Store your neighbors stuff for $$ - Hustler Daily Thumbs Up - September 2

Hello fellow Encore Hustlers

Making money through passive income is a great encore hustle.  In past posts I have highlighted apps and websites that match you with people who are willing to pay to use your RV, boat, pool, garage.

Now check out this story about Neighbor.com who wants to be the Airbnb of storage.  Their site allows you to list your basement, garage, RV pad or backyard shed and they will match you with people how are looking for temporary or long term storage of personnel/business items, cars, boats and RVs.

Neighbor.com also handles payment, customer vetting and insurance so the only thing you have to do is clear out your basement or shed and collect some extra cash for SOPS (storing other peoples stuff).

Cheers,
Mr. EH

Be my guest, preparing for Airbnb success - Hustler Daily Thumbs Up - August 2

Hello fellow Encore Hustlers

In yesterdays post I discussed the many websites that now allow us to participate in the sharing economy.  Of course, top of the list is Airbnb, the home sharing platform.

Check out this compilation of facts and statistics about Airbnb that appeared in iPropertyManagement.com.  For instance, did you that:

• There are over 4 million Airbnb properties and they there are in 191 countries
• Airbnb has about 650,000 hosts across the globe
• There are over 200,000 senior Airbnb hosts, the fastest growing host demographic
• 60 percent (120,000) of these senior Airbnb hosts are senior women, and senior women tend to be the highest rated host group
• Airbnb hosting can be very profitable, the average expected amount being $20,619 for a full two-bedroom house or apartment in a major city
• Fifty percent of the bookings are done through mobile devices and users spend an average of 11 minutes and 31 seconds on the app

Since you have only a few seconds to catch the attention of potential guest as they search for a property you only get once chance to make a good impression.  There are several factors that will lock in booking, including: guest ratings, pricing and attractiveness of the on-line listing.

To start try visiting several of the many Airbnb host forums and websites for advice on pricing and marketing your property.  You can also engage the services of company, such as hostmaker.com, to help you prepare your listing to make it attractive eye candy.  These companies can also help you manage the property if you are so inclined.

Remember, being an Airbnb host is not like having your Aunt Edna come stay for a visit, it is a business and you should treat it as such.

When it comes to preparing your property, try to see it through the eyes of a guest, and follow this advice from Good Housekeeping(UK):

• Clean, clean, clean
• Remove unpleasant odors
• Remove clutter
• Invest in a good mattress
• Provide luxury touches like high thread count linens and plush towels in the bathroom
• Have plenty of hangers in the closet
• Ensure there are plenty of places to plug in electrical devices

Mr EH would also recommend providing good, high speed and secure WiFi is a must to keep your guests happy.  The better to allow for blogging while away from home.

Cheers,

Mr. EH

Airbnb for swimming pools - Hustler Daily Thumbs Up - August 1

Hello fellow Encore Hustlers

The sharing economy has given us many ways to earn money renting out our possessions.

There is Airbnb for our extra living space.  Boatsetter for our boats.  RVShare for our RVs.  Turo for car renting and JustPark to store the car.

Now read about Swimply, which allows you to rent out your outdoor pool by the hour.  According to Swimply website there are listings in 20 states and pool rentals rates can be as high as $200 an hour depending on the size of the pool, poolside furniture and access to grilling.  Swimply handles the booking, for a 15% fee, and you don't even have to be there will the pool is being used.

This sounds like a great encore hustle to add extra cash to your retirement stash.

Cheers
Mr. EH

South Africans embrace the encore hustle - Hustler Daily Thumbs Up - July 17

Hello fellow Encore Hustlers

Working an encore hustle has become a global movement.  In previous posts Mr. EH has highlighted stories from North America, Europe and Asia.  Now check out the first encore hustle post from Africa.

Read this story from South Africa about the results of a survey of the financial status of retirees.  It turns out that 9 out of 10 retirees are continuing to work in some manner while in retirement.  The main reason for continuing to work appears to be poor financial planning and underestimating post-retirement expenses.  The types of employment include:

• retired teachers becoming tutors
• turning hobbies into businesses
• becoming consultants
• becoming an entrepreneur 

Curiously the article does not seem to mention any gig economy side hustles that are common in the US such as driving for Uber, delivering for PostMates, caring for pets through Rover or renting out accommodation via Airbnb.  Perhaps gigging is still working on claiming a foothold in SA?

Cheers,
Mr. EH

The Hustle High Five - Hustler News of the Week - February 22

Hello fellow hustlers.

I have been enjoying capping my week with searching for news of encore hustles and putting together this post.  When I started this weekly post I was looking for a catchy title and thought "high five" would do the job.   But I have quickly found that some weeks there is just too many stories to keep it limited to a handful. So I hope you don't mind if I cheat a little by grouping together stories of a common topic.

1)  Everyone knows about the opportunities to earn side hustle cash with driving for Uber or renting your  living space on Airbnb.  Did you also know that you can also rent out your kayak or yacht on a variety of sites such as GetMyBoat which connects owners and day sailers?  Check out this story on the boat sharing economy.

2)  As I have mentioned in previous posts working past the traditional retirement age is an international phenomena.  Check out these stories from the UK and Romania about surveys that indicate the majority of retirees continue to work to supplement their pension checks.  It is clear that governments, businesses and society will have recognize this and realize that millions of seniors who want to or need to work.

3)  Read these stories about retirees who have found encore careers.  A Minnesota Sales Manager who unretired to become an insurance agent, a California former nurse who now looks after pets when their owners are traveling, and an 85 year old admin assistant in rural Pennsylvania.

4)  Here is a cautionary story about a Cleveland, Ohio 73-year-old grandmother who was forced to return to work as a part-time school custodian.  Social Security cut her benefits by $12K a year due to the Windfall Elimination Provision that mandates that if you receive a pension from a government job your Social Security benefits are reduced.  In her case it was due to her 20 years working in the school system.

5)  The taste of food from your childhood can bring back a wealth of memories (just ask Marcel Proust).  In the case of a San Francisco retired aerospace executive, she started Angkor Food to sell the Cambodian cooking sauces that are a homage to her mother.

As always, have a great week.  I would appreciate you sharing this post and I love receiving your comments.

Cheers,

Mr. EH

Federal Employees Furloughed - The Case for an Emergency Fund

It's Day 16 of the Federal Government shutdown and over 800,000 government employees are starting their second week without a paycheck.  Government workers like the majority of us often live from paycheck to paycheck and have less than $1000 tucked away in emergency funds. Don't take Mr. EH's word for how Federal employees are doing check out this story in the Washington Post.

Many furloughed workers are not just sitting at home waiting for the shutdown to end.  They are trying make ends meet with side hustles and part-time jobs.   Kudos to them.

CNBC also run a story about short term money sources for furloughed workers with suggestions such as interest free loans from Federal Credit Unions and tapping their home equity.  Additionally the story highlights less desirable options like withdrawals from retirement accounts or credit card cash advances.

While there is some comfort in knowing that in past Congress retroactively provided backpay to the furloughed workers it does not help them in the short term.  Of course this retroactive backpay applies only to federal employees and not contract workers.  Both federal workers and contract employees on furlough can apply for unemployment benefits (a state not federal program) but that can generally take two to three weeks to the first check to be issued. Also the maximum amount paid is $450 per week.

The takeaway from all this is that everyone needs an emergency fund. If the paycheck does not stretch to allow funding of an emergency fund then the solution is to get out there and hustle.  Take your pick from any of the hundreds of side hustles available to us.  Be it Uber, Rover, Airbnb, TaskRabbit or PostMates.  The important thing is to hustle and build that cushion in advance.

Good hustling!