Gen X Retirement: 3 Things to Sell Off for Funding Your Business Dreams
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It’s hard to believe, but Gen X, AKA the ‘Mess Around and Find Out’ Generation, is approaching retirement. Funding your business dreams for a better retirement is priority for many of us.
So, what can Gen Xers do to prepare for retirement now?
Well, at some point, we have to come to the realization that the Baby Boomer way of retiring won’t work for us. Social Security is a joke to our generation.
And pensions? Well, let’s just say we know that won’t be enough for most of us.
It’s time to take a look at some of those assets you’re sitting on and determine their current and future value in your life. Let’s discuss three you should evaluate with the quickness.
As Gen X, the Forgotten Generation, we’re taking our 40s and 50s by storm! But that doesn’t mean that our retirement doesn’t bring stress to our lives. Even with pensions and Social Security benefits, we’re not guaranteed the comfortable retirement we desperately deserve.
That’s why some experts suggest reducing expenses and freeing up cash by selling off unneeded assets. And I’m not talking about the ones you foresee becoming passive income you can count on in the next decade.
I’m referring to the ‘stuff’ we’ve accumulated that’s causing more hard work than it’s worth financially. If you own something that’s not sparking joy, you should consider offloading it for cash that will help you ready yourself for retirement.
Getting rid of the old to make way for the new? What could be more Gen X?
It’s time to start funding your business dreams. Here are three things Gen X should consider selling as we approach our retirement years:
First up on the list is real estate. And it’s #1 for a reason. As children of Baby Boomers, we’ve been taught to believe that real estate is the most valuable possession you can own. And on paper, that’s actually true.
Financially, owning real estate can create passive income to sustain your family for generations.
However, think about why you purchased the property in the first place.
Does it still serve that purpose? Does it bring you joy or just create more stress for you as you manage that high blood pressure we’re becoming so famous for?
I have an uncle who’s a real estate mogul in the Los Angeles area. He owns droves of property and educated his children well. He also encouraged them to follow their dreams.
Well, one is famous in his own right as an Off-Broadway actor. And the other has always wanted to become a nurse. They have no desire to know even one aspect about the ‘family business’ Unc created as their “legacy.”
So, as the Baby Boomer gets old and tired and has no desire to manage tenants, what does he do now?
I also have an ex-neighbor who sold a property across the street. After the 20-year tenants moved out, it took over 12 months to rehab the home. But that wasn’t the problem.
He shared with us that he’d purchased properties around Hemet thinking his children would raise their families here. But none of those Gen X’ers wanted to even live in California.
So, his wife finally asked as they rehabbed the home:
“Why are we keeping this again? They’re just gonna sell it as soon as we die.”
In the end, selling off extra properties that no longer serve purposes that matter or bring value to your life provides a nest egg you can add to your retirement savings. It also reduces ongoing expenses like property taxes, HOA fees and sanctions, maintenance costs and utilities.
Holding onto the larger properties you’re not fully utilizing not only creates unnecessary costs but also leaves equity tied up that could be freed for the retirement years.
Whether you use the equity to purchase a smaller, more retirement-friendly property, or to launch a business venture that could help sustain you throughout retirement years, let go of the unnecessary stress… if that’s what it’s causing.
Many Gen X families hold onto two cars or trucks out of habit. But it’s smart to reevaluate your vehicle needs as retirement approaches.
It’s one thing to keep an extra bucket around that’s easy on gas just to get around town. But how many years are you going to keep your son’s old car in the driveway? Or that vehicle you’ve been meaning to fix for a decade?
If your land is turning into a car lot, it’s time to change that now.
Your household gets by just fine on one or two vehicles. So, why do you have five or six… and every year you continue the cycle of worrying about registration, taxes, maintenance and insurance costs.
It’s just silly.
Whether the cash from selling goes into retirement savings or toward your immediate spending, it still makes good use of that old minivan and that tag-less Ford Explorer nobody will ever register and drive.
This is especially true if you’ve spent the last five… 10 years… sitting around dreaming about owning a brick and mortar or buying that food truck.
How much sense does that actually make?
As we mature, so do our business dreams. You may have dreamed of owning the hottest nightclub in town in your 20s. But now, as the 50s slide you over the hill, maybe that’s transformed into a simple little café with live performances at night.
Yesterday’s dream of having a club filled with Hollywood celebrities and Hip Hop music is more about showing off your Gen X grilling and cooking skills and bringing your local community members together.
What I’m saying is… just like with the real estate you’ve accumulated, if it no longer brings you joy, you may want to think about selling it. Why not take that cash and invest in a venture that actually makes you smile?
If you created it as a family business, maybe it’s time to start passing the reins. And if they don’t want it… I mean… Why are you doing this again? You can use that money to buy that land and build the home you’ve always dreamed of… with no mortgage if you do it right.
Or you can invest it in a business venture that either creates passive income for your retirement or brings you joy so it doesn’t pain you to manage it every day.
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