These are difficult times for many individuals and families trying to make ends meet financially. It’s especially difficult for older people in their sixties and above who are either retired or unemployed just to put food on the table due to the Covid-19 pandemic shutdown that has left millions of Americans dependent on unemployment insurance and to have a roof over their heads. Financial author Lisa Laporte states that with the widespread quantitative easing by the federal government, the cost of living and the prices of staple foods such as milk, bread and gasoline are rising.
Elderly people and families who experience a sudden emergency such as an unexpected car or home repair need to go into debt to pay for them.
What to do when you are past your flowering period but are in dire need of extra cash? One idea is to get back to work. But then America is currently in the midst of an economic depression designed to rival the Great Depression of the 1930s.
There are very few high paying jobs out there. Another idea is to use the money you have built up in your home. All Reverse Mortgage CEO Michal Branson says that people 62 and older who have been in their home for many years and making their mortgage payments like clockwork can apply for a reverse mortgage loan. These type of loans allow borrowers to access a large portion of their equity and do so tax free without ever having to make a mortgage payment again. In fact, no payment is due until the homeowner moves out, dies, or sells and decides to sell the home.
However, if you don’t have equity in a home or live in an apartment, Discover.com offers another solution for aging Americans (and young Americans) in dire need of extra cash. It’s called “Side Hustle”.
Reportedly a way of life for nearly 45 million people in the US alone, many of whom are past retirement age. The part-time job started with making extra money on the side to supplement the income from your day job. But these days when many workers and / or former employees are forced to stay at home and not work under a government mandate, there are sideline jobs like freelance writing, influencing social media, selling products on Amazon, driving for Uber or Dash or Renting a room in your home or apartment on Airbnb has become a popular way to get all of that vital extra cash you so desperately need to keep your afloat.
If you can get by in years but are still physically able and willing to work, here are some long-term benefits to consider for getting yourself a side job:
According to Discover.com, not only is having multiple sources of income available in an age where it is difficult to find full-time employment, but it can be downright empowering, especially for older people who believe that Life has passed them by. Side Hustle Nation podcast founder Nick Loper, who interviews thousands of people who make a living working outside of the traditional nine- to five-day job, always promotes the positive qualities of side hustling.
Making extra cash is something that never goes out of style, he says, and that’s what makes side hustling so interesting. It’s a great way for older people to learn new skills or demonstrate skills they learned in their younger years, like giving music lessons or teaching foreigners how to speak English. In a word, doing a sideline can not only make money for an elderly person, it can also make them feel young and relevant again.
Side hustling isn’t just about making a few extra bucks here and there. Lopez is promoting a man who made $ 30,000 a year to $ 30,000 in a single day. Some people make more money than ever before as a photographer, blogger or even as a Youtuber. These people not only enjoy themselves and make more money than they ever thought possible from the comfort of their home (or traveling around the world). They have also become self-employed and no longer dependent on government or social security contributions when unemployment is low.
If you are drowning in debt, a side business could be the answer you are looking for when it comes to paying it back. If you’re facing credit and credit card debt in your later years, and your current income isn’t impacting your balances, a sideline (or two or three) may provide the extra cash you need to finally pay off your debt.
Discovery.com points out a person who had a lucrative job in the tech sector but was still heavily in debt. He decided to start two ecommerce websites that he ran from home and even a third subscription box service company. With all of the additional funds, he was able to be debt free in three years.
Years ago, you may have been deterred from following your true passion to find a job that offered not only a weekly paycheck but also long-term job security. But now, in the digital age, you can relive your passion and turn it into a lucrative sideline.
Perhaps 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, while making significant cash in royalties. No need to book tours. You simply create a website to promote your books. You can also post your novels on social media sites like Facebook and Instagram.
Or maybe you’ve always wanted to be a freelance writer / journalist. Now you can join online sites like Upwork.com and bid for as many jobs as you can work on. Perhaps you have always imagined yourself as an artist. No longer do you have to ask for galleries to show your work to a limited number of people. Instead, you can create a dynamic website that shows your work to thousands of people around the world.
The point is, not only are you using your sideline to make the money you need to survive in your later years, but also to explore your lifelong passion. That alone should make you happy getting out of bed in the morning.