Over-50

It's Possible & Probable: Hustling for a Buck at 100+

There's that great cultural divide.

One group is the over-65 who have stopped working for income. 

Then there are those of us who are determined to continue hustling for a buck until the wiring in our brain starts misfiring.

The tensions between the two are palpable. Retirees fill with joy when the grandchildren are visiting. My emotional high is landing a new client account. Obviously our lives are very different. I shut down Facebook friends who had posted way too many grandchildren photos.

Well, there is now a new wrinkle in that narrative.

Some of both groups will be among the 82,000 who are currently centenarians - that is, 100 or older.

Here is Clare Ansberry's article in The Wall Street Journal about the growth in the number of people living lives they like at 100 and beyond. The article does note, though, that according to a Harris survey, 59% who aren't there yet don't welcome that possibility.

What the WSJ analysis does is this, at least for us hustlers. We get it that yesyesyes we can go on with working for decades more. Until I reflected on Ansberry's coverage I had assumed I would shut down my two enterprises at age 80. Then I would travel.

That was then. 

Now I realize this: The only way I would welcome reaching 100+ is if I remained a worker bee. 

Of course, that will accelerate the current uneasy relationships with retirees.

Already it's been very hard.

I had to learn not to take on a glaze-over look when they talked about using four boards at bingo or learning to talk digitally with their grandchildren.

My mind is on if I should research an article on whether lawyers should use PPC (pay per click) and how I can get more litigation communications assignments. That kind of preoccupation is always there. And it always serves to alienate retirees. 

The analogy for this is how the world bifurcated in the late 1970s when some of us idealists went off to work for Corporate America. Those who remained in the trenches of non-profit, especially academia, frequently distanced themselves from us. A former fiancée who was teaching in college reprimanded me for "selling out."

Meanwhile, on both sides of this cultural divide, we struggle to make new close friends. That's a challenge as we age. The number-one mistake is to search for that kind of intimacy on the wrong side of the cultural divide. Believe me, that can trigger festering feuds.

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

3 Old-Fashioned Ways of Landing New Business

It's palpable: anticipating The Downturn.

The only issues are when and how severe.

That  could mean many growth niches could shift to becoming a zero-sum game. So, there is now an obsessive focus on developing new business - both increasing what we got and reaching those prospects we haven't succeeded with previously.

The slang term for that is "rainmaking."

As an experiment, I veered away from following the herd on marketing through social media. I got old-fashioned, again.

The results include one returned client and one new one. Four others requested my bidding on some assignments.

Here's the story. I had made all the right moves to land an account I wanted. After I signed the contract, I created a short narrative, with a graphic, to send on a customized one-on-one basis to both those on my networks and those who weren't. I leveraged all mediums, including snail mail.

To play it safe I referred to the client generically as in "the X industry." No, I didn't give the actual identity.

Yes, I explicitly said I had room in my schedule for their business. And business did come.

Another old-line tactic is asking upfront what we can do for ABC or XYZ. That used to be called Making Deposits in the Favor Bank. 

An example: An acquaintance had published a book. I offered to help promote it pro bono. That new author asked for the how-to. I briefed him. Ironically, he insisted on paying a fee and promptly did just that through Paypal.

A third old-fashioned way of rainmaking is to show up in person at something, anything. That requires lots of effort. We have to extricate ourselves from our screens. At an informal tenants' group I slipped in casual references to my recent business accomplishments. I picked up an appointment to present my services at a pet center. 

When social networks and social media were new, those of us who understood how to use them for marketing had an edge. Currently, it's a dog fight for attention. The big names are the ones with the edge.

That's why as hard times approach - and come they will - we all have to pilot other approaches to bring in new business.

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

 

 

Entrepreneur or Employee? - Big Difference

They build something that disrupts the media industry. 

The innovation works.

The experience is totally heady, with great influence. After all, it's said that media - not government, business or even technology - is the most powerful force in civilization. 

Then they sell that media outlet or simply move on to try out another role. What could play out next could be labeled The Media Innovator's Dilemma. 

For creator of 24/7 cable television news - Ted Turner - there was no next after he sold CNN.  He became just another businessperson whose former outsized presence went poof. Publicly, he indicated he regretted the sale. From then on, Turner seemed in mourning. And for a while, CNN's ratings plummeted. 

In the niche - legal media - the innovator had been creator of Abovehthelaw (ATL) David Lat. That began in 2006.

Officially he has left that role and become what is really a salesperson's job at headhunting firm Lateral Link. Its playing field is the legal sector.

Of course, that also constitutes a shift from being the boss to being an employee.

So far, Lat seems not to be able to totally let go of the legacy. He posts on ATL. It's in connection with his current headhunting  role, leveraging the aura of the innovation in hopes of developing new business. But, still, a clean break might have signaled amazing confidence in what is next.

As an employee, Lat won't be in charge. Instead he had to get the hang of fitting in to someone else's organizational culture. That's challenging.

In more rigid times in business, corporate employers hesitated hiring former entrepreneurs. They were wary that the transition might be impossible. That was the time of the Organizational Man (and Woman).

Since then, of course, careers paths have become less linear. More founders are parachuting into organizational functions. 

At best Lat could become a thought leader in the world of career strategies in the legal industry.

That's different than being a presence in media.

In his current role, his success depends on body count: How many placements he can make. Yeah, it's business, not mission of changing how news and commentary are positioned and packaged. The organization measures success in terms of that business metric. Either you make the sale or you don't make the sale. The game is binary. 

Lat could succeed at being a headhunter. He could adjust to employee status. He could also make more money than he had in media. But gone with his choice to give up ATL is the unique influence he had.

Media is the loudest voice in just about every context. That "loudest voice" is how journalist Gabriel Sherman summed up Fox News founder Roger Ailes. Here that book can be ordered from Amazon. According to some reports, after being ousted from Fox, Ailes was conferring with deep pockets such as Peter Thiel, who funded "Hogan v. Gawker," to fund launching a competitor to Fox. No, Ailes didn't plan to get a job in someone else's media outlet. 

Also, there is the issue if ATL, like CNN, will shift into a downward trajectory after the founder leaves. Part of the innovator's genius is a good head for the business of media. Are those business smarts embedded in ATL? The ATL DNA was Lat's genetic engineering. 

My hunch is that Lat could have moderate success in the headhunting space. But it's the media innovator's dilemma not to be able to make peace with the decline in influence.

Meanwhile, it would be shrewd reputation management for Lat to let go of ATL, in rebranding himself as a leader in executive search. Turner seemed incapable of that kind of reimagining his professional identity.

As for ATL, the niche of legal media seems ripe for another innovation. It could or could not come from the folks at ATL. A severe downturn can create demand for a fresh kind of analysis and presentation of issues. 

Full Disclosure: Since the late 1980s, I have been an entrepreneur. There I found extreme success versus organizational life. Recently I had a negative experience with Lateral Link. 

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

Come to Story Time

In business news, such as The Wall Street Journal, there is the pile on of speculation by experts what could trigger The Whopper.

For instance, here is WSJ coverage of how 2/3rds of chief financial officers predict the end is near and that many corporations aren't adequately prepared.

The fear is palpable.

Yet the numbers are supposed to be telling a story of job growth, low unemployment, a sustained bull stock market, and even an uptick in stagnant wages.

There may be an explanation for the disconnect. 

Axios reports:

"Bankers say they have increasing concern about future economic growth, despite continued U.S. labor market strength and solid fundamentals. The data banks are seeing runs contrary to the overall narrative of a strong U.S. economy."

The dots banks are connecting create a narrative of financial over-extension and the inability to pony up the payments when due. The key number is that during Q1 of 2019, credit card delinquencies were at their highest point since 2012. 

The red flag in that is that the trend of taking on too much debt has been adopted by the 18 to 29 demographic.

They have embraced the American way of debt which impeded recovery from The Great Recession. No longer are young people debt-averse. That had been a value of iGen the media had chronicled right after the worldwide economic crash. They bore witness to their parents and relatives losing jobs. Unlike Baby Boomers, they grew up in hard times.

That was then.

There is now a psychic shift. Entrepreneurs are feeding that. The probable personal finance disaster starts off with the decision of youth to start their careers in an urban area with a high cost of living. No, they can't afford New York City, San Francisco, or Chicago. No, they shouldn't be there.

But come they do.

To finance the security deposit and first few months rent, reports The Wall Street Journal, they can easily turn to lenders such as Domuso and Till. The annual interest rate ranges from 20% to 700%. Some assess this as a more refined version of the payday lender.

Not only do members of the younger generations get caught up in being over-extended. They can develop the habit of approaching financial challenges through debt. Instead of picking up side hustles, in addition to the day job, they charge more on credit cards. 

Will all this come crashing down?

That is the angst.

The way to minimize damage to one's business and personal finances is to anticipate negative developments. That isn't only paying off debt and cutting back. It also entails simultaneously figuring out growth strategies for both an enterprise and the funds coming into a household. 

Prediction: Surge of activity in getting, holding, and moving on to better gig assignments. Here, free to click on, is my book on making a buck, no matter what our age Download Outwitting ageism

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

Ageism, Not Skills, Prevents Over-55 From Landing and/or Holding High-Paid Jobs

It's documented.

The BusinessInsider article on the older workforce confirms that it's ageism, not skills, which is standing between the over-55 and high-paying jobs.

Either the aging are not hired for or they're forced out from positions which pay a living wage. So, progressive businesses and government can develop all kinds of reskilling programs for the over-55. However, the odds are those won't change things much, if at all.

Yet, according to the Department of Labor, by 2024, one in four workers will be 55 or older. 

Currently, too many of them are employed in minimum wage jobs or in gigs that don't pay much better. Here in Austintown, Ohio, on the one hand, it's nice to see at Marc's grocery that a number of check-out clerks are in their 60s and beyond. On the other hand, given that they are good workers, it's sad to know the wage scale at Marc's. 

What I have observed is that once an older worker is forced out of the "good job" it is unusually difficult to figure out a way back in. The only real option is self-employment. 

There are exceptions, of course.

A 60-something colleague in communications who lost his position at Credit Swiss landed another good job within seven months. In the new job, though, he didn't feel valued. In fact, he sensed he was on short time and made it known on his network that he was open to options. A former boss hired him in a much better job. But that saga is highly atypical.

What can reduce the impact of age bias is relocating from careerist metro areas flooded with Millennials.

In 2014, I took the I-95 ramp out of the New York Metro area. Out west in a smaller city my communications boutique scaled. Also, I was hired for three part-time jobs. My objective was to learn software packages "on the company." In Connecticut I had been in debt. In Arizona I paid off all debt and had enough of a surplus to begin investing again.

Takeaway: We can't depend on third parties such as trade associations, government, and well-intentioned businesses to help us continue to earn income. We are on our own. Here, free to download, is my book on how to land, hold, and move on to better work, no matter what our age Download Outwitting ageism.

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

 

Age Discrimination - Not So Fast

The red flag in this kind of supposed age discrimination lawsuit is this: The plaintiff Joseph Mott was 61 years old when hired as an in-house lawyer role by management consulting firm Accenture.

Yet, in his lawsuit he contends he was terminated for age discrimination. Here is a copy of that complaint "Joseph Mott v. Accenture."

No surprise, as Kristen Rasmussen reports in Corporate Counsel, the case was tossed. In a summary judgment Judge Paula Xinis of the U.S. District Court for the District of Maryland ruled that the firing was a result of "poor communications skills, aggressive emails to his boss, and a resistance to change following a reorganization."

Mott lasted about two years in the job. That is, he was 63 when sacked. But from the get-go, there were signs he was not a good fit for that particular business. His early performance review was mediocre. His communication style was perceived as not on point, for example. That might have been okay in other work settings. Previously he had been employed 35 years as a lawyer. One setting has been health care regulatory. 

This legal saga underscores the importance of fit when being an employee. The situation can be a whole lot different from the self-employed. Despite all the challenges involved with running one's own business, there doesn't have to any rigid fit with a single organizational culture. 

The days of the "Organization Man" (and "Organization Woman") never end. It's career suicide to attempt to force-fit oneself into a culture. 

Having sued his former employer might make it more difficult for Mott to land future work. The smart move might have been just to go quietly into the night and hunt for a more suitable fit. 

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

The New Aging - Yes, We Can Continue Building Wealth into Our 60s, 70s, 80s, and Beyond

Beware all that supposed  "sane" advice about investing when aging.

That category includes those of us who are employed, self-employed, semi-retired, retired, or returning back to working after retirement.

Regarding the latter, the Federal Reserve documents that 30% of those who happily rode away from the workplace into the sunset bounce back to full-time and part-time jobs, gig assignments, and entrepreneurship. There's even a term for it: reverse retirement. Some employers call those rejoining the workforce boomerangers.

We over-60 are the targets for that unsolicited  sane advice.

Those pestering us assume they have our best interests at hard. But, as AARP's financial expert Allan Roth explains, most of that sane guidance is insane. Here is that analysis. 

Among the myths is that we can't build wealth once we are in our 60s and beyond. The game is over, except for the 1% whose buddies operated hedge funds in Greenwich, Connecticut. 

Classic example of the intrusiveness: Members of all generations, from Silent to iGen. rolled their eyes when I went in search of a financial planner in my late 60s.

Their meme: Spend your money. Enjoy yourself. Travel. Buy the RV. The implication was that soon enough I would be six feet under. However, longevity goes on and on and on. Betty White is going strong in her 90s. Clint Eastwood, Warren Buffett, and Rupert Murdoch are into new things. 

Here's where I was back then when I began my search for a financial planner.

I had paid off all debt.

I had lowered the monthly nut by relocating out of the pricey New York Metro area.

I had rebuild my communications and coaching boutiques for primarily global telecommuting assignments.

My objective was to increase my passive income and financial assets so that I would be free to only accept work which paid well and increased my marketability. The official term for the approach in business is the Pareto Rule. 

Like so many in my age category, my assets had been wiped out in the economic downturn post-9/11 and The Great Recession. I did luck out, though, in selling my house at a big profit before the real estate market had crashed. That was one bit of traditional personal finance advice which did pay off.

The myth, however, was that someone "my age" couldn't start over in investing.

The tide of public opinion was against me but I continued my search for an investment advisor. Michael J. Hernan , ChFC, CLU, in Lake Forest, California has turned out to be the right fit. His firm is Edward Jones.

Hernan listened. That's the number-on quality we aging need in partnering with a financial planner.

I explained that I was determined to simultaneously hold onto to what I had and build wealth. I had no intention to retire, ever. 

Hernan set up a general account and a Roth IRA with moderate risk. As things change, he readjusts that portfolio. 

The best birthday present I have ever received has been this week on my 74th.

Despite my conservative approach my portfolio has generated a nice return. I locked that in.

What gains weren't in the Roth IRA  but in the general account I will have to pay taxes on. But how sweet that is. I have a hunch the tax preparer's eyes in the west, where I am relocating for business purposes,will bug for two reasons:

•  I am still working.
•  I am building wealth.

The New Aging entails that we ignore the platitudes about what we should do.

That means that every day we approach our lives with a startup mindset.

If we position and package ourselves that way, the pests out there will probably hold the advice.

An entrepreneur among us can manufacture and market Leave Us Alone paraphernalia. I would buy a sign for that to replace the Welcome one on my office door. 

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

 

Baby Boomers, IT, and Scaling - BoxAid Bridges Generation Gap

From the get-go, digital technology was supposed allow enterprises of any size to look, talk, strut, and transact business like the major players.

Yeah, the world expected many David and Goliath scenarios to play out. 

For too many smaller businesses, that didn't happen. That has especially been the tragedy for Baby Boomers

It turns out that digital is much too complex for most lawyers to even ask the right questions. So, no, there has been no level playing field. 

Consequently, large corporations continued to have the advantage in developing new business because they had an in-house IT department. Their IT staff could figure out what questions their marketers should be asking to capture new accounts, impress current clients/customers with their fast user-friendly service, and increase operational productivity.

However, some in small business did  discover service providers like BoxAid.

How that went usually has been this way: They may have been searching online for a remote service to fix the slow speed or eliminate the suspected virus. That's how they bumped into the glowing review of BoxAid by The Wall Street Journal. Here you can read it.

What The Wall Street Journal highlighted included:

• Honesty of the technician
• Attempt to provide customer with lowest-cost but high quality solution
• Expert knowledge
• Getting problem fixed in that first visit
• Fair price, and
• Even how to prevent that situation in the future.

When those professionals came back a second time with a different problem, they found out that the expertise of BoxAid's technicians was so deep that just about any question could be asked in any manner. The techs then reframed the issue to what the actual problem or need was. The menu of services at BoxAid is also broad.

Eventually, BoxAid became their go-to vendor for all IT office requirements.

There are no contracts, no subscriptions.

There is no charge for information about products and other kinds of services. In fact, there is a candid briefing about how to approach the vendor so not to be taken advantage of. 

You can reach BoxAid at 800-999-6872.

I discovered the techs there in 2015. I was on deadline for an assignment for a large account and my PC froze around 8 P.M.

I was frantic. The tech wasn't.

The next call to BoxAiad was about my jammed printer.

Last night George at BoxAid purged a virus that was interrupting connectivity, educated me about the limitations of an expensive brandname virus protection product, and installed the free anti-virus Abast. 

When everything was back online, I encouraged George at BoxAid to parachute into thought leadership publishing and speaking. Smaller businesses throughout the U.S. need his insight. 

Reflection: Quality, reliable, affordable IT service is a must for scaling. 

Yes, You Should and Can Embrace Thought Leadership for Marketing

The shift is from just-in-time marketing to a strategic focus on developing sought-after insight.

In a nutshell, that's what thought leadership is all about.

Any size business can pull that off. That includes the solo entrepreneur. 

Thought leadership is a proven formula to scale a business, at least in professional services. Folks prefer to buy legal or public relations services from a powerful brandname, that is a thought leader, than from a Joe or Madison who is simply out there - undifferentiated. 

Many stand-alone businesses (that is, non-franchises) with less than 50 employees tend to market to survive. There is no grand plan.

Contrast that with how law firm Sanford Heisler Sharp has established thought leadership in employment discrimination. The well-oiled promotional machine at Sanford positions and packages every development, ranging from handling a new lawsuit to achieving a settlement, as providing insight about eliminating workplace wrongs. That is, the messaging is integrated. 

Recently, a four-employee consulting firm wanted to hire me for content. There was no overall attempt to brand, that is, establish thought leadership. I informed them that approach would be a waste of money. There was nothing in the marketing which sent the message: You must choose us to represent you.

Right now they are considering creating and executing a thought leadership outreach. Only then can we discuss partnering.

So, how to become a thought leader?

• Migrate from generalist to specialist. 
• Sure, you can have several brand identities. But keep them separate. McGraw-Hill has a separate unit for education. Branding is supposed to simply the purchasing process. Not confuse. That's why each brand should have its own clear message.
• Brainstorm for your macro identity or the shorthand way constituencies should think of you. Law firm Jones Day created the aura of being totally client-centric. Its employees are positioned and packaged as kinds of medieval monks serving the law. 
• Leverage that one identity through all mediums - print, digital, video, audio, and on-your-feet in person. Use all platforms and formats that have a payoff. If your thought leadership is in mergers and acquisitions the ROI for posting on Instagram probably isn't high.
• Keep experimenting with additional ways to transmit your message. If you haven't hosted special events, try that out. You will learn plenty, even if the first few don't result in new business. For instance, you might figure out that the way to provide special events is online, not in-person. And, no, you can't just stick with social media and social networks. You need exposure in third-party media. Begin that with pitching doing a column for the local or regional business journal. 
• Do good deeds, but related to the core identity. Random acts of kindness don't belong in business. Doing good in a strategic way usually pays of in doing well. But let the world know your pro bono involvement - in a cool way.

While you are reviewing your marketing mission analyse how other professional services, be they law, management consulting, or public relations, establishes its thought leadership. What I have noticed in my research for human resources clients is that Deloitte is using sophisticated white papers to create itself as the go-to source on the future of work.

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

 

Detox from Work Addiction

"Work addiction has been called this century's cocaine."  - In "#Chill: Turn Off Your Job And Turn On Your Life" by Bryan E. Robinson. Here the book can be ordered from Amazon.

It's unlikely that you will be directed to the employee assistance program if you're addicted to work. Or that a client will dump you. That happens when you're addicted to booze or drugs. 

What is more likely is that as a work addict, you will be promoted, have a big book of business, receive awards, be quoted by the media, and sought after for advice. 

Maybe you will emotionally shortchange those in your personal life, but, they are materially benefiting from your work compulsion, right. So you reassure yourself.

Also, the influence and power you have accumulated through workworkwork can open career doors for your children.

So, it's only common sense for you to maintain a work addiction. 

When a work addiction doesn't make sense, at least not any more, is when being in the loop doesn't bring you the old inner satisfactions. Or, worse, the rewards stop coming, that is, all that work isn't yielding the results employers or clients expect.

There are plenty of terms for that:

Burnout

Brownout (loss of fire in the belly)

Breakdown

Being forced out.

Then what?

Robinson's 2019 book provides a 12-month plan for detox, then putting together a lifestyle that doesn't require the work obsession. 

Or, there is also the free 12-step program Workaholics Anonymous. Here you can get the ball rolling on finding meetings. 

Another option is a total Do It Yourself (DIY). You have that moment of clarity. And instinct leads to what to change. It's not widely known that most folks stop abusing booze as a DIY. They get it that excessive drinking is ruining aspects of their life and that is that.

No matter what method or mix of methods you try out, recovery can be jarring - and rather slow. 

In 2014, I had that moment of clarity that working compulsively was no longer yielding the rewards it had. Also, I re-discovered how much I enjoyed that baby boomer medium: television. I really bonded with the members of the BAU on "Criminal Minds." 

In order to both halt the preoccupation with work and not financially need to work so much I did a geographic. That was a relocation from totally work addicted and pricey New York Metro to laid back and cheap southwestern Arizona.

That didn't take.

I got it that first I had to wrestle some demons to the ground. That required returning to the scene of a major trauma. And that I did.

Around November 2o18 came the psychic shift: I was released from the bondage of working all the time. When my lease is up at the end of August I will relocate to where I want, do only as much work as I want, and hopefully forgive myself for getting hooked. 

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.