Now, let us take a good look at the economy. Or to be more accurate, the New Economic Reality that will be with us for many years to come. Yes, sooner or later, things will start to improve.  But things will never be the same as it was in the work world. This is especially true for people who falls into the age group of 40s, 50s and 60s. We're talking about both baby boomers plus a slice of the GenX demographic.

Here's what Franklin Allen, finance professor at the Wharton School of Business, said in a paper published recently:

"Unfortunately, many people in their late 40s and 50s may never get jobs again."

According to Franklin, the "Great Recession" that we've been in is more than just a passing economic cycle -it's a "watershed event" for the country.

Of course some people in their 40s and 50s will get jobs again - but the Wharton study points out the precariousness of their situation. Companies will try to run even leaner than before. And they don't want to pay for older workers when they can get younger workers more cheaply.

Add on the distinct possibility that the health care burden companies will have to continue to pay for older workers may actually increase in the upcoming healthier reform, and you have powerful disincentives to hire baby boomers.

Certain industries, such as advertising and financial trading were always notorious for ("legally") eliminating workers once they were in their 40s. But that is becoming the norm in almost all industries.

So when I say once you're in your 40s you should build an Internet business I mean that as a matter of survival and protection more than just pursuing a new opportunity (which it also is).

But why a web-based business? 

Well for one, it's far easier to start and build than just about any other business. And it's quite feasible to start building it even if you currently have a job. With so many web-based programs and applications, it's easier than ever to start building an Internet business on the side part time. Plus you don't need employees. You just need to know how to do it or how to elect a virtual team to do much of the work for you.

So I say if you're 40 or older you can keep on the employee path if you want. But know that the path is running out. Protect yourself and check into the possibilities of starting an online business.

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