Financial Well-Being Newsletter: When is it too late to start your own business?
by Trailhead Plan… on Jul 20, 2018
When is too late to start your own business? Well, according to new data, later than you likely think! In fact, successful entrepreneurs tend to have more gray in their hair than the Hollywood portrayal of the hoodie-wearing whiz kid!
Additionally, we've highlighted an article showing an interesting cultural quip about how husbands and wives report their income when the wife earns more. And last, we point to some positive signs in the housing market that show that supply may be starting to increase allowing prices to moderate over the coming years.
From the Web
The well-known archetype of a startup founder may be a 19 year-old computer whiz, but it turns out successful startup founders (and entrepreneurs) are a much more age-diversified bunch than the media would have us think. According to the above articles, successful startup founders tend to be middle-aged, not young. In fact, there are plenty of successful companies founded by entrepreneurs in their 50's, 60's and beyond!
The Wall Street Journal points out a few reasons why older entrepreneurs are more successful:
- Greater Experience and Skills
- The knowledge of how to take advantage of opportunities
- Sometimes it takes time to know you are an entrepreneur at heart! (Ed Note: Courtney & Morgan can relate to this one)
- The financial stability of the founders themselves allowing them to self-finance the venture
In other words, do you have entrepreneurial ambitions, but are worried that the window of opportunity is already closed? Well, throw that sucker wide open and get started!
From the Financial News
So this is fascinating study in social norms. According to the Census Bureau (via FA Magazine):
Twenty-nine percent of American wives in dual-income marriages earn more than their husbands each year, according to 2016 data from the Bureau of Labor Statistics. But many married Americans are not willing to admit their true earnings -- but only when wives earn more than their husbands. When wives earn more, both spouses inflate the husband’s income and underreport the wife’s income, according to new research from the Census Bureau. These responses are seemingly the result of societal influence and could impact the quality of self-reported data in the future, the report said.
One of the biggest issues causing the rapidly rising housing prices in big cities across the country (Like Portland and Minneapolis!) has been the low inventory, or supply, of houses for sale. Luckily, in cyclical markets like housing, the cure for high prices is often the high prices themselves as potential builders and sellers see an opportunity to make a profit or cash out.
in Portland, that seems to be the case. For example, even amidst a year-over-year 7.2% increase in sales prices this June, housing inventory has increased 32%. Ultimately, more supply is necessary to put a lid on runaway house prices and maintain a healthy market for both first-time homebuyers and established owners alike.
Morgan just finished up the final draft of his forthcoming book Money with Purpose: How to overcome your mental money barriers, make an impact, and live the life of your dreams. He'll be shipping this off to the publisher next week and is looking forward to a Fall 2018 release date. Congrats Morgan!