Making Bank Ready to start your dream business, but not willing to dip into your retirement savings? Here's how to make the leap without risking future security.

If you're past the age of 50 and looking for a challengeeither in your retirement years or after an unexpected layoff, abusiness of your own could be the dream job you've beenseeking. It allows you to do something you love on the schedulethat suits you best. But can you really afford such entrepreneurialfreedom? With the right financial strategy, the answer can be aresounding yes.

Finances can make or break any business, but managing financeswisely is especially critical for baby boomers, who are notoriousfor not saving. To illustrate: The median net worth among boomersis just $107,000 (not counting home equity), according to AARP, andfewer than 44 percent of boomers have any investments at all.

To join the self-employment ranks, you should first figure outhow much money you'll need to launch and operate your businessfor six months to a year. Operating out of your home will keepstartup costs low, but you'll still have expenses likeequipment and supplies, insurance and business licenses, initialproduct inventory and shipping costs, and one-time expenses likeincorporation costs. Make a few calls or search the internet todetermine average prices for your estimate.