Side Hustle seems to be the in word in the news these days, so hey let’s add it to our retirement discussion. Last week we talked about adapting to retirement and finding a way to fulfill many of your needs when you leave your corporate world. Doing work maybe even unrelated to your career may do the trick.
There are lots of articles and talk around making money and staying busy in retirement. Hopefully you don’t have to work, but whether you do or do not, having some source of active income makes sense. Your motivation to work may be very different, it is not about the career, it may be to stay busy, help others or fill some other personal needs.
We have started renting our Bunkie at the cottage with Airbnb and overall it has been a positive experience. The renters have for the most part been lovely, cleaning up before they leave and many have taken the time to leave lovely comments about their experience. I can tell you that when I left work this source of income was not even on the radar. It requires some work to clean up each time a renter leaves, being available to welcome new arrivals, helping build fires, provide recommendations for dinners and sightseeing but overall very manageable. My wife has taken the lead on reservations, communications and cleaning, but I pitch in for vacuuming, mopping and other sundry cleaning and maintenance jobs. My wife loves meeting our customers, especially if they have children. This has been important in helping my wife fill her needs for affiliation and positive feedback. You won’t get rich renting, but another revenue stream is always nice and helps cover the cost of operating the cottage.
Another example is a friend of ours in his 70s who was always good at building things. He now has turned that hobby into a side hustle. In fact, he is so busy he has to turn work away. How else can he get away for his 12-week vacation if he is working?
Other friends offer bike tours. Why not get paid to exercise? While others teach painting and hold weekend painting sessions. In both cases people turned hobbies into money and reap the benefits of both. Wonderful.
We have heard about ageism in our seminars and how many older adults are finding trouble getting back into the work force, usually into exactly the same line of work. We say there are lots of opportunities out there and don’t be afraid to step out of your comfort zone and learn new things it might just what you need to get that fire in your belly. Being a little uncomfortable is not a bad thing.