Do you remember the sense of freedom that you had the first time you got in your own car and turned the keys? The world suddenly became smaller as your mind raced with possibilities for adventure and exploration. At that moment, you knew that you could do anything, anywhere, with whomever you chose.

As you moved into adulthood, your car may have shifted from “dream machine” to “commuting machine” or “family shuttle” but, that didn’t make it any less valuable. No matter how your life evolved, your car was essential to your journey.

In fact, as Americans, we love our cars so much that they become a part of us. We can’t imagine life without them… even if we realize that they have outlived their usefulness.

This is a shame because a lot of our money is locked up in our cars. In addition, our cars can be crutches that hold us back, physically, mentally and even socially.

Don’t believe me? Here are 4 powerful reasons to consider ditching your car in your 50s or 60s.

Feed Your Retirement Account a Little Nitrous Oxide!

Most of us spend our 20s and 30s completely ignoring our retirement savings. Then, in our 40s, we start to realize that we are indeed getting older and walk down to our company’s HR department to dust off those 401K forms that we never got around to completing.

By the time we reach our 50s, many of us are in full crisis mode. We know that we have fewer working years ahead of us than behind us and our ability to impact our retirement accounts in a meaningful way seems limited.

Well, what if I told you that ditching your car could help you to save an additional $70,000 for retirement. It’s true!

I walked through all of the details in this article, but, in summary, if you sold your car for $20,000 at age 52 and got a 9.8% return (the historical average return for the S&P 500), by age 67, you would have more than $70,000 more for retirement.

Would giving up your car require compromises (and even sacrifices)? Of course! But, as I am about to explain, many of the downsides to giving up your car may have silver linings.

Leave a Cleaner World for Your Grandkids

According to the Environmental Protection Agency (EPA), the average car in America emits 4.6 metric tons of carbon dioxide (CO2) in a year. And, as we all know, cars also contribute to smog, acid rain and other environmental problems.

By the time we reach our 50s and 60s, many of us are already beginning to think about our legacies. In addition to the money and other assets that we hope to leave to our kids and grandkids, we also want to leave the world a cleaner, safer and fairer place than we entered it.

The good news is that we don’t need to have millions of dollars to contribute to charity to make a difference in our later years. Small steps, like choosing to use public transportation, can make a real difference.

Who knows, maybe your decision to give up your car will show your friends, family members and neighbors that it is possible. And, if it does, you really will be changing the world for the better!

Save Time and Invest in Your Retirement Planning (Or Even Start a Side Hustle!)

For some people, it’s not the cost of driving to work that drives them crazy… it is the fact that driving is an epic waste of time. Look, I get it. When you have kids to take to school, meetings to attend and parent-teacher conferences to visit, your car is a lifesaver.

But, once you are in your 50s and (most likely) your kids have left the house, taking public transportation to work or using a ride-sharing service becomes much more viable.

And, what can you do with this time? Instead of sitting there like a trained monkey, pushing peddles and turning a wheel, you could build your financial literacy, plan your retirement or even start a side-business.

Think you’re too old to start a business? Think again! As I wrote in this article, entrepreneurs over 50 are, statistically speaking, more successful than any other age group. We also have the experience, skills, contacts and money to succeed.

So, instead of spending 2 hours a day riding the brake and glaring at people using the HOV lane with only one person in the car, why not take the bus or train and use the time you save to invest in your future?

Take a Positive Step Towards Healthy Aging

Do you remember when you had to wind down the car window by hand? The very concept seems alien in a world filled with cars that can read us our emails, sync with our phones, play music, park themselves, give us directions and so much more!

But, is all that convenience really necessary? Isn’t it possible that we would actually be better off physically if we had to walk to the local shop once in a while? And, would our brains not be sharper if we had to use our own navigation skills to get us to our destinations?

In the year after I gave up my car, I lost about 18lb. I also felt more balanced and fitter. And, all I did was trade in my car for a bus pass and some walking shoes. How will giving up your car change your life?

Do you think that you could ever give up your car? Why or why not? If you have already given up your car, what did you learn from the experience?

In my last blog I discussed how weeks of sedentary days can threaten your independence and shared the Elevator Exercise to help you retain leg strength. I hope you’ve been able to take advantage of this simple yet effective activity!

Since social isolation appears to be hanging around for a while, especially for those challenged with health concerns, I’m going to continue sharing simple movement activities you can do at home to retain physical independence.

As a reminder, losing physical function was at one time considered a normal part of aging, but now we know better! It is very common and very predictable, but preventable! The driving force behind loss of physical abilities is lack of regular movement.

Review Your Daily Movement

Take a careful look at how much physical activity you’re getting each day. If you’ve never really considered physical activity a priority, take this unusual disruption of your habitual patterns as an opportunity to take stock of your functional status.

Currently, physicians are supporting the idea that “movement is medicine,” so consider embracing simple daily movement as a direct investment in your health.

Gratefully, summer is here, which usually means we all get outdoors more. However, if you must continue to isolate indoors, make a conscious decision to evaluate if you’re moving through the normal range of motion with each joint, and what specific deposits you’re consistently making into your physical independence.

No-one can help you with this! It’s up to you to take charge and take action.

Consider what you’re doing daily for each of the following joints and the muscles supporting their mobility:

• Upper body: neck, shoulders, elbows, wrists, fingers
• Lower body: hips, knees, ankles, toes
• Full body: upper, mid, and lower back

Warning Signs of Decline

If you feel fatigued after completing small tasks that once seemed easy, and/or you find your mobility is limited, it’s time to intervene!

Improve your mobility by gently stretching through each normal range of motion, then focus on your strength by asking your muscles to do more than they’ve been doing on a regular basis.

Biceps (Arm) Curl

Daily activities such as lifting, carrying, dressing, and getting out of a chair or tub require arm strength and upper body mobility.

Strengthen your arm muscles so you can more easily perform daily tasks, take care of your home or yard, and perhaps lift your grandchildren and enjoy playing sports!

Did you know pickle-ball is the fastest growing sport worldwide? I have friends who love it so plan to try it this summer (in between horseback rides of course!).

The biceps curl exercise helps support upper body strength. Start with no weight and gradually add more as you get stronger.

Sit in good posture with your arms relaxed at the sides, palms facing up. Bring the left hand to the left shoulder, then slowly return your arm to the side. Complete 8–12 biceps curls with the left, then the right arm. Repeat both sides again. To increase effort, add weights as long as it does not cause elbow pain.

Have you noticed a change in your level of function since isolating? What are you currently doing each day to intentionally replace normal physical activity? Have you started anything new while staying closer to home?

Disclaimer: This article is not intended to provide medical advice. Please consult with your doctor to get specific medical advice for your situation.

Tinsley Mortimer’s Black Puff Sleeve Sweater on RHONY

Real Housewives of New York Season 12 Episode 11 Fashion

According to the previews for this week’s episode of RHONY Tinsley Mortimer has a big announcement to make, as do we we considering her black puff sleeve sweater in this scene (which is actually the black version of the beige sweater we reported on her wearing in Newport) is still in stock. Meaning that you should probably go ahead and click “add to cart” now before it’s gone with the wind like Tinsley to the Windy City.

Fashionably,

Faryn

Click Here to Shop Her St. Roche Sweater in Multiple Colours

Click Here to Shop Her Jennifer Zeuner Earrings

Originally posted at: Tinsley Mortimer’s Black Puff Sleeve Sweater

People love stories, especially when they reinforce our own beliefs and prejudices. This is true in life and in business. Well, today, I want to talk about one narrative that is not only killing our dreams as older adults but is also damaging our economy – the story of the young, hacker entrepreneur.

Like the protagonist of Joseph Campbell’s “The Hero with a Thousand Faces,” we have heard the story of what it takes to be a successful entrepreneur a hundred times.

A young man (for he is almost always a “he”) has a brilliant business idea. He quits university, sets up shop in his (or his parent’s) garage, hacks out a few thousand lines of code and… VOILA… becomes an instant billionaire.

In fact, we have heard this story so many times that most of us believe that young people are the only ones starting businesses. Certainly, we think that they are the only ones starting technology companies. So, many of us stay on the sidelines, thinking that we are too old to compete.

The truth is shocking (although it shouldn’t be). For starters, over 50% of all small business owners in America are over 50-years-old. How successful are these entrepreneurs? Would it surprise you to know that entrepreneurs in their 50s are 2.8X more likely to start a successful company than a 25-year-old founder?

I could go on, but, the bottom line here is that society has it all wrong about the perfect age to start a business. And, despite the statistics, the narrative of the “young hacker founder” is so powerful that we continue to believe it.

So, today, I want to talk about why your 50s are the perfect time to start your own business. I hope that my words inspire you to build something amazing!

You Finally Have the Skills and Experience to Start a Successful Business

There is a reason that so many younger entrepreneurs start businesses targeted at their peers; that’s the only audience they know. A lucky (and hard-working) few succeed in disrupting this market or that… but, the great majority find their ideas sitting at the bottom of the dustbin of history.

I am perhaps oversimplifying here, but, there is a difference between the kinds of businesses that people start in their 20s compared to the kinds of businesses that people start in their 50s.

Younger entrepreneurs tend to take one of two paths – either they shoot for the sky or they copy someone else’s success. These are the kinds of businesses that appear in TechCrunch, even if they have no chance of being profitable.

Older entrepreneurs tend to start boring businesses in industries that they own. They are typically an attempt to solve a problem that the entrepreneur faced him or herself or that she heard over and over again from her peers. They are the kinds of businesses that grow without fanfare or PR. They are also typically more profitable when businesses started by younger entrepreneurs.

So, don’t listen to the media. If you are in your 50s, you are at the perfect age to start a business. You have the skills and experience necessary for success. Now it’s time to show the world what you can do!

You (Probably) Don’t Have to Worry About Climbing the Corporate Ladder

If you are in your 50s and feel like your career has stalled, you are not alone. There is plenty of evidence that older workers get less job training, fewer career development discussions and limited promotional opportunities.

For example, according to a survey by AXA PPP Healthcare, only 15% of employees over 50 had a career development discussion with their manager in the last 6 months. This is compared to 29% of younger employees who said that they had a similar discussion.

I’m not saying that you should check out of your job, start missing deadlines or walk around with a chip on your shoulder. I’m simply saying that, if your employer is no longer thinking about your development, you should!

Instead of fighting to climb one more rung on the corporate ladder, maybe it’s time to start your own business. Once again, be sure that your contract doesn’t prevent you from doing this to prevent any potential issues.

But, assuming that you aren’t facing any contractual barriers, why not use your extra time to build something that you can be proud of? Why not build a business that you love today so that it will be there for you tomorrow?

As many older adults have learned, “invisibility” works in both directions. Yes, it is frustrating when our employers no longer see us as development material. But, if we can fly under the radar, just a little bit, we may be able to build something truly amazing.

You Finally Have More Time… Don’t Waste it!

I have so much respect for people who are able to start a business with toddlers running around. My son and his wife became new parents just a few years after helping me to found Sixty and Me.

Like many people, they have done an admirable job of balancing their family and work commitments. But, it took a great deal of discipline… and through careful planning, they had the financial resources to leave their corporate jobs to focus 100% on their family and the business. Most people just can’t afford to do this.

If you always felt like you could have started a business and, due to family and work commitments, couldn’t find the time, now is your opportunity. With your kids out of the house, this can be your time to shine.

On the flip side – and I’ll be totally honest here – it is possible to wait too long to start a business. As I spoke to the women in our Sixty and Me community, it quickly became clear to me that most people in their mid-to-late 60s and older just aren’t interested in starting a business.

Is this a universal rule? Of course not! I know plenty of people who started successful businesses in their 60s and 70s. But, it is a heck of a lot easier to become an entrepreneur in your 50s. At your age, your contacts are still fresh, you have credibility and you haven’t settled into a retirement mindset.

So, don’t wait a moment longer. Use your extra time now to build a better future tomorrow.

You Know the Right People

I don’t know how it happened, but, by the end of my corporate career, I had over 1,500 contacts on LinkedIn. The crazy thing is that I actually know most of these people!

Since I started Sixty and Me, my ex-colleagues and other professional acquaintances have helped me to find advertisers, get featured in CNN and Vogue, build my website and much more!

Since most of us start a business in the industry that we worked in during our careers, you probably know quite a few people that can help you on your journey. Just ask any 20-something entrepreneur what they would do to have a Rolodex (remember those?) full of relevant contacts in their industry. They would be jealous beyond words!

So, what are you waiting for? Start planning for your business today. Your friends, family and professional contacts have your back!

You Have the Right Motivation to Start a Business

Do you know what the number one fear of older adults is? It’s not getting cancer. It’s not a lack of meaning or social ties. It’s not even death itself.

No, the number one fear that older adults have as they approach retirement is running out of money. And, the unfortunate truth is that this isn’t an idle fear; there are plenty of reasons to believe that the majority of us will end up below the poverty line in our 80s or 90s.

By this point in your life, you are probably sick of all of the financial experts telling you that the best way to achieve financial security in retirement is to “Start saving early, put your money into a diversified portfolio of stocks and bonds and let compound interest work for you.”

Yeah, we get it! But, we also had lives to live. We were struggling to build our careers, raising our families, dealing with illnesses and, basically, just doing the best we could to survive. Most of us didn’t save as much as we wanted to. But, sinking into regret won’t change anything!

Is saving important? Of course! But, if we want to make a dramatic change to our financial future, putting an extra percentage or two of our salary away won’t cut it… at least not if we are in our 50s.

As hard as starting a business is, it is one of the only ways to change your financial life in your 50s. You can do this. You can change your future, starting today!

You Know Yourself Well Enough to Succeed as an Older Entrepreneur

When people think about starting a business, they tend to point to the external factors that are standing in their way. They tell you that no-one will fund a business started by an older adult. They talk about the crowded market or abundance of competitors. They may even blame the poor economy for their decision not to get started.

Having talked with hundreds of successful entrepreneurs, I can tell you that our internal world is much more important than our external world. Successful entrepreneurs have the grit, determination and common sense to succeed.

While it is possible to have these characteristics when you are younger, the majority of us earn them over the course of a lifetime. We have earned our battle scars. Now it is time to take our training and discipline and apply it to building better lives for ourselves.

You have earned this moment. Spend it wisely.

Why do you think older adults are, on average, more successful than their younger counterparts? Do you agree or disagree that your 50s are the perfect time to start a business? Why? Let’s have a conversation!