Over-50

Rich Man/Poor Man Retirement - Rehoboth Beach, Delaware v. Geneva on the Lake, Ohio

Rehoboth Beach in Delaware once had been a resort for summer. Folks from the D.C. Metro Area flocked there the way those in the New York Metro Area took to the Jersey Shore. 

Now, observes The Wall Street Journal, those who had tried on its lifestyle in summer are opting to settle in full-time for retirement/semiretirement. In addition, there is the fun status of having a U.S. President - Joe Biden - bunk nearby.

Like the Jersey Shore, Rehoboth Beach has the solid infrastructure. It's not just about the big ocean and sedate living. There is the boardwalk. Those small businesses on it hawk everything from non-wellness snacks to games. 

And, yes, indulge your inner child with the rides. Your grandchildren will have their happiest memories of long stretches of time spent with you in Rehoboth.

This new version of Paradise for retirees and those still determined to hold on to work is 122 miles from D.C. and 357 miles from Pittsburgh, Pennsylvania. 

But buying a cottage or a full-fledged house currently requires an upscale income. That's not just Rehoboth. That's the whole Northeast. 

A lower-cost piece of Paradise is 489 miles away - Geneva on the Lake, Ohio. That's doable in a day. Instead of the ocean, there is the lake. But there are also a main strip with funky resort stuff and amusements for the grandchildren.The ice cream is special. Bikers claim the town in summer, which adds the unique cool. And right by the lake there are oddball one-story motels. 

The lake in winter freezes nature in mid-wave. Yes, Lake Erie has waves, just like the ocean. Hearty midwesterns and those who adjust to the midwest walk around it in all seasons. 

This resort area has mobile homes which folks in whatever stages of their lives bunk in without stigma. Nearby is the public laundry. Sure, take a side trip to Cleveland, OH and visit the museum of rock and roll. Also Cleveland is a heathcare powerhouse. Think the Cleveland Clinic. 

Try out Geneva on the Lake in summer. Make it your piece of heaven post-career. 

Takeaway: Retirement in a resort area is binary. You can go the pricey route or do it for peanuts.

Jane Genova helps travelers feel like an insider, all the way around the globe. Contact her for assignments janegenova374@gmail.com.

 

Opportunity - SmirkSmirk

In influential Law.com, Jason Grant posts this headline:

"With Retroactive 2-Year Suspension, Did Court 'Underplay' Gordon Caplan's Wrongdoing?"

Prior to the announcement of a suspension versus losing his law licence, many assumed this former chair of Willie Faar was finished. Those from a liberal arts background might have attributed his wrongdoing to hubris. That white-shoe lawyer had designated himself as "special." He could play around with the way the college admission process usually is conducted - at least for the rest of us.

Then, there was the new that he got off the hook. He really did. Meanwhile so many other lawyers who took ethical shortcuts or had been convicted of a felony are permanently disbarred. Like Caplan, they had served time in prison. I had coached several of them. They were struggling after release from incarceration. They had to put together another way to earn a living. Their extreme angst was palpable. 

Obviously, in this era when we are questioning inequities created by wealth, elite education and job titles the focus on Caplan will increase.

The court of public opinion could decide just what kind of career he will be able to return to. Users of legal services might say "no" to having him in the loop. In the legal sector he could be treated as a pariah. His crime - considering he was not like the rest of us - could be declared as unforgivable. 

Nerves are raw about special treatment. Opportunity seems circumscribed. Making ends meet increasingly requires more than one job. 

Some of us might decide it's our moral responsiblity to push back on this version of "justice."

Small changes can trigger big success in your career and your business communications. Swing by for a complimentary consultation (janegenova374@gmail.com)

Black in America - Odds Are that You Will Never Be Able to Retire

"Many American households aren’t prepared for retirement, but Black Americans .. are even further behind than whites, according to academic and government data. The recent economic turmoil is likely widening the disparity." - The Wall Street Journal, February 22, 2021.

Overall, the majority of workers and business owners in America can't assume they will ever be able to "retire." That is, stopping completely laboring for income. The expected pivot is now to shift to some form of "semiretirement." That is, making the transition from the traditional notion of a career to simply being in the workforce or operating a business to earn income.

However, Black Americans might not even be able to ease off in how much they have to hustle for income after they age out of their careers. Pro Publica documented that most over-50 will be pushed out of their jobs. After that, those who are fortunate enough to land work will likely not earn comparable money. Only one in 10 will.

The Wall Street Journal points out the reasons for the inability of Black Americans to ever stop working. They include:

• Less inheritance passed down among the generations
• Greater amount of college debt
• Lower average income
• Lower percentage of home ownership (which can be an appreciating asset).

Black Americans who are aware of this possible pattern can, from the get-go, seek to build their wealth.

For example, they might attend the lower-priced state college versus the "college of their choice." That will reduce student loan debt.

Instead of relying for financial security on one job or operating one enterprise, they will make it their "business" to find and nurture multiple sources of income. Increasingly, side hustles are necessary for many of those in America to be able to save and to invest. Some of those gigs could wind up being the lucrative way to earn a living. Yes, be open.

They can tutor themselves in the real estate game. What could be smart is buying a multi-family property rather than a single-family home. What they learn as they earn from rents they could leverage to investing in other real estate.

Both married and single women, of all races and ethnic origins, had to realize their financial vulnerability as they age. An encouraging number have made progress on that learning curve.

The future of building wealth is changing. The burden is on anyone who has to work for a living to monitor where opportunity is and isn't.

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

 

Dale Evans and Roy Rogers Could Retire - We Can't

"If inflation is a threat to the stock market, we should be running scared. That’s because inflation expectations have spiked dramatically in recent weeks. The 10-year breakeven inflation rate — what the bond market currently is betting inflation will average over the next decade — is now higher than it’s been in five years." - Mark Hulbert, MarketWatch, February 20, 2021.

It's palpable: Rising prices for just about everything. Rent, buying a house, groceries and the new SUV. Simultaneously, the stock market has had some disappointing days recently. 

Obviously, unlike Dale Evans and Roy Rogers from 1950s TV, the aging can't plan to ride into the sunset, crooning, "Happy Trails to you."

And, as the Federal Reserve reports, at least one-third of those who have retired have boomeranged back into the workforce or started their own businesses. 

The tough nut to crack is how to land, hold and move on to better work. Here, a free read, is my guide on transcending the realities of ageism in earning income Download Outwitting ageism.

The good news is that nothing gets us work like working. Once we get the hang of selling ourselves to employers, customers and clients we sustain our marketablity.

The reverse is also true: Once we drop out of the labor force, our skills quickly atrophy. New technologies develop and we don't know them. Those hiring assume we can't learn them. Not working usually leads to not being able to work.

Of course, there is plenty of rejection. Even for gig economy assignments. So? The new game has become learning how to bring in income, no matter what.

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

 

Are You Doing a Serena Williams?

"Once again, Serena Williams came within reach of a record-tying 24th Grand Slam singles title, playing well enough to get to the closing days of a major tournament. And once again, Williams couldn't quite get it done — beaten 6-3, 6-4 by Naomi Osaka in the Australian Open semifinals on Thursday (Wednesday night EST)." - CBS News, February 18, 2021.

The world changes. The game changes. Upstarts struggle to become the new stars. We change. Yes, aging also happens,

Yet, the usual tragedy of fierce careerists is that we ignore all that. We decide to not to let go. 

In his breakthrough book "The Hero's Farewell," Jeffrey Sonnenfeld analyzed that syndrome. 

In my coaching of the over-50 the presenting problem is always: They no longer have what it takes to dominate their field. Usually it's a mix of decline in energy level, new forms of competition, inability to keep up with change and loss of creativity. 

One solution is a pivot to another phase of a career. The one-time innovation genius in communications can shift to administration or university teaching. Eventually Don Draper of "Mad Men" would probably have had to be the front man for a major advertising agency versus the hands-on Idea Guy.

Williams has many such options. They range from becoming a world-class coach to fundraising for the sport.

But, she may or may not have that moment of clarity: That part of my professional life may be over. And even if she has it, she may not surrender to that reality.

Instead of struggling to hang in there, there could be fresh kinds of success opening up. That happens through a willingness to discover another niche or a whole new vocation.

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

Live Free or Die - The Latter Increasingly Likley w/o Federal Intervention

Of course, beleagured Texas will have to pivot to more oversight and actual assistance from the federal government. For some, reports Daily Mail, the electricity bill is $17,000. And the catastrophe of extreme cold, no water and dwindling food supply is not over.

That is a sign of these turbulent times. Climate change may or may not be part of that. Whatever. The suffering is massive.

The elephant in the room on this one is the reality: Any proud independent state could be next.

Those include Arizona, where, as in the Old West, folks can walk around with guns. In Walmart in a AZ border city one man strutted with his gun belt, gun, and ammo. All highly visible. 

The assumption is that folks flee the buttoned-down Northeast Corridor to be "free." They settle in locations like TX and AZ. That option may turn out to be 20th century.

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

RV Lifestyle - Safety Isn't Matter of Common Sense

No matter what kind of lifestyle you want, you can put it together through traveling in the RV. 

Are you seeking solitude? You can maintain that even in RV parks. Just maintain a low profile. Be as self-sufficient as possible. 

 Long to join up with other folks who treasure the independence of a home on wheels? Connect first with them blogs, message boards, chat rooms and YouTube videos. Here is an example.

 

But no matter what lifestyle is your dream, the experience can darken into a nightmare or multiple ones unless you master the must-knows about safety. 

The stunner is this: Keeping safe isn't a matter of common sense. Befoe you take your vehicle out on your first journey you must recognize where possible danger lurks and how you can prevent trouble. 

For example, according to Pew Pew Tactical, about 40% of you will be carrying a firearm. That's a fundamental for some of you in ensuring personal protection on the road. But, that could land you in jail and with a stiff fine unless you know the federal and state laws.

First of all, the federal Gun Control Act of 1968 (GCA) makes that legal. The exceptions, though, make it illegal if you are a convicted felon, under indictment, have mental illness, use controlled substances even if they are legal (those include legal weed), guilty of misdemeanor or have a history of domestic violence. Also, the gun must be unloaded and kept in a locked container.

In addtion there are state laws. Pew Pew Tactical provides this free guide to each state's laws. 

A second issue you might have assumed was common sense is bringing along a large dog to deter the bad guys. But your particular dog might be unable to acclimate to the nomadic life. Or, only with a few short dry runs. You can check this out by renting the RV or borrowing one from a neighhor before you lock in the plan of traveling with that specific dog. Give it a few tries. Even though initially dogs may have a rough time, many will adjust in time. 

Another complication is that not all camp sites allow dogs and some just permit small dogs. In-season, it might be more difficult to find book a reservation if your dog is large or a member of a restricted breed.

Make sure the animal has a license, tag for rabies and the number of your cell phone. Never have it ride in the camper if you are towing it. Extreme fluctuations in temperature are dangerous to the animal. 

Go Downsize provides these other insights about safety:

• Avoid remote areas. If something goes wrong with the vehicle or with your own health, help could be slow in coming. Also, the probability for being attacked is higher.

 

• Research weather conditions before heading out. You and your vehicle may be unable to handle them. The classic example is the couple from Florida whose dream is to tour northern Canada. That might not be wise.

 

• Check if a region is a crime area. If so, avoid it. That kind of information is available through the heat maps of real estate services such as Zillow. 

 

• Observe weight limits. Otherwise you and your vehicle might not make it up that moutain.

 

• Respect nature. Bears can be predators. Ticks can attach to your dog. 

 

• Recognize that as an outsider you are a target. You must be alert and suspicious.

 

Despite all the precautions you take, you could wind up in an unsafe situation. Your tire goes flat in a high-crime downtown. Emotionally, you have to be ready to navigate those kinds of emergencies. Play out what-if scenarios and solutions in your head. If you cover the bases, what can and does go very wrong won't undo you.

 

Jane Genova helps travelers feel like an insider, all the way around the globe. Contact her for assignments janegenova374@gmail.com.

 

Bob Dilenschneider - What Was He Thinking in 2019?

In this data-driven era public relations player Bob Dilenschneider made the decision to publish a non-data-driven guide about making decisions. That - "Decisions" - hit the market on December 31, 2019. Cute. Just in time to help the rest of us make our decisions for 2020.

That was probably not one of Dilenschneider's best decisions. Today, at a bit beyond noon ET, "Decisions" ranks 1,391,952 on Amazon. Not good. 

The subtitle includes the concept of "practical advice." Who the hell wants practical advice any more. We want to analyze algorithms which can provide unique insight about what was, what is and what can be. 

Just try to pass on some practical advice to Generation Z. They won't even put in the effort of rolling their eyes. 

Also, who gives a damn about the "23 men and women who shaped the world." That was yesterday. Actually more than a year ago. And the world doesn't seem to be in such great shape.

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

 

Hell, Sell the House Now in Boom Market

As a career coach specializing in the over-50 I hear the regret all the time: We should have sold the house when the market was on fire. And rented until we were ready to retire and relocate where the cost of living was lower. Now we are stuck with a house whose upkeep is draining us and market value won't net us much.

Yet, some heading into retirement are still asking the experts such as at MarketWatch what they should do. Sell or wait.

The answer is: Sell.

During a real estate bubble, I made a killing on my house in West Hartford, Connecticut. I used the proceeds to pay off debt. That allowed me to have a fresh start in launching businesses. Also, I was freed up to move closer to Manhattan where I needed to be for my new enterprises.

My next door neighbor didn't opt for selling. He waited until he retired from his production job. That was too late. He was stuck in his house. Incidentally, he never did sell it. Both he and his wife died before the market bounced back. When it did it wasn't at the level of the earlier boom. His two children wound up with real esate that was expensive for them to maintain.

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

McDonald's Goes Woke

A smart move in the court of public opinion, McDonald's has announced new diversity goals, reports the New York Post. 15% of senior executive compensation will be tied to achieving those.

Among the initiatives is to increase to 45% from the current 37% women in leadership roles by 2025. Also, the percentage of historically unrepresented minorities should be increased to 35% from 29% in leaderships positions.

Obviously this is a response to the pile-on of discrimation lawsuits filed by current and former black owners of franchises.

The most recent has been "Herbert L. Washington v. McDonald's USA, McDonald's Corp." Here is a copy of Washington's complaint. Since Washington is a former star baseball player the suit is a magnet for publicity.

Earlier was the class action lawsuit "Christine Crawford v. McDonald's USA." Here is a copy of the complaint. Woman of color Paul Weiss partner Loretta Lynch filed a motion to dismiss that lawsuit. She contended it had been in McDonald's self-interest to help all franchise owners to succeed.

Given that McDonald's is a consumer-facing brand, these discrimination lawsuits are an ugly development. 

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)