The Retirement Newsletter: Imposter Syndrome and Side Hustles
Issue Number: 190 (43) — is it holding you back
Welcome
Welcome to issue 190 (43).
This week, imposter syndrome and side hustles.
Side Hustles
I have written a lot about side hustles, and I think side hustles have two important functions in retirement:
1. Extra money
A side hustle can bring in some extra money to support your retirement. The money may or may not be important; that is, your pension is enough to live on, but having a little extra cash in your pocket is always good fun. Plus, that extra cash is good for your mental health.
2. Mental Health
I am not a trained health professional, and I have based the following on my experiences and the limited training I have received over the years to support students.
I feel that mental health in retirement is often neglected, as we tend to focus on our physical health. We focus on the latest ache, pain, or body part that is no longer working as expected. However, our mental health should not be neglected, and we must keep an eye on it (see my piece, Mental Health and Retirement).
For me, my side hustles play a significant role in helping maintain my mental health. Yes, there are downsides for your mental health when you have put in a lot of work for no or little reward, but for me, the pluses — being active, learning new things, having fun, earning a little extra cash — far outweigh the negatives. I view my side hustles as essential to my retirement and in supporting my mental and physical health. Of course, you could get the same benefits through volunteering, but then you are tied to a schedule. With a side hustle, you are the boss; if you don’t want to do something on a day, you don’t. With volunteering, you may feel obligated to go in.
Potential Side Hustles
If you are thinking about setting up a side hustle in your retirement and are seeking ideas, then have a look at these previous newsletters for potential ideas:
Reading — see Issue -92 of the newsletter where I looked at Reading as a side-hustle.
Exercise — see Issue -89 on Exercise as a side-hustle.
Writing — Writing as a side-hustle was discussed in issue -86.
YouTube and Photos — I first explored this in issue -84 — YouTube and Photos as a side-hustle.
Online Courses — see Issue -80: Online courses.
"Knitting" (without wool) — in Issue -76, ”Knitting" (without wool), I considered turning any hobby or pastime into a side-hustle.
Relaxing — Issue -73 looked at Relaxing as a side-hustle.
Gardening — gardening as a side-hustle was covered in Issue -67 — Gardening.
Walking — Walking as a side-hustle was looked at in issue -60.
Being a couch potato — Issue -58 looked at Being a couch potato as a side-hustle.
Travel—Turning a love of travel into a side hustle was examined in issue -47 of Travel.
Do it yourself (DIY) — in issue -44, I asked if turning Do it yourself (DIY)skills into a side-hustle could bring in some extra income.
Photography — in Issue -39, I revisited Photography as a side-hustle.
Paid Newsletter — setting up a Paid Newsletter to bring in some money was explored in Issue -38.
Owning a dog — in issue -8.5, I looked at Owning a dog as a way to make some extra money.
Skiing/Sport — in issue -1.5, I looked at how a love of a particular sporting activity, such as skiing, could be developed into a side hustle.
Do you have a side hustle? Have I missed an obvious one above? Please let me know in the comments.
Imposter Syndrome
I have written about imposter syndrome in retirement before — Dealing with imposter syndrome in retirement — but in that piece, I focused on imposter syndrome in terms of not feeling or recognising you are retired and what you could do to combat such feelings.
As I said in the earlier newsletter, my dictionary defines Imposter Syndrome as:
“the persistent inability to believe that one's success is deserved or has been legitimately achieved as a result of one's own efforts or skills: people suffering from imposter syndrome may be at increased risk of anxiety.”
Imposter syndrome can be a real problem when setting up a side hustle — that is, you doubt your ability to set up the hustle and doubt your expertise on which you have based your side hustle. Hence, you never start. So, how can we tackle this?
Side Hustles and Imposter Syndrome
Dealing with imposter syndrome when starting a side hustle can be an issue, but it’s manageable. Here are some tips to help you overcome it:
1. Recognise It’s Normal
Imposter syndrome affects people across all industries and experience levels. It is often a sign that you’re stepping out of your comfort zone. And for me, stepping outside my comfort zone and learning or doing something new is good. Embrace the new normal.
2. Shift Your Mindset
Focus on progress, not perfection. You may have the expertise in a subject area, but you might not have the skills to pass on that expertise. Remind yourself that you are learning new skills and that these are built over time. Think of yourself as a learner who improves with each effort rather than someone who has to “know it all” from the start.
An example of this for me was at the start of COVID-19 when I had to shift my teaching (my expert area) from the classroom to video, and I knew very little about making videos where I was on camera (see my Science YouTube Channel). I am now using the skills I learnt in making teaching videos to produce videos about learning how to handle a narrowboat (see Nick’s Wanderings). Trying to learn how to make videos and run a narrowboat at the same time would have been a recipe for disaster.
3. Document Your Wins
Document your big and small achievements. This can help you combat negative thoughts and remind you of your progress. Monitor positive feedback, testimonials, or milestones to counter self-doubt.
4. Start Small
Begin with manageable tasks or projects to gradually build confidence. This feeds into number 3 above: You will see small successes (wins) and feel more comfortable taking on the larger challenges.
5. Reframe Failure
We all make mistakes and have failures, but we can learn from them.
Last year, I started the Retirement Side Hustle Newsletter about my experiences making videos and getting side hustles to work. It has been a complete flop. But, along the way, I have learnt a lot and had fun, which are both positives.
6. Seek Support
Talk to other side hustlers or join a community of like-minded individuals — this can be key. Remember, you are not alone; others have made the same journey.
7. Focus on the Value You Provide
Focus on how your skills, product, or service benefits others. This could be through the entertainment or the education (problem-solving) you provide, or the work that you do. You don’t have to be perfect to deliver value.
8. Challenge Negative Self-Talk
When you think, “I’m not good enough” or “I don’t deserve this success,” counter it with evidence. Look at the wins you have documented in number three above.
9. Celebrate Your Uniqueness
Embrace what makes you different. Your perspective, experiences, or background might be what sets your side hustle apart.
When I started the Nick’s Wanderings YouTube Channel about narrowboats, I received a few comments along the lines of “Oh no, not another channel on narrowboats”, and they had a point. There are many channels in the niche. But, as I argued, I am bringing my perspective and interests to the videos, and these views and interests will make the channel different.
10. Just Start
Taking the first step is often the most challenging part. It is easy to come up with 100 reasons not to start. However, action breeds confidence, while overthinking (the 100 reasons) tends to amplify self-doubt. Go for it.
11. Set Realistic Expectations
Understand that success typically takes time and effort. Avoid comparing your early stages to someone else’s peak. Yes, set some goals, but keep them realistic.
12. Educate Yourself
Invest (and I mean time, not money) in learning about your niche or craft. The more informed and prepared you feel, the more confident you’ll become, and this will come across to your audience.
So there you go, twelve tips to help you overcome imposter syndrome when starting your side hustle.
Do you have any tips that helped you overcome imposter syndrome? If you do, please share them in the comments below.
I am not a trained health professional, and I have based the above on my experiences and the limited training I have received over the years to support students.
This week in the Retirement Hustle
This week in The Retirement Side Hustle — A change of plans — I reveal my latest plans for the newsletter.
The Retirement Side Hustle Newsletter is subscription-based. However, each video comes with a free minute or so to confirm the content, and if you subscribe for free, you get full access to one edition.
Nick’s Wanderings — The Grey Wagtail
This week — Fuelling Up the Grey Wagtail: Boating Challenges and Windy Manoeuvres.
I face the challenges of taking the Grey Wagtail out to get her fuelled up on a windy day.
Useful links
UK Government Website:
Next week
Next week, in issue 191 (44), I will look at making plans for the future. I will explore the importance of structure in our retirement days and why drifting through our “golden years” could be harmful.
Thanks
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Until next time,
Nick
PS: If you would like to contribute something to the newsletter — a story, advice, or anything else — please get in touch.
Nick, there's a lot of good content in here with references back to a lot of other good content from before I joined Substack. I'll be taking some time with this one!