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Older entrepreneurs may also find starting a business easier than their younger counterparts because older entrepreneurs tend to have more experience to draw from and more assets with which to finance a business. “Well, technically they have 2 choices: 1. run the AML checks, or 2. don’t do business here. The report shows that older entrepreneurs are responsible for 50 percent more business start-ups than 10 years ago. A 1998 survey of baby boomers conducted by the American Association of Retired Persons (AARP) revealed that 80 percent of respondants planned to work beyond retirement age, and 17 percent of those planned to launch new businesses. The survey also showed that today’s third age entrepreneurs (as the report calls entrepreneurs over the age of 50) don’t mind putting in the hours required to build their business. Third agers also rated holidays, lack of stress and a balance between work and home life more important than their younger counterparts. Other key findings showed that third age start-ups account for 15 percent of all new businesses, and third age entrepreneurs are three times more likely to be male than female. That’s compared to just 7 percent for other age groups.
While most men your age would be content to sit on the porch and watch the world go by, you are considering a ride on the entrepreneurial roller coaster. According to recent studies 22 percent of men and 14 percent of women over 65 are self-employed. Nearly 49 percent work an average of 36 hours or more a week. The report further showed that only 27 percent run the business as the only source of household income, with 51 percent supplementing their pension. You do not pay taxes on the money you contribute until after you start drawing it as income, so you are actually reducing your tax load in the short term by investing more for the long term. NFT has brought a change in the business trend which attracted many business investors to invest in NFT and NFT Marketplace and double their revenue in a short span of time.
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