Turning Fun into Fortune

If you want to create financial freedom in your life and at the same time create generational wealth, you will want to choose an industry that is in huge demand now and for decades to come. One industry that meets these criteria is the travel industry. In the U.S. alone, $1.3 million are spent on travel each year. That’s about $2.5 million each minute. Nearly $7 million in travel is bought worldwide, much of that online. And that amount is going up. In the next few years, it will double because of the baby boomer generation now getting ready to retire. What do they want to do more of now that they have worked, retired, saved, and raised their families? You guessed it, Travel!

When you look at the travel industry now, you see many multi-billion dollar companies (mostly online companies) that did not even exist 10 years ago. Everyday, more and more companies try to edge in to get a slice of that large and profitable pie. Here are the three trends that make travel one of the best choices for the average person to get into the game of turning fun into fortune.

Trend One: E-commerce on the Internet. In the past decade, consumers have become very comfortable and savvy with purchasing many of their needs on the Internet. The Internet is also a wonderful place to research what you want to purchase even if you buy offline. The same capabilities of research are also becoming a favorite pastime for travelers. In the old days, you might have depended on the travel agent’s personal experience for recommendations on where to stay or where to recreate. Now, there are dozens of websites where you can find other travelers’ experiences chronicled for your review. Consumers are now spending billions with online travel purchases. In fact, a majority of leisure travel is now booked online.

Trend Two: Baby boomers. The baby-boomer generation has been a driving force ever since they came onto the scene in the 1950s. They have shaped the car industry, the home industry, and now the travel industry. There are over 79 million baby boomers in the U.S. alone and nearly 1 billion worldwide. They are now just starting to retire at the rate of one every eight seconds for the next 20 years.

Trend Three: Home-based businesses. Millions of Americans now have a home-based business to either supplement their primary job, or eventually replace it. With the large and mid-sized companies downsizing and outsourcing abroad, corporate America may not be your best path toward financial security let alone financial freedom. Home-based business opportunities offer entrepreneurs a Plan B for their financial future. In the travel industry, there is a remarkable potential to operate a full-blown online travel agency from the comfort of your home office. The tax advantages alone are a great benefit toward building your net worth.

Economists and entrepreneurs alike would agree that you want to be on the front end of long-term trends, not fads. Travel on the Internet driven by technology available to the small business owner looks a lot like a great opportunity. Do your research to find a reputable company that is capitalizing on this market shift. Then join the savvy business owners who are traveling, having fun and making money at the same time.