The Retirement Newsletter: Fourteen ways to make a little extra money in retirement

Issue Number: -36 — What side-hustles should I try once I am retired?

Photo by Author — I’m a millionaire again (well, I was at the time in the local currency)

Welcome

This week, I look at side-hustles again and explore which side-hustles I have written about in these newsletters I might try once I am retired. It is a tough choice.

I have devoted a lot of space in these newsletters to side-hustles, so it is time to choose which to pursue in retirement.

Side-hustle selection criteria

I need some rules for the selection process, and I am going to go with the following:

1. The side-hustle must generate income — it doesn’t have to be large, but it should be worth the effort and time invested.

2. The side-hustle must not be a chore — it must be something I enjoy doing.

3. The side-hustle should be passive — after the initial work, the side-hustle should not consume much of my time.

Which side-hustle?

I have written fourteen newsletters on different side-hustles, so which will it be?

1. Reading

In issue -92 of the newsletter, I looked at Reading as a potential side-hustle and came up with ten ways to turn a love of reading into a money earner.

Is Reading a side-hustle for me? I don’t think so. Yes, I enjoy reading, but it is a leisure activity — something I do for enjoyment. So, that is a no, I won’t make it a side-hustle in retirement.

2. Exercise

Well, I am not a massive fan of exercise, I have never been a gym person, but in issue -89, I looked at ten ways you could make some money through Exercise in your retirement.

As I like walking, out of the ten ways I thought you could make money through Exercise, the only one that appealed was “Walking Guide”. But, for me, walking is about relaxation and reflection (and getting some exercise), so I don’t think I would want to make it a ’side-hustle’ as I would lose something precious.

3. Writing

Now Writing, as discussed in issue -86, is something I could do as a ’side-hustle’ in retirement. I enjoy writing and blogging and intend to write some eBooks in retirement. So, this is a yes.

4. YouTube and Photos

Setting up a YourTube Channel, as I discussed in issue -84 — YouTube and Photos — is another thing I plan to do in my retirement.

During the early days of the COVID-19 pandemic, I started making teaching videos for my students, and I enjoyed the process of scripting, shooting and editing. Hence, I would like to continue doing this in my retirement.

5. Online Courses

Online courses, as I discussed in Issue -80: Online courses, are something I will be setting up when I retire.

I have been ‘dabbling’ in online courses for about ten years, and while I have never made much (any?) money with my courses, it is something I enjoy doing, so I will continue. My online courses will focus on my interest in science and teaching science.

So, another yes.

6. "Knitting" (without wool)

In Issue -76 — ”Knitting" (without wool) — I considered turning any hobby or pastime into a side-hustle. The choice is yours. I defined ‘knitting’ as:

“‘Knitting’ is a hobby or something you do that keeps you busy and active during your retirement. Something you might do to relax or have fun. And, it could be anything. It could even be knitting.”

Any ideas about what you might do?

7. Relaxing

Relaxing as a side-hustle in issue -73 was a cheeky one, and the idea was you sell your expertise in relaxing (e.g. yoga, meditation etc.) as a taught class, either in person or online.

I am not the most relaxed person and have no skills in this area, so I won’t try this one.

8. Gardening

Gardening (Issue -67) is another thing I won’t try as a side-hustle in retirement, as I don’t like gardening. However, I did suggest five ways to run your Gardening skills into a money-making side-hustle.

9. Walking

For me, Walking (Issue -60) is a tricky one.

As I said above, walking is important to me as it is how I relax, and I don’t think I want to lose that by turning walking into a side-hustle.

However, there are products of my walking — photographs, videos, and stories — that I could use to support a side-hustle in, say, travel writing. So, maybe I can use my walking time to generate content for blogs or videos.

10. Being a couch potato

Being a couch potato (Issue -58) was a slightly tongue-in-cheek suggestion of a side-hustle, but having said that, couch time is essential, and I could use that time to support my other side-hustles.

11. Travel

As discussed in issue -47, Travel has much potential as a side-hustle. And for me, this could be a significant part of my side-hustle activity when I retire.

I already do a bit of a ’side-hustle’ on travel, as I have blogged about my trips for years (see Medium Travel Blogand below). But, for this to bring in some extra cash, I need to improve on what I do because it currently makes no money.

12. Do it yourself (DIY)

Do it yourself (DIY) (Issue -44) — this is a firm no. I can do DIY, but I don’t enjoy it.

13. Photography

In issue -39, I revisited Photography as a side-hustle, as I felt I had not covered things in issue -84 — YouTube and Photos. While I enjoy photography, I would rather not do it as a side-hustle, although I can see it supporting my other activities.

14. Paid Newsletter

Number 14 — Paid Newsletter (Issue -38). I am undecided about this, as I am struggling to find a subject or idea that will work. So, it is a 'sort of' yes. If I can find a theme for the newsletters.

Conclusion

The common theme with many of the above is that you turn your skills, hobby or past-time into a side-hustle from which you can make some extra cash. In many of the above side-hustles, the ’cash-making’ part is setting up online courses, video channels, or blogs (eBooks) around your hobbies. But don’t forget, if you produce anything from your side-hustle, you could also sell that on sites such as Etsy.

So, what am I going to do? Well, I will be doing the following:

• Online Courses — Based on my professional experience as a scientist and lecturer, I have the knowledge to tackle this and the skills to produce the learning material and videos. (If I don’t, then I have been seriously short-changing my students for the last 25 years.)

• YouTube — I enjoy making videos. I could improve my current YouTube Channel to get it monetised (I only need another 288 subscribers and double the watch hours) and also use it to promote my Online Courses.

• Travel — I already blog about my travels, and I would love to find a way to make some money from my travel experiences. This will be something I will explore as a side-hustle in my retirement.

I am still undecided about running a paid newsletter. If I can find a subject or idea that will work, I will give it a go.

And that is it; it looks like online science courses and possibly some travel.

Travel — Nostalgia Corner

I have decided that the weekly links I post to stories in my Medium Travel Blog are ‘Nostalgia’ as I enjoy going back and looking at my past adventures.

This week, I kick off with skiing around Park City, Utah:

• Yarrow Resort Hotel and Conference Centre, Park City, Utah — my base for the week — a strange experience.

• Picking up some skis and exploring Park City — and for once, I made a wise choice about ski insurance.

• Skiing the Canyons Ski Area (formerly Wolf Mountain) — strange being back after nearly 20 years.

• Another fun day at the Canyons Ski Area — we enjoyed it so much that we went back for another go.

• Deer Valley, Park City, Utah — the good, the bad and the ugly — we won’t be back

Next week, I will wrap up the skiing part of my trip to the US.

Next week

Next week, in issue -35, I will look at when I should retire. Am I jumping the gun and going too early?

Thanks

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Until next time,

Nick

PS, If you want to contribute something to the newsletter — a story, advice, anything — please get in touch.