As unfortunate as it sounds, you probably have spent the best part of your life working. You probably had or have an established career and have grown quite used to your working environment, as well as your colleagues. For some, retirement can be a shock and for others, it can be a highly-anticipated and welcome occurrence. Are you prepared for a life in retirement? Are your finances adequate enough to keep you and your loved ones afloat? Do you have any active or passive income streams such as rental properties or IRA investments? The most ideal answer to these questions is “yes.” However, for many the answer is a hard no which can lead to problems pretty quickly.
One of the most critical challenges individuals battle is maintaining a lifestyle. But maintaining a lifestyle requires a lot of effort. The most challenging part is often a lack of finances. How prepared are you to maintain the stream of cash flow even after retirement? This blog discusses 7 tips to hustle-up your retirement with a side hustle. Let us see.
What It Means
Talking of a side hustle, there are so many things that one can do. However, the motive should be to supplement income. So then, what does it mean to hustle-up your retirement with a side hustle? If you are looking at it as something you can do to earn a living after retirement, you are wrong. You probably had a retirement package, or you entered into an arrangement where your employer will be crediting your account after retirement for a certain period. Hustling up your retirement means participating in an income-generating activity to supplement your regular income upon retirement. Here are some of the things you can do.
Freelancing has become a full-time job for many. But as a retiree, you can freelance to hustle-up your retirement. There are so many opportunities for each and every person in freelancing. I am one of the individuals who continue to make fortunes from freelancing. As a retired graphic designer, I was convinced I still had a lot to offer. I joined a freelancing platform, specifically Fiverr. Little did I know life was changing for the better.
I designed attractive gig images, and within weeks, orders started flooding my account. Which skills do you have? Can you earn from them? You can write articles and earn significantly. I am aware of friends who write poems and sell them online. The point is; you can use your skills to freelance and supplement your retirement income. Which sites can you use? There are several, but the top ones include Fiverr, Upwork, and freelancer.
Maybe you are thinking of where to start. Why can’t you subscribe to some online programs for learning? For instance, if you consider writing articles and blog posts, there are many online courses, some taking only days. Still, you could already be a skilled person. Getting started should be nothing of a big deal. Overcome your fears and sign up for Fiverr, UpWork, or Freelance.
As earlier stated, I was a designer professionally. I have continued to earn even after retirement because I chose to utilize my skills elsewhere. You can do the same if you have some professional skills.
Have you been a good teacher? You can still offer some coaching services. With advancements in technology and the internet, you can provide coaching services online. Many students are thirsting for education or learning in the comfort of their homes. Take advantage of that and earn. Alternatively, you can also coach students offline. Speak to some parents and offer them an attractive deal.
Consider Delivery Driving
Were you working as a driver in your company? You can work as a driver still, even after retirement. Or do you think your skills also retire once you hit the stipulated retirement age?
There is a wide range of opportunities for earning significantly as a driver. For instance, Uber, Amazon Flex, and Instacart are among the leading sites. All you need to do is sign up, get approved, and begin driving. The returns are always attractive. For instance, you can earn even $20 in an hour. The good thing with this kind of side hustle is that you will not be carrying strangers.
Are you bothered by this one? You shouldn’t be disturbed if you really own yourself and would wish to hustle-up your retirement. Honestly, pet sitting is one of the highly demanded services. But how do you get started? It is relatively easy. You can design an attractive profile and go live online.
Pet owners within your locality will easily connect with you. This option does not require professional skills. You will only have to get acquainted with the pet, something that only takes days. In case you want to get started faster, contact family members and friends and tell me about it. Some of them might be interested in your services. Still, they can help market you.
Consider Running A Business
Many people have ventured into a business to supplement their retirement income. Some have been successful while others have failed. Do you have a passion for business? Examine your locality. Critically analyze the market gaps and come up with something you can do.
Maybe there are market insufficiencies, or perhaps some products are not offered ultimately. Maybe the quality of the products or services offered is not up to the mark. Do you know something about bitcoin trading? Bitcoin officially launched in 2009 and its value began to increase exponentially. A Bitcoin broker allows investors to transact in Bitcoin.
Take advantage of these opportunities to make money. However, you will need a small capital to get started. This should not be a stumbling block. You can take an instant loan or utilize your savings.
Offer Some Local Services
Cleaning services are always in high demand. Give it a try! Perhaps you know some individuals who might be interested in your services. There is nothing to fear here. Talk to friends, family members, neighbors, and former colleagues. You may get more clients than you think.
This is one of the most lucrative sectors. The demand for money continues to surge. How do you intend to utilize your retirement package? If you are a risk-taker, invest in a money lending business. However, do not have unrealistic expectations. Any kind of investment requires patience.
Did you know you can earn significantly from blogging? This is an opportunity with unlimited earning potential. You might even contemplate making blogging a full-time income-earning activity once you retire from active employment. Again, a little patience might help here. It might take some time before you start generating income from blogging. But no matter how long it may take, you can be successful.
Generate Income With Stock Dividends
Passive income is the ultimate goal for all retirees. After all, once you are retired, the objective should be to stop working entirely. And dividend stocks are one the most effective mechanisms available for people who want to see a continuous stream of revenue without having to worry about the daily grind of a job.
For those who don’t know, dividends are payments made to individuals who own shares in a listed company. Obviously, knowing how much income your dividend shares will generate and which shares to buy will take quite a bit of research and upskilling on your part. But living off stock dividends is feasible if you have the means and the knowledge to buy the right stocks.
The Bottom Line
Are you contemplating retirement? Maybe you have already retired, and you are thinking of what to do to supplement your regular income. This blog has discussed several strategies you can use to earn more. As stated earlier, it would help to have realistic expectations no matter the option you consider exploring. Though it might be risky, taking a small loan to start an income-generating activity upon retirement is still a good idea. In case you need to learn more about saving, approach lenders, such as A1 Credit. You will receive the best help as you plan for retirement.