Excerpts

Foreword For years, I have talked about the importance of the "longevity bonus," the wonderful possibilities and opportunities available to us resulting from our ability to live longer, more productive lives. So I was convinced when I picked up Mary Furlong's Turning Silver into Gold --and discovered early in the book the phrase "bonus round"--that I was in the presence of a soul mate. Reading on through the end of this impressive book, I became even more convinced. After more than 20 years of studying aging and, more importantly, listening to older men and women, there is little in this field that Mary Furlong has not encountered, thought about, or sought to solve. She is keenly aware of the importance of having fun as we age and the value we put on staying fit and productive. She understands that older people are as complex and diverse as any other group and will not fit neatly into a box--especially the boomers. She knows that work is a necessity for many older people and, as she puts it, "a kick start" for many others, including those who must work to make ends meet. And she wisely notes that older people are becoming a dominant force, not just a "demographic," in our society. Mary's aim is to guide those who want to market to older people and to encourage those who might not have contemplated doing so to give it serious thought. This is not always an obvious or intuitive undertaking. But in Mary's hands, this process does not seem daunting because she keeps things simple. There are really just five basic ideas or trends to keep in mind, she notes, and the reader will find them recurring throughout the book, whether the topic is real estate, sex, work, or investment. The first of these ideas she calls "global markets," because aging is a worldwide phenomenon. China and Italy, for example, are graying faster than the United States. The second is longevity which, among many other things, implies that we will be spending nearly as much time after retirement as we spent working, and that providing the means to stay healthy and active will be critical to the well-being of individuals as well as their governments. The third she calls "lifestage transitions." This important idea flies in the face of the stereotypical notion that older people are set in their ways. Surprise: They change jobs, divorce, remarry, care for older parents, and face the death of their friends, among many other lifestage transitions. The fourth is technology--specifically, how it can be used to make life better for us as we grow older. And the fifth, which speaks eloquently for itself, is spirituality combined with giving back to our communities, family, and nation. But Mary Furlong's book has a social heart as well as a business sense. She assists people who are in business, but not simply for the sake of exploiting a market. Adding value to life is as important to her as it is to us at AARP. And that brings me to a point that I think is very important. While there is no question that Turning Silver into Gold will hold a special interest for entrepreneurs and investors, I think it will find an equally eager and appreciative audience among boomers (and their parents and their children) for its insights into aging and the possibilities that a long life offers all of us. For example, Furlong notes that people in their 60s are the greatest buyers of wine (entrepreneur alert!), and then adds that anyone can set up a wine-tasting club (DIY alert!). Or this gem: "Love for the baby boom generation is not about the first time any more--it's about making love feel like it did the first time." Turning Silver into Gold is filled with nuggets like these. And Mary Furlong, drawing upon her years of experience and vast expertise, does an admirable job of spinning them into gold. William D. Novelli, Chief Executive Officer, AARP (c) Copyright Pearson Education. All rights reserved. Excerpted from Turning Silver into Gold: How to Profit in the New Boomer Marketplace by Mary S. Furlong All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.