Wednesday, October 16, 2019

National Retirement Security Week - Hustler Daily Thumbs Up - Oct 15

Hello fellow Encore Hustlers

Did you know that the week of October 20 - 26 was National Retirement Security Week?

Back in 2006 U.S. Senators Gordon Smith and Kent Conrad introduced a resolution to raise awareness of the importance of retirement savings and to encourage contributing toward retirement plans.

Check out this story from the Houston Chronicle about why Americans need to save more toward retirement.  However the article doesn't provide much advice what to do if you are like many Americans who cannot afford to save for retirement.  What's the point of having access to a 401k or an IRA if your budget has no room to fund a retirement plan.  Unfortunately too many of us no cushion and we are stuck between a rock and a hard place.

The article would have been better if it suggested turning to side hustles to earn extra cash that could be earmarked for retirement savings.  It also did not consider working part time in retirement to close the gap between expenses and retirement savings and Social Security benefits.

Mr EH agrees that it can be a bitter pill but it's better to face the facts and start your side hustle as soon as possible.


Sunday, October 13, 2019

Do police officers break the law when unretiring? - Hustler Daily Thumbs Up - October 13

Hello fellow Encore Hustlers

It is a not uncommon practice for retire public service employees to return to work on a limited basis.  Think of retired teachers who come back on a substitute.

However this can be a tricky situation that varies from state to state and the type of service.  State pension administrators can take a dim view if is felt that pension rules are being circumvented.

Take for example this story out of North Carolina about retired police officers returning to work on short term special assignments.  Apparently this is common practice for some time with the Charlotte PD.  Retired officers come back to work special events such providing traffic control and security at Panther games. But when the city announced that the newly retired Chief of Police would be coming back to lead security for next year's Republican National Convention, this caught the attention of the North Carolina State Treasurer who announced that "retired means retired" and a return work violates the law.

Now that the spotlight is shining on this practice it could result in a huge financial impact on retired police officers including a potential clawback on already paid pension benefits.

While this is being played out in the courts, Mr EH can only say that be very, very careful if you are a  retired public service employee considering on retiring back to work for a short term assignment.  Do your homework and consult with your state pension administrators before agreeing to work.

As always, Mr EH would love to hear your feedback and comments.


Saturday, October 12, 2019

Club drops retired from its name - Hustler Daily Thumbs Up - October 12

Hello fellow Encore Hustlers

If you are reading this blog you know that the face of aging and retirement has undergone a seismic change.  Gone are the days when retirement meant kicking back and relaxing after a well earned career.  Today's "retiree" is more than likely pursuing full/part-employment or becoming an seniorpreneur.

In recognition of this change The Chatham (Massachusetts) Retired Men's Club, founded in 1957, has decided to drop Retired from their title.  According to this story, the social club with a membership of about 130, with ages ranging from the early 50's to the late 90's, is not a bunch of old guys sitting around eating doughnuts.  Current members are more likely than not continue to work in some capacity and they are bringing boomer sensibility to the club.  The club stays relevant by hosting high caliber speakers and helping with community causes like the local food bank.  The club has also launched a webpage and is on Facebook.

It might be worth checking out similar organizations in your community to see if they also need a reboot.


Friday, October 11, 2019

Baby chasing your way to an encore hustle - Hustler Daily Thumbs Up - October 11

Hello fellow Encore Hustlers

Mr EH loves to hear about additions to the lexicon relating senior entrepreneurs.

If you, like Mr EH, have never heard of "baby chasing", then read this story that explains the phenomena. It turns out that baby chasers are retired, or near retired, boomers who relocate to be near their grandchildren.

However, boomers being boomers are not content just being maw-maw and pop-pop.  Instead, many baby chasers are opting the move to be an opportunity to pursue an encore hustle.

If you are considering being a baby chaser and moving to a new community then it would definitely worth your time to tap local resources to help support launching your new business.  As an example, check out this link to the Asheville (North Carolina) chapter of SCORE, a nonprofit partner of the Small Business Administration that mentors aspiring entrepreneurs.

Mr. EH

Tuesday, October 8, 2019

Launch your hustle in 30 days - Hustler Daily Thumbs Up - October 6

Hello fellow Encore Hustlers

Sometimes you need a shove or a kick in the pants to get your hustle started.

One way is to commit to giving yourself a 30 day deadline to launch.  Read this story from Sault Ste. Marie, Ontario about an upcoming seminar How to Launch Your Own Side Hustle, hosted by StartUP Sault. The goal of the seminar is provide you the tools to launch your business idea in a month.

For those of you who are not familiar with the Sault (pronounced Soo), it is a small city along the shore of Lake Superior and across from the Michigan Upper Peninsula and for much of the 20th century it was a major steel making center.  The area has a rugged beauty, short summers and long, brutal winters.  It was also, for a few years, the home of Mr EH in the 80's, when he was a research metallurgist at Algoma Steel.

Residents of the Soo tend to be a hardy and hard working bunch and Mr EH noted that many of his co-workers maintained side hustles including:

  • renting out a log splitter
  • stringing racquets 
  • organizing golf tournaments
  • providing industrial safety training
  • raising tropical fish

It has been over 30 since Mr EH has lived in the Soo but it pleasant to hear that the entrepreneurial spirit lives on the city in such grass-root organizations as StartUp Sault, which is provides support and networking opportunities for new businesses.

The upcoming seminar is lead by Nevin Buconjic the founder of StartUp Sault and a serial entrepreneur in his own right.  During the seminar Nevin will discuss his latest side business that he started in one week for less than $250.

If you cannot attend seminar you can also read his two books Starting Your Own Business:An Entrepreneur's Guide and 25 Money-Making Businesses You Can Start in Your Spare Time, both are available on Amazon.

Mr. EH

Friday, October 4, 2019

Consulting and knowing your worth - Hustler Daily Thumbs Up - October 4

Hello fellow Encore Hustlers

Consulting can be a very profitable second act for many encore hustlers.  So why not cash in on your years of experience and expertise by pursing a consulting gig?

At one time when Mr EH was working for a consulting engineering group we found that, in many cases, it was difficult to compete against retired engineers who could undercut our hourly rates.

In most cases they could earn more than they did pre-retirement, and they could still beat our rate sheet.

After all, a second act consultant didn't have our office overhead, and didn't have to pay for benefits such as health insurance, vacation and 401k.  Also, to find clients, they could tap into a rich networking pool of their former employers, customers, suppliers and industry committees.

If you are considering consulting, read this article from The article has good points about how how to prepare to be a consultant and how to get over the hurdle of negotiating your rates.

Also check out the website which is dedicated providing resources to professionals returning to the workforce after retirement.

I would love to receive any comments or feedback from this post.  If you have ideas for posts or would like to be featured in a future post please contact me.


Wednesday, October 2, 2019

For your encore hustle consider the who and not the what - Hustler Daily Thumbs Up - October 2

Hello fellow Encore Hustlers

When it comes to planning your encore hustle the "who" can be more important than the "what" according to this article from NextAvenue.  The article features an interview with Rob Cross, a professor at Babson College (Wellesley, MA), who has studied social networks and the workplace.

Cross concludes that for many of us the most important aspect of work is the enjoyment we receive from the people we work with, rather than the type of work we do.  Therefore when it comes to seek out an encore career we should spend some time reflecting on previous work experiences and seek to recreate the work experience that brought you the most meaning and fulfillment.

If you want to read more about Cross check out this article from the Harvard Business Review.

Mr. EH