Who Wants All That Stuff Boomers Have? | Transition Planning
Who Wants All That Stuff Boomers Have?
By Paul Cronin, partner, STPI
As I was cleaning out my attic on a remarkably warm winter day, I couldn’t help but notice how much stuff we had collected in the 19 years we have lived in this house. If you are like me (a Baby Boomer), you have collected a large amount of “stuff” over the years.
If every Baby boomer has this problem (I am sure we all do to some extent), then who will take this stuff when we need to move? My wife and I have a lovely home, too large for 3 people really. With one child in college and the other looking at colleges to attend (18 months from now), downsizing is a definite part of our future. Lots of boomers will face the same question.
I can’t imagine my kids will want their 4th grade father’s day project (I love it dearly, but it makes them squirm today). I don’t suppose anyone else will either. But what of the old couches, old TVs, printers, sports equipment, baby strollers, cribs, etc., etc.? I know that some can be “re-used”, but if they are old and outdated, who but antique dealers might want them? (As if they want a stroller with a funny stain in a rather obvious place). The dumps will be overflowing.
Now for scary question: If the next generation is much smaller than the boomers, and they don’t want our old stuff, why should we expect them to buy our old, outdated homes too? If they can buy new homes for the same or similar money, does that make our homes tear-downs, or worse? If we are planning to sell our homes and use the equity as part of our retirement plans, are we fooling ourselves? Will housing prices stay low for decades? What about our stocks and mutual funds? Will they just creep along forever? It makes the whole idea of retirement planning and transition planning a bit overwhelming.
Makes me long for those days when the kids were young and our future was way in front of us. Good thing I have that 4th grade father’s day project to keep me company....
You can learn more about transition planning in our book, "Finding Your New Owner; For Your Business, For Your Life", by Jack Beauregard. For a free download of Chapter One, click the button:
Paul Cronin is partner and Director of Business Development at STPI, the Successful Transition Planning Institute of Cambridge, MA. STPI provides tools and training to advisors so they may help successful business owners, executives and professionals learn how to "Think", "Live" and "Decide" what to do with their companies and careers, in order to plan for a dynamic, new life. Paul can be reached at 978-749-9546, Facebook, Linkedin, Twitter, Google+, or at Contact Us
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The Successful Transition Planning Institute of Cambridge, MA teaches Baby Boomers and their advisors how to avoid boring, meaningless retirements. STPI's books, tools, training and seminars empower Baby Boomers to "Think", "Live" and "Decide" what to do with their companies and careers. By doing so, Baby Boomers create plans for dynamic new lives, full of meaning and purpose. (see video).