Hoping for your wisdom!
My amazing 65-year-old dad is retiring from his grocery shop after a lifetime of hard work. We want his golden years to be truly stress-free and financially secure, but there's no one to take over the business as i work in the IT sector. What are the best ways for him to earn income now without the daily grind? Ideas for passive income, light part-time work, or leveraging his experience are welcome! Anyone has gone through this or Your input/suggestions would be hugely appreciated. Thank you!
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If I was in your place, I'd have quit IT job and would have handled the grocery store. You'll no no more be a Corporate majdoor but an Owner. Also there's uncertainty in IT as you might be aware of that. But I would suggest you to take your time and do what you feel right. I just gave my opinion but the ball is in your court you are free to take your life's decision.
I don't think i can quit a job and solely depend upon the store. Online quick commerce rates and competition are way ahead. Labour shortage, and charges are some other factors too that are affecting the markets.
Bad idea, and does not seem from a place of experience or expertise. This is an example of grass is greener on the other side.
Upward mobility with a grocery shop will only come when the business expands to more shops or to a superstore. Both require a different kind of experience and a lot of financial resources. The OP probably knows this and the struggles on the other side and the market dynamics and is wise to continue in IT.
Congratulations for the mileatone to both of you!! I think since he is retiring, and considering he wants to continue working, I would say, hire a shop helper who would do all the work and let him monitor and keep check on inventory. And plan trips for him :)
Yes. I Should try planning a trip for him. It will definitely help him to relax and refresh. Thanks for the advice mate🥂.
I would suggest giving your shop on lease to someone. They will run the shop and make profit will share a fixed amount
Don't you give them part of your salary?....
It's never about the money. It's about keeping the mind occupied and thats what keeps a human sane
I can but they need some stuff or timepass to pass their day. Otherwise the consequences for being idle all day would be disastrous.
@DavidRose that's a fact that IT job has risk these days. But do note there has been more unemployment due to grocery shop shutting down than firing in IT.
@Letsdoitmac don't think of taking over your dad's business. People at this age age faster if sitting idle. Ensure he still owns the store. If it's traditional store, upgrade it with inventory, customers, order management tool. Hire skill staffs as per requirement. Help him with these tools, you can also have weekly review of store performance.
Thanks @Anda_Jessy for the suggestions. I tried the above given advice for the past 1 year but it's not working. Time and effort compared to the profits are not at that level that can sustain family of 6
Family owned business is anyday better than IT job we are just numbers for them
I have decided to do the Job by seeing the struggle and continuous/ restless efforts (daily 9am to 10 pm no weekend ) one has to give for the business which he owns. Seen profits and losses in the same. I may be wrong here
You must be his son because daughters would never be so thoughtful about even their own parents. I guess people were not wrong in the 20th century when they preferred to have a son over a daughter.
Yep I am the father of a kid. Managing with pride. I saw my parents how they raised and managed in their time. Learning from them.
Best to invest in a pension fund, or similar retirement related programs which provides him with a monthly expense account along w investment of the initial amount.
Thanks for the wisdom!! Any generic suggestions on the allocation?
The fund managers invest in index funds, passive income for senior citizens- pretty safe bet
Maybe he can still run his grocery shop by hiring a staff. This will keep him occupied n also the shop running for few more years. It's not about money, but for some it's very difficult to sit at home idle. Plus I believe working really increases life span...if u r passionate about ur work
Working really increases life span. It truly does. :)
Congratulations.It’s wonderful that your father is now entering his well-deserved retirement. If he owns a shop or property with a valid license, one great option is to lease it out to a reliable tenant for a steady monthly rental income. This can serve as a simple and effective way to earn passive income without the need for active involvement.
Yess..This can be possible with minimum or no headaches. Thanks 😊
I'll suggest you to provide your store to big giant like jio mart, blinkit or Amazon and make it warehouse if you are frightened from online
Can try but cant afford to bet that money which is saved for the retirement. :)