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

Japanese encore hustlers turn to uber eats - Hustler Daily Thumbs Up - July 7

Hello fellow Encore Hustlers

Uber is synonymous with the gig economy and it is lightening rod for controversy.  What are the legal status of Uber gig workers?  While a boon to consumers it is also a disruptor of established industries.

This has lead to Uber being totally or partially banned in many countries: Italy, South Korea, Australia, Germany, China and Japan.  This ban has not deterred Uber from their plan for world domination, it just meant the company needed expand beyond their original model to offer food delivery - Uber Eats.

According this article from Business Insider, Japanese seniors are signing up for the food delivery service.  Uber Eats has been a boon to retired Japanese who a seeking ways to supplement their pensions and it has also taken advantage of the tight labor market where it is difficult to find workers.

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 - 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

Cool Jobs for Encore Hustlers

One of the great things about planning to be an encore hustler that we do not necessarily need to be  bound by what we did in our "real" career.  Also, not all encore hustles have to be limited to the sharing economy jobs, or "gig" jobs, that always come to mind: Lyft, Uber, TaskRabbit, PostMates, etc. Instead, we can let our imagination flitter across the possibilities that are there for the taking only if we have the courage to try them.

For example, would you jump at the chance to work on a cruise ship in exchange to free accommodations and a small salary?  The cruise industry is booming, with 13 new ocean going ships were launched in 2018 alone. Name a niche or interest and the cruise industry tries to cater to it.  Many cruise ships are virtual floating cities and they need armies of people to work these ships as photographers, nurses, shop personnel and instructors for crafts, bridge and golf. There is also my personal favorite gentlemen hosts hired to be dance and social partners for woman passengers.

If cruising is not to your liking how about being a caretaker of luxury houses on an island on the Australian Great Barrier Reef?  Check out this article about Bedarra Island that is advertising for a caretaker to maintain a cluster of seven luxury vacation homes while the owners are off island.  In exchange you will receive $450 a week and a one bedroom cabin.  The 15-hour work weeks should allow you plenty of time to enjoy the pristine beaches and tropical rainforest the island is known for.

Another great site to check out for the outdoor enthusiast is the Older and Bolder section of CoolWorks.com which goes by the motto If You Rest, You Rust! Spend a minutes pursuing scores of jobs that range from Grand Denali Lodge in Alaska, Mt. Rainier Park in Washington and the Smokey Mountains of Tennessee and imagine nights spend under a dome of stars and clear mountain streams waiting for you to drop a fishing line.

One of the activities I love to indulge in when visiting new cities or historical sites is taking tours.  Well, have you considered working the other side of the microphone and being a tour guide yourself? Imagine having a captive audience that will pay to listen to you tell stories and appreciate your vast trove of trivia. It is true that many tour guides are unpaid volunteers  but there are thousands of paid positions that are just a Google search away.  For example, I did a quick search on Indeed.com and found part-time tour guide jobs at the New York Power Authority, the City of Aurora (CO) Naturalist Program, the Minnesota Historical Society and the Franklin Park Zoo in Boston.  I am sure that there are similar opportunities where you live.

Over the last few years I have met many people who have pursued cool encore careers.  It takes planning, guts and a dream, and I'm giving a thumbs up and a hurrah to:

• The Air Canada pilot who now owns a beachfront hotel in Honduras
• The steel mill scheduler who took a buyout package to join the Texas Seniors golf tour
• The Wendy's shift manager who is now a flight attendant on a regional airline in California
• The engineer who started his own wine label in the Columbia Valley in Washington state
• The university professor who runs a coffee business in Shanghai
• The procurement manager who retired to join a Search and Rescue team in Bend, Oregon

If you have encore career or are planning to take the leap I would love to know more about it.  Please contact me at Mr.EH@encorehustle.com and share your story.

Happy Hustling!

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!