make existing jobs skills obsolete, requires being resourceful to keep afloat and even get ahead.
Developing a sideline or full-time business makes sense as people of all ages are learning. Nearly one in four new businesses (23%) are started by people aged 55 to 64, according to a Kaufmann Foundation report.
To make a living that will sustain you means finding something you can do that taps into a passion of yours and that hits that sweet spot of making a business of it so that people will gladly pay you for what you enjoy doing. Of course, not every mission or passion we have can turn into a business. If what you do is provide a direct service locally, then your local market must be one that has a demand for what you do.
In most ways, it’s costs less and is more feasible to start a business than it ever has been. The trick is taking a start-up through the hurdles of getting a business underway. It’s like riding a bicycle – you have to pump and pump – until you get enough momentum that the business takes on a life of its own.
Other blogs on this site provide profiles of livelihoods you can pursue – from repairing items to robots.
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