The Retirement Newsletter: Reading in retirement — hobby or side-hustle?
Issue Number: -92 — Ten ways to make money by reading?
Welcome
Welcome to issue number -92.
First, I would like to say a big thank you to the kind person who bought me three teas this week — buy me a cup of tea. Thank you!
In Issue -93 — When I’m 67! — Can I get a better overall retirement? — I wrote about the benefits of turning 67. At 67, you no longer pay National insurance in the UK, and you get a state pension. In that issue, I asked:
“So, the question is, what can you do to push your pre-67 income from essential to moderate? I have looked at one thing you can do — side-hustles (see Issue Number: -95 — The advantages of hobbies and side-hustles), but is there anything else you can do? Well, that be the subject of a later issue.”
Well, in my view, there are three things you can do:
Get a part-time job — but why would you do that? You are supposed to be retired!
Dip into your savings — and I will say more about that in a later issue.
Set up a side-hustle and earn some extra cash.
Over the next few months, I will look at how you might be able to change a hobby into a side-hustle. And the first one is — reading.
Reading — hobby or side-hustle?
I would guess that most of us read as a hobby. In fact, you are doing it now! But is it possible to turn reading into a side-hustle and earn some money? Well, it is possible. There are several ways you can turn reading into a side-hustle.
So, what are ten ways you could make money through reading?
1. Tutoring
This is an obvious one — tutoring.
If you enjoy reading, why not pass that enjoyment on to other people? You could sign up for one of the many tutoring websites available. You could join a local tutor group and become a tutor to school kids in your area.
You could also do your tutoring online. You could set up a course or deliver the material remotely. There are many choices. And I will return to the idea of online courses in a later newsletter (it should in Issue -80).
2. Teaching English
Teaching English as a second language (or even as a first language) is something you could look at. I know two retirees that teach English. One of them teaches English to children in a local school. The other teaches English as a second language at a night school. Both roles involve reading and teaching English.
3. Freelance Proofreading
As a ‘hobby reader’, you probably get upset by spelling and grammar errors. If you do, then why not put that to use and get paid?
Numerous websites offer paid work as freelance proofreaders. Google Freelance Proofreading and see what comes up.
Being freelance means that you can take on as much or as little work as you want, at the time you want. You keep an element of control.
4. Freelance Writing
Reading and writing go hand-in-hand, so why not take up writing if you enjoy reading? Again, a quick Google of Freelance Writing will bring up many opportunities.
There are even some websites and companies that will pay you for reviews of books. You get to read the book and then write the review. Again, Google is your friend on this one. Do a search.
I will be returning to writing as a side-hustle in Issue -86.
5. Blogging
There are two ways you can use your love of reading for blogging.
First, you could blog about what interests you — whatever that may be. It doesn't have to be about reading; it could be anything.
Second, you could blog about your love of reading and the books you have read.
However, you are unlikely to make much money with either of the above. The only ways I can think of making money through blogging would have affiliate links to the books on Amazon or by running advertisements on your website. An alternative may be to write about your passion for reading books on sites such as Medium, where you can get paid for your writing. Or you could start a newsletter on SubStack.
6. Editing
This is similar to number 3 — proofreading. However, editing would be more involved and would move beyond correcting spelling and grammar errors. Editing would involve restructuring and reviewing the content of the piece.
7. Translating
For this side-hustle, you would need a second language.
One of my retired friends does this and enjoys the work. However, they are fluent in two languages, and they need to be fluent as the work is challenging.
8. Book reviewer
Being a book reviewer could also come under number 5 above.
Some companies will pay you to review books. How legitimate these companies are and how much you could make, I do not know. But the market exists.
Again, Google can help. A quick search should offer many companies that need reviewers.
9. Proofreading for Businesses and Organisations
Number 9 is like number 3 in that it is proofreading. Yet, the difference here is that you work for a company and don’t go looking for work (freelancing).
The advantage of working for a company or organisation could be a regular income, as they may hold you on a retainer. Or, they may pay you by the amount translated. The downside is you are back working. You have lost control of your time as you will have to do the work when the company requests it.
10. Reader for Individuals
Reading (and writing) for individuals is an interesting one.
As a university lecturer, I have met several ‘scribes’. The university employs the ‘scribes’ to assist students with reading or writing difficulties. The ‘scribe’ tends to be seated at the front of the lecture hall, where they will be rapidly taking notes and helping the student. I have also seen them working with their students in the library and the labs.
Summary
So, that is ten ways that you might be able to make a bit of money using your hobby of reading.
None of the above will make you super-rich, but every little can help if your retirement income is tight.
Furthermore, there are often-overlooked benefits. Having a side-hustle that brings in extra cash may ease financial worries. The additional money may give your more opportunities to have fun. Plus, all the above will help keep your brain active and often involve meeting and interacting with people. And that can’t be a bad thing and will help your mental health.
Useful links
Some useful UK mental health links:
Samaritans phone 116 123 — https://www.samaritans.org
No Panic (anxiety) 0844 967 4848 — http://www.nopanic.org.uk/
Non-Emergency NHS Helpline: 111 — https://www.nhs.uk
Mind — Side by Side — https://sidebyside.mind.org.uk
Online mental wellbeing community — https://www.kooth.com
SAM App — Anxiety Management — https://sam-app.org.uk
Smiling Mind — Mindfulness App — https://www.smilingmind.com.au/smiling-mind-app
Symptoms of dementia —https://www.nhs.uk/conditions/dementia/symptoms/
Next week
Next week in issue -91, I will look at why I might not be what I think I am.
Thanks
Thanks for reading this newsletter, and please don't hesitate to share it with your friends or on social media using the buttons below.
If you would like to say 'thanks' for the newsletter, why not buy me a cup of tea?
Until next time,
Nick
PS, If you have something you would like to contribute to the newsletter — a story, advice, anything — please get in touch.