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🗺️55 & UpSides #0027: Best state? | Age-tech booms | Senior biz owners

🗺️55 & UpSides #0027: Best state? | Age-tech booms | Senior biz owners

Ronnie Mac James
January 6th, 2025

First time reading? Grab your subscription. This newsletter provides quick news bites (without the nonsense) that matter to folks like me aged 55 & up. Easily opt out above if you got here by accident.

Good morning 55&UpSiders. This AI video showing movie stars interacting with their younger selves is kind of creepy. Ok, extra creepy.

Let’s get right into the best stories I could track down for you…

Top News

🕙  250 Motorcyclists Grant 11-Yr-Old’s Birthday Wish + 10 Other Good News Stories Of 2024

🕙  What Are The Best Cities For Homebuyers 55 & Older?

🕙  Virtual Reality Goes Retro With Old-School Fitness Guru

🕙  Americans Spent Way Less On Streaming TV In 2024 — See How Much Less

🕙  Surprising State With More New Movers (& Less Moving Out) Than Any Other

🕙  New Study Finds Precise Breakfast Formula Aiding In Heart Health

🕙  Watch: New UC Davis Technology Helping Seniors Stay In Their Home Longer

🕙  9 Unexpected Things Experts Learned About Mental Health & Brains In 2024

🕙  Pros & Cons Of Active Adult Communities

Please take today’s poll below because it helps me decide which topics to write about in the future. Thanks so much.

🤔Poll: How many tech devices with screens are in your house?

🍩Reply to this email with “donut” for a shot at a Dunkin’ Donuts gift code! 🍩

Moving on below to an investing term I’d not heard of before this morning...

What Is Age-Tech Investment?

I’m no investment expert, obviously. But it seems like a no-brainer that investing in companies trying to create technology for 55+ people is smart. After all, our older population is growing like never before in America. Plus, technology has come a long way since the Stone Age. What do you think, though?

Today’s Feature Story is below. It talks about how more & more 55+ folks are able to start a business (full-time or part-time) later in life.

Feature Story

Second-Act Entrepreneurship

The problem is...

Many people aged 55+ feel stuck in their careers or retirement
Traditional jobs may not offer flexibility or fulfillment
Society underestimates the creative potential of older adults
Fear of starting over or taking risks holds people back

3 resources that can help you

SCORE: Free mentoring & workshops for small business owners
Side Hustle School: Short daily podcast featuring various entrepreneurial pursuits
Bridgespan Group: Helps executives transition to non-profit sector

Roadblocks

Limited tech skills compared to younger entrepreneurs
Potential health issues or reduced energy levels
Ageism in certain industries
Financial constraints if relying on retirement savings

Upsides & ways to beat roadblocks

Decades of experience & wisdom to draw from
Extensive professional networks to leverage
More financial stability than younger entrepreneurs
Less fear of failure due to life experience
Passion-driven rather than solely money motivated
Focus on industries where age is an asset (e.g., consulting, caregiving)

Keep reading for Facts & tips for what you can do about hurdles facing folks 55 & up.

Face The Facts (then punch ’em in the nose)

Know the facts so you can overcome or take advantage of them.

5) The highest rate of entrepreneurship worldwide has shifted to the 55-64 age group, with entrepreneurial activity among the over-50s increasing by more than 50% since 2008

4) Baby Boomers spend almost 5 hours per day watching TV & Gen Xers average just over 3 hours of daily

3) Five years after startup, 70% of ventures established by 50+ entrepreneurs are still in operation, compared to just 28% of enterprises launched by younger entrepreneurs (Boldin)

2) 79% of American millionaires say their net worth was self-made / 11% say they inherited their wealth / 6% say a windfall event like winning the lottery made them rich (Northwestern Mutual)

1) 795,000 Americans die or are permanently disabled by medical diagnosis errors each year (Hopkins Medicine)

👊Let’s punch medical errors in the nose.

Ways to avoid having your medical problems overlooked by doctors & nurses:

Keep detailed records of your symptoms, when they started, & how they've responded to treatment
For serious diagnoses or unresolved symptoms, don't hesitate to get another expert's perspective
Take notes before appointments, ask questions, & provide thorough information about symptoms & medications
Ask your healthcare providers to use diagnosis-specific decision support resources like DXplain, Isabel, or VisualDx
Take an active role in coordinating your care to ensure all ordered tests are completed

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Contest: 🍩Reply to this email with “donut” for a shot at a Dunkin’ Donuts gift code!🍩

The upside’s always worth looking for,
Ronnie Mac James

P.S. For new readers. I’m a retired business owner who ran a house painting business for over 38 years. My wife & I have experience dealing with the health decline of our elderly parents since 2017 (Alzheimer’s, falling injuries, & cancer). I started this newsletter to give you information that helps you overcome the challenges we all endure after age 55, with ourselves & aging parents.

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