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Why is it that we need to start a side hustle these days? 10 even 15 years ago, the term “side hustle” was rarely heard of or even used in the context it is today. Why do you think that is?
Personally, I think it's because we are bombarded by advertising that is constantly demanding that we part ways with our money, often blurring the lines between something we “need” versus something we “want.”
If only we could get them to pay off our credit card bills!
It's a bit of a double whammy for us ladies… In an article originally written for The Wall Street Journal, the question was posed, “Who makes the call at the mall, men or women?”
Can you take a stab at what that answer is? Correct — you go to the top of the class if you shouted out “women!”
Where the double whammy comes into play is that although we might be the ones making the decisions on where money is spent, we don't exactly feel confident in our retirement plans.
Now I don't know about you, but if you're like I was and in your mid-30's, you might have been saving for your retirement diligently for the past 20+ years, only to have lost a significant chunk of it during the GFC… so now you're faced with a less than certain retirement and with the probability that you'll have to stay in a job you don't particularly like a lot longer than you'd anticipated…
And that just blows. The old (and stupid) advice of “spend less, save more,” just doesn't fit anymore. As smart women, we have to make a more concerted effort to change how we approach our retirement, rather than just hoping for the best.
[Tweet “…saving for your retirement for the past 20+ years, only to have lost a significant chunk of it during the GFC”]
Enter the Side Hustle
While you could save more money by spending less or by asking for that raise, a smarter avenue would be to start a side hustle and invest the money you make from your side hustle into your retirement options.
The aim is to have a few options open to you come retirement:
#1: The option to move full-time into your side hustle (that isn't really full-time, but allows you to have something to do in your retirement years)
#2: The option to hire someone else to manage your side hustle while you do what you wanna do, like travel, spend time with family etc
#3: The option to quit your job early and work your side hustle until you're sick of it!
I'm shooting for option #3, but a variation on any of these will work, it's about figuring out what will work best for your situation…
One of the benefits of starting a side hustle while still working a full-time job is that you don't have to worry about your day-to-day bills, because your ‘day job' is taking care of those.
Another awesome benefit of working a side hustle is that it shows initiative and smarts to the company you're working for, which can lead to further career opportunities if that's what you're looking for.
You might be wondering how this side hustle gig is going to secure your retirement… which is a fair musing to have, because on the face of it, none of what we've talked about is set in stone or certain money.
Where the side hustle can secure your retirement though is what you choose to do with the profits you earn from your side hustle.
Now, if like me, you had money invested until the GFC gobbled it all up, you're probably not open to really going down that path again, so let's consider some other, smarter options to secure your retirement.
Taking Smart Risks
While investing could be an option for some of you, I'm a little too gun-shy now, and would prefer to look at some more solid investment strategies, such as the following:
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- Consider investing in real estate, but avoid commercial property. Keep it to residential, and look at investing in property that is urban based, something that is within 5kms (3.1 miles) from the city. Make sure you do your due diligence before investing in any property to make sure that your ROI is medium-high over the next 7+ years
- Look at your options around investing in apps. Apps are becoming more and more of a viable option for savvy investors, and if you find the right one, it can give you some serious returns. Again, make sure you do your own due diligence before handing over your hard earned cash
- Consider joining an investment club with a bunch of ladies who are similar minded to you in your approach to investments. It's a great way to pool all your money together and spread the risk.
- Look at what options your bank has around term deposits. This would be the option you'd look at if you weren't sure what you wanted to do or if you had a shorter amount of time until your retirement. Make sure you shop around though and if you're looking at a bank that was hit by the GFC, tread carefully…
If you're ready to start a side hustle but don't know where to start, grab the Side Hustle 7-Day Challenge: How to Identify a Profitable Side Hustle, and kick-start your retirement security today!