What happens after 49, life ins and work. (self employed, credit, debt)

[Cubanchic]

I sell giant tonka trucks, short answer, but I sell heavy equipment and parts internationally. I got a notice today that they (my own private insurance policy) WILL NOT renew my security insurance at a ffordable price, renewal will be a additional 500 to 800 a month, along with a notice that my health insurance will double and a notice from 230 to five hundred. That will make the make or break months hard and A lot of my business is personally visiting the field workers them selves and selling my OEM parts, machined in USA, not in China. This is very important because of kidnapping of business folks and they also provide security detail.

I am self employed and this is horrible news for me, I mean I was one of those women that worked a men only field but loved accounting and engineering.. And I loved, no adored!!!! My yellow tonka Truck as a kid and anything that relates to these huge earth movers.

I will turn fifty this year and I can intuitively know how one 50 k semi used wheel motor will last, with each maker. That freakin knowledge doesn't matter these days, although I can save over a hundred thousand each year on each unit, thus making a positive cost.

I haved worked on my own for the last six years, often on slow times doing odd jobs, I still need to work another 15 years.

I can still do my job from home but my old school mechanics that trust me and distributors are all my age or older. I am losing my contacts, and losing what I am so damn good at, these companies want numbers that profit each and every year, and I can prove that if you take a slight hit, year four you can double you money, my only hope is the new machinists that want a piece of the action.

I want to ask those that went through the big 50, at companies or are self employed, and your contacts were your same age.. What did you do to be relevant?

I can not afford to travel without hiring security now, and wondering if I should just toss the towel! I was told I was prime target and these are my contacts.

We thought that this day might happen, but Hubby and myself thought we could keep it up for another ten years.

[sware2cod]

You are looking at an increase in your monthly business expenses between $800-$1100/month, before taxes.

Can you shop around on your health insurance to try to get the monthly premium? Maybe increase deductible, etc.

Can you shop around/tweak the security insurance to see if you can lower the monthly bill?

I don't know how much you make each year. But is it worth it to keep your existing business as-is and make $10-12k less per year? Ask yourself, do you want to cease business over a reduction of $10-$12k/year? Is it still worth it to you with that reduction?

As far as your contacts, if they are all your age or older and retiring, why is that? Are there no younger contacts in your line of work? Ideally you want to grow new contacts all the time as new people replace others. However you get new contacts...cold calling, seminars, associations, etc. Keep getting new ones as the old contacts recycle out of their jobs.

[luckygirl15]

Have you thought about networking groups? I don't know anything about your industry but most industries have them even if it's just a few people. Might even be worth starting your own.

Bottom line is that you need new contacts and any way you can think of to meet these people is worth it.

What about going to work at a company or the government? Then you can get health insurance through your job?

But being over 50 doesn't mean you're obsolete. I'm over 50 and have found work after being laid off. First job wasn't so great but the 2nd job is wonderful. I feel like I have more to offer a company as far as knowledge and professionalist. And yes, this does mean something to a company who "gets" it.

Hope everything works out.

[Cubanchic]

I do network, often and will shell out my own money to travel to heavy equipment conventions.

The Mine site( like most in Latin America) is now being runned by Chinese investors so there is a language barrier and THEY hate the old school mechanics because they think they are country folk.

Sad truth is that they know their business because of a over thirty year experience of making broken parts work.

I WILL figure things out, because I have no choice, but I am realizing that the old school is being thrown out and a lot of intuitive knowledge is missed.

Yes I can teach this, but my profession is hands on and seeing the teeth of a bit, the tires, the grinds of oil on a wheel motor. I can't really do that via a computer with just pictures unless I get the back story of the "field boss" and his under table short cuts.

BTW some years, after costs, I only make 30K some years almost over 100k, but those are rare. The bank wants a debt to ratio amount that makes me making nothing decent at times. The mean years years can be really tough for us, since I have to buy the part or equipment and use my credit line.

So THIS additional amount is really making me consider calling it quits.