GREAT READS → THE MONEY TRAP Issue 669 · July 19, 2017

Mind Your Own Business

What separates the success stories from the failures? What can be done to increase your chances of success? What if you’re 40 or older?

Mind    Your    Own    Business

The Players

Name: Rachel and David Cohen

Age: Late 40s

Number of children: 5

Residence: Brooklyn NY

The crisis

In the United States it’s called a “pink slip.” In Germany it’s a letter and it’s blue. But no matter the colorful language used to describe an employee’s termination notice no one likes to find out they’ve just been laid off. If you’re over 40 when the challenge of finding a new job is that much greater it’s reason to panic.

Or maybe you haven’t lost your job but you’re beginning to worry because you have a few children in the “parshah” and the thought of paying for all the wedding-related expenses is causing you to toss and turn at night? Is it time to look for a second job or at least a better-paying one?

Or maybe you just have an inner voice telling you that while your family’s expenses are rising you’ve reached a dead end in your salaried position. Maybe you should move on before you’re mired in a permanent rut?

When a midlife financial crisis strikes the thought of opening a business and being your own boss can sound like the perfect solution. But dangers lurk as Rachel and her husband found out.

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