It is no surprise that the number one issue on the minds of the group of six 50-something ladies we met with in Birmingham last night was the economy.  What was interesting was that their concern was less about their retirement accounts and more about the impact on spending being felt now in several of their family-owned businesses.

We’ve definitely seen a drop-off in traffic and spending,said the woman whose family owns multiple furniture stores.  She went on to say that this will definitely delay her husband’s desire to retire and transition the business to their children.

Two other women who have retail businesses (shoes and apparel) echoed the sentiment, though neither is ready to leave the business yet. In fact, none of these women were interested in "retiring."  "To me, 'retiring' is a week at the beach with no commitments or schedules," said one woman.  They like being busy and making their own incomes--regardless of how big or small.  In some cases, the social capital they are creating through their volunteer efforts is payment enough.   

Other than the economy, these women were remarkably worry-free.  Their kids are all doing well finding their way through their final years of college or post-college.  One woman whose daughter is in the financial industry said she definitely saw her daughter’s job prospects dry up literally over night.  But she isn’t worried.  She knows her daughter will find something soon.

There was some concern and conversation about the possibility that their children will not be able to live at the level at which they were raised.  We gave our kids every opportunity we could so that they would have the greatest chance of finding the level of success we enjoyed.  One lamented that she may have given her kids too much and that the adjustment may be more difficult for them.  All agreed they steered their kids to pursue their passions and not just job security. For most, those passions will pay off with good incomes.  For others, it won’t be as easy.

No one knows the future,said one woman.  I never dreamed we’d be where we are today.  You just work hard and keep moving forward no matter what.  I'd say that is good advice for all of us these days.