Your Next Chapter: Turn Life Experience Into Extra Income
Whether the kids have flown the coop or you’re starting to think more about retirement, this new chapter is brimming with opportunity. Have you considered a ‘side hustle’? It’s just a friendly term for a flexible way to earn extra money doing something you enjoy. You’re not alone in considering it—nearly seven in 10 Americans have some kind of side gig, and today’s digital tools make it easier than ever to get started right from your living room. 1
Why This Is The Perfect Time for Your Side Gig
- You crave flexibility: You’re not looking for a rigid 9-to-5. In fact, a significant 72% of workers aged 50 and above either have or want flexible work arrangements. 4
- Your experience is your superpower: Decades of professional and life skills give you a unique advantage in the market.
- It’s about enjoyment: This isn’t just about punching a clock. For most retirees with a side gig, an overwhelming 93% say they do it because they genuinely enjoy the work. 6
- You can enrich your retirement: A side hustle can provide the extra funds to make your ideal retirement lifestyle a reality, from travel to hobbies.
- The tools are at your fingertips: Starting an online business or offering services has never been more accessible, thanks to user-friendly websites and apps.
You’re in Good Company: The Encore Career Trend
The idea of a hard stop at age 65 is becoming a thing of the past. Today, many are choosing to stay engaged and active in the workforce on their own terms. As of early 2024, roughly 22% of adults aged 65 and older were still working or looking for work. 3 That participation rate has nearly doubled since the 1980s, showing a powerful trend toward embracing an ‘encore career’ for purpose, connection, and of course, extra income.
How to Monetize Your Most Valuable Asset: You!
- Consult or Coach: Offer your professional expertise to businesses or individuals in your former field.
- Teach a Skill: Share your passion for baking, gardening, writing, or woodworking through local or online classes.
- Turn a Hobby into a Business: Sell your crafts, photography, or custom furniture on platforms like Etsy or at local markets.
- Offer Professional Services: Use your skills in bookkeeping, organizing, or project management to help others.
- Provide Reliable Care: Offer trusted pet-sitting, house-sitting, or childcare services in your community.
- Share Your Wisdom: Participate in paid research studies and focus groups that value your life experience and opinions.
It’s Not Just About the Money, It’s About Joy
“While two-thirds of retired Americans express a desire for a side gig to support their ideal lifestyle, the real story is that an overwhelming 93% of those who have one report doing it simply because they genuinely enjoy the work.” 6
Easy Ways to Start Earning Extra Income Now
- Share your opinions: Paid online focus groups value your perspective and can be a great way to earn extra cash—some pay an average of $28 per hour without special training. 7
- Become a virtual assistant: Help small business owners with administrative tasks from the comfort of your home.
- Tutor online: Share your knowledge in a subject you’ve mastered, from history to math.
- Sell on an online marketplace: Clear out clutter or sell your handmade crafts on sites like Facebook Marketplace or eBay.
- Start a local service: Offer reliable pet-sitting or house-sitting for neighbors who are traveling.
- Become a proofreader: Use your sharp eye for detail to proofread documents, articles, or books for clients.
What This Means for Your Financial Freedom
So, what could this look like for your wallet? In 2024, the average person with a side hustle brought in an extra $891 per month. 2 That kind of extra income can make a real difference, whether it’s boosting your retirement savings, paying off debt, or simply giving you the financial freedom to worry less and live more.
Remember, your age and experience are your greatest assets in this venture. Don’t just take my word for it—research shows that small businesses launched by entrepreneurs aged 55 and older actually have a higher rate of survival than those started by younger folks. 5 You have the wisdom, patience, and perspective to succeed. So why not take that first small step toward your own fulfilling home business today?
