Advice from the Side Hustle School - Hustler Daily Thumbs

Hello fellow Encore Hustlers

Chris Guillebeau, the host of the Side Hustle School podcast, was a major inspiration for Mr. EH to start the Encore Hustle blog.  He has written several bestselling books, including his latest 100 Side Hustles for Making Extra Money Without Quitting Your Day Job.

Guillebeau's advice for starting an encore hustle, as reported in this article from Forbes, include:

• Use the skills you already have
• Follow a problem, instead of a passion
• Teach what you know
• Do good and do well

His advice has helped millions of people find their side hustle.  If you have not come across any of his books or podcast Mr EH would heartily recommend that it would be worth your time to check him out.

Cheers,

Mr. EH

Is QBI right for you? - Hustler Daily Thumbs Up - June 1

Hello fellow Encore Hustlers


Is QBI right for you?  What are the side effects ?  Should you ask your physician?

No, QBI is not the latest nutritional supplement but the side effects of QBI could lead to a healthier bank account for Encore Hustlers.  And yes, you should consult as professional, your tax professional.

QBI is short for Qualified Business Income and according to this article in Forbes, it should not be ignored if you are planning on working after retiring.

QBI came into existence as part of the 2018 tax reform bill. It allows businesses to be taxed at a flat rate of 20% and it permits you to deduct reasonable business expenses. Now the great thing about QBI is that it is not just restricted to big businesses, but it can also be be used by sole proprietorships, LLCs and S Corps. Therefore, if you planning to work after retirement being an independent contractor rather than a part time employee, applying QBI might be beneficial. Remember the goal should be, not what you make, but what you get to keep.

Now keep in mind you should not make any tax decisions based in this blog or from reading an article in Forbes. You should consult with your accountant and tax professional to determine if QBI is right for you.

Cheers
Mr. EH

The Hustle High Five - Hustler News of the Week - April 21

Hello Encore Hustlers.

Buckle up and enjoy today's stories.

1)  One of the common concerns we have in our late careers is convincing employers that we have still so much to offer.  Check out this story from Marketwatch about a CFO who couldn't get hired at 61, so he stared his own business.  Also it is never too late to achieve late career success as featured in the interview with Rich Karlgaard, the author of Late Bloomers: The Power of Patience in a World Obsessed with Early Achievement.  In Maine the older worker is hot commodity, they are the largest segement of the labor force, so read about the Boomer Institute that matches them with compatible employers.  One option that many employers now offer is to continue working but remotely from home.  If you think this appeals to you then read this story of What Working Remotely Means For Baby Boomers' Retirement Plans.

2)   Rather than playing the interviewing game to convince employers of your worth, this might be the best time to pursue your passion and strike out on an encore career.  Read these two stories, the first gives an appraisal of the positives and negatives for an encore careen and the second on how to pursue your passion.  Also check this piece on how to retirement can mean reinventing yourself.

3)   If you do return to work after retiring, it is critical that you protect the benefits that you earned before retirement.  This story is about how it will affect your social security.  If you are a retired Federal employee then check this article about how to boost your benefits if you "unretire".

4)  Forbes magazine has great articles about retirement and side hustles.  Here are three stories from Forbes that I really enjoyed. The first is about Becoming An Apartment Rental Agent as an encore career.  The second is how to Increase the Odds That You Can Continue Working In Your Retirement Years. The third is Retirement is Dead!.  I hope you enjoy them as much as I did.

5)  Here is interesting story from the New York Times about a 71 year old artist from California who makes $40K per year driving for Uber.  It details the long hours and expenses involved in being an Uber drive that does not paint a flattering picture of this gig.  Of course, while I am reading it I am wondering why does he keep driving for Uber?  There are many other options for work that he could explore, Trader Joes' is well known as workplace for seniors that provides good salary and benefits, for example.  If your side hustle is not working, it might be time to explore other options.

6)  And here is a bonus story that I just had to include.  You know I am a sucker encore hustlers that are on the long tail of the curve and here is a story about a 100-year-old yoga teacher that is really an inspiration.

As always, enjoy the hustle.

Cheers,
Mr. EH

The Hustle High Five - Hustler News of the Week - March 23

Hello EncoreHustlers

Some weeks when I am researching (aka Googling) articles to feature in a posting there seems to be very few stories that are worth including.

This is not one of those weeks.  And rather than limiting myself to just a handful of stories I have, like Hemingway's six toed cats, added a few digits.  I hope you enjoy reading them.

1)   Deciding at what age to take Social Security can have ramifications that can last decades.  So what happens if you decide to unretire (to return to work) after starting receiving Social Security. Check out this article from MarketWatch How "Unretirement" Affects Your Social Security.  It turns out you have several options including: reimbursing the Social Security Administration for payments you already received, pausing your benefit or continuing to work but being mindful that earnings above $17,640 will result in clawbacks on your Social Security benefit.

2)   If you are looking to work full or part-time here are two good articles to get you launched on your job search: How To Find A Great Part-time Job In Your Retirement from the Oakland Press and Are You A Baby Boomer Looking For Work: Where To Find The Best Opportunities from Forbes.

3)   If you are unsure whether to retire full-time or continue working part-time check out this study from the UK, Average Retiree Grows Bored After Just One Year.

4)   Here are two stories about efforts to lure seniors back to work.  The first is from Maine where seniors are sought by companies due to historic low unemployment rates and the second is from Scotland where retired doctors are recruited to work in underserved rural areas.

5)   Creativity does not necessarily decline when we age.  Read this story from Long Island, New York about three senior inventors who have found their Eureka moment.

6)   The US Bureau of Labor keeps all sorts of interesting employment statics, including worker age and employment numbers.  It turns out that there are more than 250,000 workers aged 85 or older who still draw a paycheck.  But even amongst this cohort the story of a 97 year old veteran, who bags groceries two days a week at a New Jersey store, is an outlier.

7)   This week was the start of baseball season and this story from Decatur, Illinois about a softball umpire school, although published a couple of weeks ago, has come off the bench.  It turns out umpiring for softball is a pretty good encore hustle.  An umpire can earn $35 per game that typically lasts 70 minutes.  During a tournament weekend this could mean hundreds of dollars, not a bad return for participating in America's pastime.

I hope these stories inform you and inspire you to start your EncoreHustle.  And I love to hear your comments and your stories.

So until next week, keep hustling.

Mr. EH

The Hustle High Five - Hustler News of the Week - February 8

Hello Hustlers.

Thanks for starting your weekend with reading this post.  I enjoyed spending my afternoon rounding up these stories, hope you find them interesting.

1)   Here is a nice piece from the Minnesota StarTribune that profiles several side hustlers, including retired nurse Geri Stroud, 77, who supplements her Social Security by playing her keyboard in mini-concerts at senior living residences, making up to $100 an hour playing the oldies.

2)   This is a somber story from Dallas that describes the difficulty that older workers encounter when trying to find a new job after a late career layoff.  The statistics are depressing but the story does offer sound advice and profiles the good work of Dallas's The Senior Source and its Elder Financial Safety Center that has helped thousands of +50 year old workers find new jobs.

3)   The law is still catching up with the ramifications of seniors continuing to work past what is considered the official retirement age.  One gotcha is that if you are receiving Social Security benefits and continuing to work for an employer that offers a Health Savings Account (HSA), then you are not allowed to contribute to the plan.  Well, read about Ohio Congressman Bob Latta who is introducing a piece of legislation, the Stop Penalizing Working Seniors Act, that will give seniors access to HSA accounts.

4)   Transitioning to an encore career can be years in the making.  This is a good column from Forbes Making the Most Of An Encore Career that can jumpstart your planning.

5)   As I have highlighted in previous posts, working beyond retirement age is not just a US phenomena.  Here is story from the UK Mirror about a survey of British workers that indicates one in 10 plan to work full-time and one in four hope to continue working part-time.

Well that's  it for this week.  

As always, Happy Hustling.

The Hustle High Five - Hustler News of the Week - January 25

Hello Encore Hustlers.  It has been a busy week for Mr. EH, with a lot going on in the real world, but I still managed to find a couple of hours to cobble together the weekly High Five.

1)   Retirement is not just taking long vacations and visiting the grandkids.  Part-time work is a way of providing additional structure to your day.  Read one man's story in the Forbes article A Lyft Driver Reveals 3 Surprises About Life in Retirement.

2)   I work in an industry with an aging workforce with senior employees who have a vast amount of critical knowledge.  One option is prevent this knowledge being lost is a phased retirement.  Learn more about phased retirement in these articles from The Next Avenue Boomer Brain Drain: The Big Mistake Employers Are Making and the Real Daily Pros and Cons of Trying a Phased Retirement Program.

3)   If you are nearing or in retirement, continuing your education to learn new skills and remain engaged is an excellent idea.  This article from Study International discusses doing this from a global perspective Online Courses: Why Working Adults and 67 Year-Olds are Signing Up.

4)   There are tons of resources available from universities and policy centers on how government and companies need to be assisting the aging workforce.  Check out this page from the Brookings Institute Proposals To Keep Older People In The Labor Force which provides a link to the full report that includes the following proposals:

• establishing that age 70 is the nation’s full retirement age;
• restating 401(k) balances as flows of retirement income; and
• instituting workplace seminars for employees in their 50s about the advantages of working longer.

5)   To end this post here is an international story from Croatia about labor shortages and a government proposal to allow retirees to work part-time and still draw a pension to support the booming tourist industry.