Turning Hobbies into Hustles

Hello fellow Hustlers:

Long before the pandemic shutdown thousands of businesses forcing millions to look for alternate sources of income, it was the dream of many to turn their hobby into a hustle.  Just think of the millions of sellers on Etsy who found a platform to sell their handmade goods.

Mr EH came across this great story in the New York Times that profiles several people who needed the push of the pandemic to profit from a passion:

• an art director who started a profitable website that posts comfort food recipes
• a website designer who cuts custom vinyl records
• a hairdresser who sells vegan bao buns
• a Fedex driver who makes chemical free soaps
• a restaurant manager who bedazzles denim jackets

After reading this maybe you will give thought to whether you want to jump or be pushed when it comes to staring you encore hustle.

As always,

Keep hustling!

Mr EH

Transitioning to freelancing - Hustler Daily Thumbs Up - September 15

Hello fellow Encore Hustlers

There is a certain allure associated with the word freelance.  It has roots with the medieval term for a knight for hire.  Now it brings to mind mind thoughts of being independence and working for the highest bidder.

For those of us who are approaching, or are in retirement, the reality is much more mundane, according to this article from the New York Times.  The article cites statistics sourced from the Freelancers Union indicating 30 percent of Americans over the age of 55 performed some sort of freelance work in 2018, with freelancing being defined as any sort of independently contracted work, running the gamut from driving for Uber to being a consultant.

For many of that cohort of senior freelancers the extra money covers daily expenses or bolsters retirement saving.  However, for some, the decision to freelance is forced upon them by late career layoffs and the inability to find full time employment of equal pay and caliber.

If you fall into that category, or have already retired and are planning to return to work, via the freelance route, then the best course would be to put serious planning before you launch the website or print the business cards.

As a good start, Mr. EH recommends heading over to AARP's Work for Yourself at 55+ and download their toolkit with plenty of information on how to brainstorm, build a business plan, avoid common mistakes, plan for taxes and reach out for support and mentorship.

After all, freelance medieval knights didn't rush into battle without a strategy and a sharp sword.  It's better to be Ivanhoe than Don Quixote.

Cheers,
Mr. EH

When Your Retirement Plans Meet Reality - Hustler Daily Thumbs Up - May 19

Good day fellow Encore Hustlers.

The Sunday New Times has a great story Why Working Till Whenever is a Risky Retirement Strategy.  The story profiles several people who experience late career layoffs and the difficulty in remaining in the workforce.  Often they face age discrimination and when employment is found it is usually a contract or at a lower salary.  At some point they are forced to dip into retirement savings or to take Social Security benefits at age 62.   One person profiled has decided to follow her passion about dogs and has started a blog about canine marketing to supplement her income.

This article is a great example why we need to be always working on a Plan B.  Rather than coasting to a retirement have a plan to keep your skills relevant, network, save as much as possible and develop a side hustle.

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 11

Hello fellow EncoreHustlers.  Sorry for the delay in posting this week but Mr. EH was off on vacation last week in Los Angles.  It was great to escape the cold and snow of the Pacific Northwest for at least a week.

1)   Check out this New York Times story and academic paper about how an aging population affects economic productivity.   There appears to be conflicting theories about how the aging workforce has resulted in a decrease in overall productivity.  One theory has it that older workers refuse to adapt to new technology that could improve productivity.  The other theory is that companies are reluctant to train older workers because it would be a poor investment on workers who may soon retire.  Of course there are other factors to take into consideration.  What about younger workers who receive training and then quit for better jobs.  Also older workers can be more productive based on their experience and this advantage is lost when older workers are pushed out the door.

2)   Anxiety about having enough money to retire on is a global phenomena.  Read this story from Bloombergs that looks at this fear from a European perspective.  It turns out that the Spanish have that greatest fear with 67 percent and the Dutch come out best with 40 percent.  America has comes in with 62 percent.

3)   Pursuing a new career later in life can be daunting. I found this story from NextAvenue about advice from a lawyer who became a career coach in her mid-50's very enlightening.

4)   South Koreans are famous for their work ethic, often putting in an astounding hours.  This has allowed them to achieve a world-class economy in only a couple of generations.  However, due to low birthrates, the aging population is being encouraged to work into their 70's.  

5)   As an EncoreHustler you should have no problem passing the quiz in this article about Work and Retirement.

Have a great week and check in next week for another High Five.

Cheers

Mr. EH