3 Long Term Benefits to Starting a Side Hustle in Your Later Years

These are difficult times for many individuals and families trying to make ends meet financially. It’s especially hard for older people in their 60s and older, who are retired or out of work due to the Covid-19 pandemic shutdown, which has left millions of Americans dependent on unemployment insurance just to eat table and keep a roof over their heads. their heads. Financial writer Lisa Laporte argues that with rampant federal quantitative easing, the cost of living, along with the price of basic necessities like milk, bread and gasoline, is rising.

Older individuals and families who experience a sudden emergency, such as an unexpected car or home repair, find themselves in debt to pay for it.

What can you do if you are past your prime but desperately need extra money? One idea is to return to work. But America is currently in the midst of an economic depression that could rival the Great Depression of the 1930s.

There are few well-paying jobs. Another idea is to tap into the money you’ve built up in your home. According to Michal Branson, CEO of All Reverse Mortgage, people age 62 and older who have lived in their homes for many years and are making their mortgage payments like clockwork can apply for a reverse mortgage loan. These types of loans allow borrowers to access a large portion of their wealth tax-free without ever having to make another mortgage payment. In fact, no payment is due until the homeowner moves, dies, or sells and decides to sell the home.

But if you don’t have equity in a home or you live in an apartment, Discover.com has another solution for older Americans (and young Americans) who desperately need extra money. It’s called the ‘side hustle’.

In the US alone, it would be a way of life for almost 45 million people, many of whom have reached retirement age. It started as a way to make extra money to supplement the income from your day job. But today, with many employees and/or former employees forced to stay home and not work by government mandate, side hustles such as freelance writing, social media influencing, selling products on Amazon, driving for Uber or Dash, or renting out a car room in your house or apartment on Airbnb has become a popular way to earn that all-important extra cash you so desperately need to keep your head above water.

If you’re getting older but are still physically able and willing to work, here are some long-term benefits you might want to consider if you want to get yourself a side hustle:

Multiple sources of income are crucial

According to Discover.com, having multiple sources of income at your disposal is not only important at a time when full-time employment is difficult to come by, it can also be downright empowering, especially for older people who think life is passing them by went. Side Hustle Nation podcast founder Nick Loper, who interviews thousands of people who make a living working outside the traditional nine-to-five day job, always touts the positive qualities of side hustling.

Earning extra money is something that never goes out of fashion, he says, and that’s what makes side hosting so interesting. It’s a great way for older people to learn new skills, or to show off skills they learned in their younger years, such as giving music lessons or teaching English to foreigners. In short, a side job can not only earn an older person money, but can also make them feel young and relevant again.

Side Hustling is not just about making some extra money here and there. Lopez touts a man who went from making $30,000 a year to making $30,000 in one day. Some people find themselves making more money than ever before as a photographer, blogger or even Youtuber. Not only are these people thriving and making more money than they ever thought possible from the comfort of their own home (or while traveling the world), they have become self-reliant and no longer dependent on the government for a living. meager unemployment. or social security benefits.

Pay off your debt

If you find yourself drowning in debt, a side job might be the answer you’re looking for when it comes to paying it off. If you’re stuck with loans and credit card debt in your later years, and your current income isn’t making a dent in your balance, a side hustle (or two or three) could provide the extra cash you need to finally pay off. debts.

Discovery.com points to one person who had a lucrative job in the technology sector but was still heavily in debt. He decided to start two e-commerce sites that he managed from his home, and even a third subscription service company. With all the extra money coming in, he was able to be debt-free within three years.

Turn your lifelong passion into a new career

Years ago, you may have been discouraged from following your true passion to get a job that not only provided a weekly paycheck, but also long-term job security. But now, in the digital age, you can reignite your passion and turn it into a lucrative side job.

Maybe you’ve always wanted to write a novel and be a published author. Now you can publish as many novels as you can write on digital platforms like Kindle Direct Publishing and Draft2Digital and earn significant money in the form of royalties at the same time. You don’t have to go on book tours. You simply build a website to advertise your books. You can also push your novels on social media websites like Facebook and Instagram.

Or maybe you’ve always wanted to become a freelance writer/journalist. Now you can join online sites like Upwork.com and bid on as many jobs as you can handle. Maybe you’ve always considered yourself an artist. You no longer have to beg from galleries to show your work to a limited number of people. Instead, you can build a dynamic website that showcases your work to thousands of people around the world.

The point is that you not only use your side income to earn the money you need to survive in your later years, but you also use it as a way to explore your lifelong passion. That alone should make you happy when you get out of bed in the morning.