Dear Liz, I think you are the perfect age for a career change!

“It’s never too late to be what you might have been.” — George Eliot

Liz, there are many examples of successful entrepreneurs in their 50s, myself included.

Many 50+ small business owners have traded in retirement for entrepreneurship built on great ideas and life experiences. I have talked to so many Canadians, especially those over 50, and I have noticed a few similarities in those that are truly successful.

It wasn’t their idea or their brand, it was their passion and tenacity that made them successful. I had one lady tell me that she taught the principle of never being a quitter to her children, and when her husband lost his job, she started a home-based business.

She told me, “I can’t give up, because that’s not what I taught my kids to do, and now they are the ones that are cheering me on.”

The one thing about being an entrepreneur is that no matter what the economy and everyone else is doing, you always have opportunities to prosper.

I want to share a Canadian stat: Two out of five Canadians in 2021 (Stats Canada, 2022) have saved at least $300,000 or more for retirement by the age of 55.

That’s incredibly low, given the current economic environment, inflation, and the rising standard of living. That means the other three out of every five Canadians actually have less than $300,000 saved for retirement.

Given that statistic, all those who are in their 50s and 60s should perhaps be thinking of NOT retiring. I can hear the moans and groans of my readers, but stay with me.

Retirement is for people who hate their jobs. Work can be really hard when it doesn’t match your skills, talents or interests. If you find work that you love doing, you won’t want to retire.

Retire to do what? How many days do you want to lie on the beach or sleep in every day? Maybe you only want to lie on the beach because you haven’t had a good vacation.

A retirement of 30 to 40 years of just doing nothing is honestly not that fun. Here’s another stat I want to share with you: The average Canadian retiree over age 70, watched 49 hours of television a week in 2021. Ouch. I think they could actually challenge our Gen-Zs for screen time with that number!

So, bravo for you for wanting to create a career change and become an entrepreneur.

Here are three tips to get you started:

Tip One: You are never too old to live your dream; saying otherwise would be doing so from a place of fear, not power. If you are inclined to do something different, no matter what your age, then remove the apprehension and just do it.

For those who have been employed most of their lives, I know this will be difficult for you to shift your mindset to working for yourself and giving up that regular paycheque.

Entrepreneurs have to be risk takers, believing that there is more risk in doing nothing than there is in trying to improve your situation for the future.

Tip Two: You have to give up trying to be perfect and appealing to everyone. You can’t be all things to all people. Trying to please everyone is a losing strategy. Remember, it doesn’t matter what you look like — inner beauty is within everyone’s grasp.

Reach inward to develop it and reach outward to perfect it. You want to be someone who lights up the room, not someone who dampens it. You could be your own walking advertisement for your products and services, and people will remember more about how they felt around you than how you looked. A smile is still the best facelift.

Tip Three: Put in the work to become the best. No one is born with skills and talents, even though we sometimes think so. Winners don’t have special gifts that make them successful. Instead, they have a “never give up” spirit that forces them to continually get out of their comfort zone and learn to push the boundaries of their businesses.

It is the others who will say: “you’re a natural” or “it’s easy for you.” The only thing that is easy, is for doubters to say: “She was born like that, and I wasn’t, so I don’t have to try.”

Entrepreneurs know it takes work to develop confidence, charisma and skill.

We started with a quote, so let’s end with one from the great philosopher, Socrates: “An unexamined life isn’t worth living, but an unlived life isn’t worth examining.”

Everyone should try to make a difference during their lifetime. Big or small, ask yourself: What do you want to look back on and congratulate yourself for at the end of your life?

Good Luck & Best Wishes,

Christine Ibbotson

(Written by Christine Ibbotson, National Radio Host, YouTuber, and author of 3 finance books plus the Canadian Best-Selling Book “How to Retire Debt Free & Wealthy” www. askthemoneylady.ca or send a question to info@askthemoneylady.ca)

• Christine Ibbotson