The Retirement Newsletter: Should I launch a subscription version of the newsletter?

Issue Number: -38 — what are the pros and cons?

Photo by Author — Money!

Welcome

Welcome to issue -38, and if my maths is correct, this is the 100th edition of the Retirements Newsletter. It doesn’t seem possible. One hundred issues.

In issue -40, I wrote about why I started this newsletter and wondered if I could make any money from it. And that got me thinking — should I release a subscription (paid) version of the newsletter?

This week, I’m going to address the question. But, before I do, there is one problem. To have a successful paid version of the newsletter, I need subscribers to the free version. So, if you know anyone who may be interested in this newsletter, please forward them a copy. Or you could post about the newsletter (including a link) on social media. Thanks.

Should I or shouldn’t I launch a paid version?

If you have read any of my previous newsletters, you will know that I am always worried about having enough money for a “comfortable” retirement (for examples, see Issue Number: -42 — Quarterly review — end of quarter 1 2023 and Issue Number: -62 — Looks like I had my pension income maths wrong). To help soothe my worries, I have thought about a lot of potential side-hustles to bring in some extra money when I am retired, including:

• Reading (Issue -92)

• Exercise (Issue -89)

• Writing (Issue -86)

• YouTube and Photos (Issue -84)

• Online courses (Issue -80)

• "Knitting" (without wool) (Issue -76)

• Relaxing (Issue -73)

• Gardening (Issue -67)

• Walking (Issue -60)

• Being a couch potato (Issue -58)

• Travel (Issue -47)

• Do it yourself (DIY) (Issue -44)

• Photography (Issue -39)

And I am sure there are more I can explore.

I hope the above newsletters brought value to some readers and got them thinking about things they could do in retirement to boost their income.

But what about setting up a paid version of the retirement newsletter? It could be the side-hustle I have overlooked.

So, what are some pros and cons of setting up a paid version of the newsletter?

Reasons for setting up a paid newsletter

OK, so what are some reasons I should start a paid version of my newsletter:

1. Generating some income

This is the top reason for setting up a paid version of the newsletter. It could bring in some extra money.

It would be nice to have an income stream to cushion my retirement.

2. Increased engagement

Would having a paid version of the newsletter increase engagement? I have read some articles that suggest it would, and I would like that.

If you have a paid version of your newsletter, please let me know if you see increased engagement.

3. Building a community

A community would be nice, particularly if we supported each other in our retirements or attempts to bring in some extra money.

If you have a paid version of your newsletter, please let me know if you feel you are building a community around your work.

Reasons for not setting up a paid newsletter

OK, so what are some reasons I shouldn’t set up a paid version of my newsletter:

1. Audience size

I am sure there is an audience out there for what I am producing — and I haven’t found it (yet).

It could be that I haven’t ‘niched down’. That is, my newsletter is too broad, and while it may appeal to some readers one week, it may not to others.

Maybe I haven’t found my voice?

But, I am not getting a high degree of ‘churn’ in subscribers. There is a general upward trend in numbers, just not that fast.

If I launched a paid version (and kept the free), I could expect around 10% of my current subscribers to subscribe to the paid newsletter (10% is the often quoted figure for conversions). I can’t believe it would be that high, and if it were that high, it still wouldn’t be many subscribers!

2. Quality of content

If I produced something that was ‘paid’, I would have to improve the content. And that is pressure and stress on me. Do I need that stress and anxiety in my retirement?

3. Value

If I am charging for access to a newsletter, I need to offer something of value. But what could I offer? What would readers be willing to pay for? That is the big question.

Do you have any ideas? What would you like to read about? Please leave a comment and let me know.

4. Burden

And we come back to stress and pressure.

Currently, I can close down this newsletter and walk away. No harm, no foul.

But if there were paying customers, I couldn’t do that. I would feel obliged to produce material. I would be unable to walk away.

Summary

The reasons for launching a paid version are generally positive — make some money, increase engagement and build a community.

The reasons for not releasing a paid version — audience size, quality, value, and burden — are all negative, and there is a whiff of imposter syndrome about them. That is, I am not good enough to launch a paid version.

So, after all that, where do I stand? What is the answer? Simply put, I don’t know. Do you have any thoughts?

Travel

Last week, I posted links to five stories on Medium about a spontaneous ski trip I made to Austria. This week, I conclude my trip:

• Back to Auffach/Inneralpbach Ski Area — back on the ski bus — getting the bus, which colour do I need and a novel use for shipping containers up a mountain.

• The Ski Welt Area, Austria — exploring the ski area, getting trapped in a ’ski bowl’ and enjoying a night out in Niederau.

• Last day of skiing in the Niederau area — always sad, the last day. Last run in a very slushy Niederau and watching people play ‘nails’ in a bar in Niederau.

• Exploring Niederau, Austria — I had a morning to kill in Niederau before my flight, so I explored the town in daylight. I had no idea the Austrians were so into stacking logs.

• Niederau, Austria — Summary — a review of my trip.

Next week

Next week, in issue -37, I will write about another milestone on my route to retirement — my last set of summer exams.

Thanks

Thanks for taking the time to read this newsletter, and please don't hesitate to share it with your friends or on social media using the buttons below.

If you want to say 'thanks' for the newsletter, why not buy me a cup of tea?

Until next time,

Nick

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