By Bill Storie
Part 1 – Making Money
Apart from health, the most important issue for those in retirement is Money.
It would be wonderful if we all could say we have more than enough to get through our final years. The reality however is that while probably most of us DO have enough to last, the unknown factor is how many years do we have left, and thus, will our funds make it that long. This is a universal question – you are not alone.
So, let’s see if we can help out. We all want a “little bit extra”. None of us want to restart a full-time job. Maybe we don’t even fancy a part-time job, but still, a few extra coins in the pocket would be welcome.
So some good ideas and some not-so-good ideas :-
- A Part-time job is a great idea. Try get something that is not too physically strenuous. Try get flexible hours/days so you can maintain a nice retirement lifestyle. Ideally try to get a job where there are nice people to work alongside. You probably spent too many years having to suffer bad people, or idiots etc…. you don’t need that any more. You won’t be overpaid probably, but make sure you don’t get woefully underpaid – the fact that you’re retired is no excuse for employers to play on your good nature. If you want to stack shelves at the local grocery store go ahead, but don’t make yourself feel awkward.
- Local services. If you’re a handyman/lady then let people in your neighbourhood know that you’re available to do the odd job stuff for them. Put up shelves, clean the outside walls of the house, some painting, leaking faucets, toilets, sinks etc., gardening, babysitting, dog walking and on and on. Most people are tired of waiting for the expert to schedule a visit, get angry when they don’t show up, charge a flat basic price just for showing up, charge a lot per hour, and probably do a poor job … then you will never get them back to fix it. So, be handy, be available, be cost-effective, be nice. Don’t stray too far from your local area. You’ll be amazed at the business you’ll get. Word-of-mouth, business cards, small ads in local shops, flyers in the mailbox.
- Sell crafts. Many people, over many years, have accumulated little bits of knowledge and experience on any number of things they’ve made at home for friends and family. You probably started off with poor quality but then developed into an expert. So, spread the word, and sell. Post photos on your Facebook page and also display on Pinterest. Ask friends to tell friends. Best to limit yourself to making a fixed number per day or week. Resist the temptation to ramp-up to twice the sustainable number just because it is good money. You are in retirement and need to be enjoying free time (and spending some of this new found money).
- Grow and sell. Fruits, vegetables, flowers, etc. This can be very rewarding both financially and watching your caring and nurturing bear fruit so to speak. However you will most likely run out of time in the sense that there will be growing periods, waiting periods and fallow periods. Much better to find reliable suppliers at the market or wholesale, then go fetch, bring home, fix up or make nice, then sell locally from your home or at the local grocery store or market stall. You will soon build a following who will look out for you on your sales days.
- Consulting is, at best, a maybe. Nice if you get it, but hard to get. For some reason the business world thinks you went dumb overnight when you retired. (They’ll be old one day themselves !!). We hear of so many people who firmly believe they will be sought after when they retire yet fail miserably to get ANY consulting work. Don’t despair, it’s not personal. So, if you think you can get extra income through consulting think again. And for goodness sakes, don’t retire based on the “fact” that you will get consulting work. In that case, don’t retire.
- Online selling. Don’t. It’s not easy, not at all. Unless you are selling a highly specialized product such as memorabilia from well-know people or places, your online selling will be disappointing. It requires a great website, immediate visual credibility, secure payment mechanisms, high search engine positioning (almost impossible these days unless you spend lots of money) and so forth. The only exception is that you can advertise online and direct people to your physical (usually local) sales point …. a shop, market stall. grocery store etc. That will work, and actually can be quite cheap advertising.
- Painting, writing, blogging. All worthwhile from a mindset point of view, but very difficult to spin money out of. Not impossible, just hard. Obviously the better your work, the more chance you have. However for every successful writer for example there are thousands, yes thousands who still dream of success. But, the nice thing about this one is that if you enjoy the doing of it and can accept that money is not going to happen, then this is a great way to occupy your days. So, not big money potential, but nice work nonetheless.
So there you are. Some ideas.
The secret is NOT to have to rely on extra income bin retirement in your retirement planning stage. And if, during retirement you feel a little extra would be nice then by all means proceed, but just don’t get too excited or reliant. Clearly if you find yourself in some financial difficulty and therefore you need to find extra income, then you may have little choice, so get out and find something, anything to do and hope that the money will solve your problems.
Good fishing…. !!!!
by Bill Storie