What to do when the final bell tolls at the office when you reach your 'sell-by-date', according to company policy?
This will be devastating if you enjoy the job you've spent most of your working life doing.
On the other hand, those who aren't happy in their jobs, start counting down to that final day, looking forward to 'freedom.'
I cannot overemphasize the value of instilling in young people that they should not 'chase money' when they choose a career path but rather find something they enjoy. I know it's easier said than done, and often circumstances force one to grab whichever job comes your way.
The dilemma for many is whether they'll be able to maintain the same lifestyle or be forced to downscale by selling up and moving into a smaller home or having to pay rent in a retirement home.
More and more estates are springing up for millennials and boast about living the good life as 'Life begins at 50' in their safe and secure estates.
REALLY!!!
Do you want to spend half a century being miserable?
Careful planning may not be enough if one has relied on an employer all of your working life. People are living longer, and investments or pensions start shrinking.
Photo by Nelly Antoniadou on Unsplash
What can one do to supplement that retirement income?
Airbnb
If you own a property, and you have extra space, consider setting up an Airbnb, something hubby and I did with our garden cottage in 2015. It turned out way better than we ever envisioned.
Some homeowners become creative and create 'tiny homes' on their property if space is a problem. There are many examples on Airbnb.
Selling repurposed/ pre-loved goods
Build up stock - declutter or visit charity stores and revamp.
Set up an online pre-loved store on Instagram, or research reputable ones in your country.
I use Yaga, and have managed to clear out my cupboards and turn stuff I no longer use into cash. I ship products using an affordable locker system PUDO, (Pick Up, Drop Off), run by a reliable courier company.
You very likely will have similar services in your country.
Turn your Hobbies into cash
- Book a table/ stall at a local market and sell crafts or foodie products.
Get a friend whose products would be a good fit to share costs if it's pricey,
Offer home-cooked meals
- Your target market would be people in full-time employment.
- Decide if you want to offer this as frozen meals or daily fresh-cooked meals. Obviously, your clients have to pre-order in advance and pay a 50% deposit upfront.
House or Pet-Sitting
- Design a pamphlet (canva.com offers free templates), and advertise your services on local community Facebook pages, Instagram, retirement villages, or secure estates (in your area), and ask people you meet to spread the word.
- Use Google - set up a business profile on GOOGLE, your services will show up on Google Maps, which is most people's first stop.
Offer transportation to and from doctors/ hospitals
Transportation is a huge problem when a family member has to undergo a procedure that may take a couple of hours.
Tutoring
- Online language schools - do a TEFL course. There's a big demand in non-English speaking countries, even if it's just for speech practice. I'm sure the same goes with other languages.
Become a Virtual Admin Assistant
Many small businesses cannot afford someone full-time, so use your work skills and seek opportunities online.
These are just a couple of ideas; the word 'retiring' sounds awful, as if one has to withdraw from the world!
Don't fall into the trap of believing you've reached the end of the road concerning generating income, you could very well find yourself doing your dream job!
...and always remember that you have many years of valuable experience behind you.
...And don't forget you're earning by blogging, so keep on Hiving and building that nest egg!
Do you have any other ideas, or have you already ventured out on your own?
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