Boomers: The Next Big Wave of Entrepreneurs

   Just as the baby boomers lead the way creating the economic wealth on the 60’s 70’s and 80’s, they are now on the verge of leading the next big financial wave as entrepreneurs.The baby-boom generation has had a profound impact on the U.S. economy since the arrival of the first postwar babies in 1946.
 There are 78.2 million Americans who were born between 1946 and 1964. Baby-food sales jumped from 2.7 million cases in 1941 to 15 million in 1947. College enrollment rose from 3.6 million in 1960 to nearly eight million in 1970. By the mid-1980s, boomers earned half of all personal income in the United States.Baby-boomers are defined by the Census Bureau as the 78.2 million Americans born between 1946 and 1964.They are living longer and staying healthier than past generations. The average life span today is about 77 years, up from 69.7 in 1960. As boomers age, the number of Americans 65 and older is expected to more than double, from 35 million in 2000 to 72 million in 2030.By that point, one in five Americans will be a senior citizen – which means that the country as a whole will have a greater proportion of seniors than Florida does today.Europe and Japan are aging even more dramatically.Delaying retirement Boomers are likely to stay in the workforce longer in order to maintain their standard of living. The median amount in a boomer’s 401(k) is just over $44,000, according to Hewitt Associates, an employee-benefits consulting group. Boomers are accustomed to living a certain life style and they are not satisfied with the fixed incomes that come with retirement. They need more than a part time job as a school crossing guard, or a greeter at Wal-mart. As a result, boomers are looking for new opportunities to increase their income, realize the American dream of business ownership, and financial independence.Over the next 20 years, boomers will create more small businesses than at any time in the last 60 years. They are healthier, live longer, and are more independent than any gray generation in the past.The majority of boomers will be looking for business opportunities that require more brains and less brawn; businesses with unlimited income potential. Among the leading entrepreneurial opportunities are real estate investing, investing in the stock market, private consulting, and e-commerce. This explosion of opportunity seekers is resulting in a new growing demand for more education and specialized training. As a result, educational companies like Prosper which provide one on one coaching, mentoring and training in wealth creation will experience explosive growth over the next 20 years. Look out world, her come the financial boomers.