The challenging economy is affecting everyone but especially people over age 60 who are thinking about retirement. I worked with a woman who has been in a huge fear and panic state as her life savings diminished overnight. Another friend has breathed a sigh of relief that she has luckily, escaped losing her money.
For many, the loss of money can feel like a loss of identity, self-esteem, and confidence. In these cases it isn't always the money itself but it's what it stands for. It means success and the right to stand tall and fit in. Or it can mean security, safety or a myriad of other things.
Julia, a 72-year-old woman, lost all of her money twelve years ago when her business went bankrupt. She and her husband had to leave their beautiful home in the process. The very next year her husband died and she had to decide what to do. She said, "There I was suddenly on my own at age 62 with no money, no savings, no resources and no health insurance. This is not the plan I had for myself. We were hoping to sell our business in a year or two and then retire comfortably and travel to places we'd never been. It was a shock. I was embarrassed, ashamed and went into a depression - and then I realized I still had choices."
Her only child was a struggling artist so she realized that if she didn't do something for herself no one else would. She ended up becoming a distributor for a health products company where she used her entrepreneurial skills to build a successful small business. In the process she reinvented herself. She's still going strong.
When facing a crisis like this, what makes some people like Julia, wake up to their inner resources while others just want to give up, unable to cope?
At a time of life when people thought they would be enjoying a comfortable retirement, they are instead prompted to tap into resources they never knew they had, and venture forth.
I celebrate people at any age who begin a new business but it is different when someone is thrust into it out of dire need. What can feel like a choice to one can feel urgent and essential to someone else.
Here are five character traits that seem to be present in people who are able to begin a new venture against all odds. Everyone is born with these qualities but some people have to re-awaken and re-learn them.
1. Mental clarity. Being able to think through choices and options with intelligence and have the cognitive ability to actually lay out a plan and strategies to achieve.
2. Positive Attitude. Believing you can do it will help you to move mountains and will allow you to see opportunities that you might miss otherwise.
3. Creativity. The ability to see possibilities out of thin air. Being able to see a sculpture out of a pile of scrap metal and see how to recreate your life into what you want it to be.
4. Support group. The importance of bringing together a mastermind group for yourself. Surround yourself with people who will cheer you on and give you good feedback.
5. Commitment. The absolute decision to not give up and not quit. Instead, it's about learning how to overcome obstacles as you stay focused on where you are going.
Whether or not you are facing a crisis these are excellent tools for success in any venture. Practice them now so they will be in your tool bag and ready to use. I learned something when I was 10 years old that has stayed with me. The Girl Scout motto is "Be Prepared".
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