One of the reasons we started our YTB Travel and Cruises business was because we wanted to build a business of our own. We really didn't understand all the benefits of owning our own business at first, but over the last year, we have come to realize many. This week I heard a news story about Alcoa discontinuing pension plans for new employees. Pensions will not change for existing employees, but any new hires will have to opt for another alternative when it comes to saving for retirement. I also saw the front cover of Money Magazine while in the airport a few months back that's cover story was about what to expect in retirement.
2006 is a landmark year, as it is the year the first of 73 million Baby Boomers begin turning age 60. By some estimates, up to 40 percent of these will not enjoy a traditional retirement for a variety of reasons - the foremost being they were unable to ask themselves critical questions and challenge their behaviors, views, traditions, habits, perceptions and understandings. Many simply don't know where to start, and others don't understand they may need to make course corrections to end up where they believe they are heading.
My Mother and Father are one of those 73 million Baby Boomers who will be heading into retirement in the next 2 years. My father is fortunate and has managed his money well for a decent retirement ahead. Of course, knowing my father, he won't sit still for very long, as he is one of the hardest workers I've ever known. My parents will be able to enjoy what the majority, 60 percent, will enjoy and that's travel in their golden years.
These 73 million Baby Boomers are the reason why the travel industry is expecting to double from $7 Trillion annually to $14 Trillion by the end of the decade. Travel is what one does in retirement, and we've positioned ourselves to be in the right place at the right time with this industry. Travel is the largest industry in the world and growing 23 percent faster than the global economy. I've heard a radio commercial all week from a Networker from New York who is promoting his Health and Wellness industry her in Atlanta who states that his industry will reach $1 Trillion by the end of the decade. A trillion dollar industry sounds like a lot of money to this successful Networker who claims a 6 figure income. I need to write that 800 number down and clue this Networker in.
So what about those other 40 percent who will not enjoy a traditional retirement for what ever reason? Sadly some show up greeting you in Wal-Mart or taking your Big Mac order in McDonalds. That sounds harsh, but it's reality. I ran into a well respected former co-worker who retired some years ago, who greeted me a year or two later in a Wal-Mart. We stopped to chat and catch up. I don't know who was more uncomfortable in that situation, me or him. He should have been in Phoenix, Arizona enjoying his grandchildren, but we both know why he was stuck in a Wal-Mart.
A retired school teacher went on a 7 day Alaskan cruise with Princess Cruise Lines this past June and took 106 friends and former co-workers with her. I've heard rumor she's planning another 12 day Mediterranean cruise for next summer for the same group. While her teacher pension was not able to provide her with enough money to pay for these trips during retirement, she has found a way with YTB to give her the financial stability she needed, and enjoy her golden years.
Being in our mid 30's and early 40's we will not have to worry about having enough money for retirement because of our YTB business. It will continue to pay us monthly residuals for years to come. If we would like a little more, we simply plan a group cruise or trip somewhere with a bunch of our retired friends.
We have both struggled in Corporate America due to lay offs and downsizing. When you work for someone else, you work under their rules. Six years of loyal service to one company doesn't amount to much when it comes to a companies bottom line. Neither does your retirement plan which can change with the wind. As owners of our own business we not only control, but create our destiny when it comes to retirement. I know several Directors in our company who could retire at any time. They don't, not because of age, but beacause they love what they do. Starting a business of your own does not have any age discrimination, with no one forcing them to retire. They can work as long as they want. We met the oldest registered RTA with YTB Travel and Cruises on a cruise to Cozumel last spring, and she's 93 years old! We all realize one important factor when it comes to our business and it's stated very well with one of the Directors in our company who always says, "The best thing about Corporate America is that I'm not in it anymore."
Will you be able to ask yourself critical questions and challenge your behaviors, views, traditions, habits, perceptions and understandings. Do you know where to start, and understand you may need to make course corrections to end up where you believe you are heading? Look at where you are, and where you want to be. How will YOU get there?
Doug & Ronda Bauknight
AKA: TravelPro
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