How to make a million: Start a business
Starting a business is one of the oldest and surest ways to build wealth. That may seem like a younger person's game, and the energy and drive needed to make a business succeed should not be underestimated.
Still, a septuagenarian may actually have some advantages when starting a business, says George Middleton, investment manager and financial planner at Limoges Investment Management in Vancouver, Wash.
"He or she has accumulated 70 years of experience in something," he says. "Explore what that something is that has value to others."
William Carrington, founder of Carrington Financial Planning in Arlington, Va., is another fan of starting a business late in life.
"The surest path to wealth is through business ownership," he says.
Carrington agrees with Middleton that most people in their 70s have developed expertise in at least one area that is marketable. He says your human capital is the best asset you own.
"Investing and believing in ourselves gives us the best chance for financial success," he says.
Not only can a business make people rich, but it also allows them to spread the wealth, he says.
"They could hire other senior citizens as part-time, inexpensive -- and reliable -- employees," he says.