Retirement Article
Developing Your Hobby into an Income Producing Side Hustle
Scott A. Gese
As a retiree it's important for both your physical and mental health to enjoy some sort of hobby. Taking your hobby to a higher level by developing it into an income producing side hustle will mentally challenge you in a healthy way.
Geralt/PixabayA hobby will improve your creativity and problem solving skills. Staying mentally active will help prevent cognitive decline which is always a concern with retirees. If your hobby keeps you moving, all the better for your physical health.
Filling the void
After forty years or so of routinely going to work each day, your brain has been wired to think of this routine as a normal part of your life. Your job filled a good chunk of your day and gave you a sense of purpose.
Retirement removes this routine and leaves a big empty void in your life that needs to be filled.
Retirement is a lifestyle change that some find hard to handle. Without proper pre-retirement planning you could find yourself lost and looking for something to fill your day once the “Honey Do” list has been exhausted. A hobby fills this void perfectly.
Taking your hobby one step further
Taking your hobby to a higher level by developing it into an income producing side hustle will mentally challenge you in a healthy way.
There are several ways you can do this. You can sell what you create or you can take what you know and freelance, consult, personally mentor others or create online classes to teach others your skill.
The extra income can be a good way to pay for your hobby and/or help fund other retirement activities.
The internet has made it easy to put your work in front of people through the use of social media. Etsy, Ebay, Instagram and even Facebook or YouTube are but a few social media programs that work well for this.
Even if you have limited computer or marketing skills, you could still build a world wide audience for your work on any one of these social media platforms. There are plenty of programs out there that will teach you the basics and beyond. Come to think of it, these programs are probably someones side hustle.
Once you learn the basics, you can always work at growing this stream to whatever size you like. From a trickle to a raging river. It's a fun challenge that you control, that’s the best part.
What exactly is a 'side hustle'?
Most people know what a side hustle is but for those of you who don't, here it is in a nutshell. A side hustle is a way of earning discretionary income by either doing or creating something you’re either passionate about or skilled at. You can use this discretionary income for whatever you like.
Discretionary income is what you have left over after paying your bills and purchasing the necessities of life.
A side hustle is not the same as a traditional job. It’s something you do to earn extra income aside from your main income source.Is developing your hobby into a side hustle a good idea?
It all depends on your finances and your frame of mind.
It’s unfortunate but understandable that many people these days feel they need to supplement their income to live comfortably. This can even be true with a two person income household.
Developing your hobby into a side hustle shouldn’t be thought of as a way to get rich quick. It’s not intended to make you rich and it will take time to develop. The objective here is to build a stream of discretionary income. Let me repeat that. It’s a way to build a stream of DISCRETIONARY income as defined above.
If you need more monthly income because the cost of living is beyond your means or because you tend to overspend your budget, a side hustle is not what you need. You need a part time job that brings in a reliable paycheck.
Maybe you don't need discretionary income
If you don't need the money but still like the idea of developing your creativity and improving your problem solving skills, no problem. You can always use your new stream of discretionary income for other things like helping out your kids, helping to fund your grand kids college education or as a donation to the charity of your choice. Not only are you creating a sense of purpose for your life, you’re also helping those in need. How great it that!
Developing a hobby into a side hustle may not be right for everyone. If it’s right for you, go for it and enjoy the physical, mental and financial rewards it will bring you.
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