The Retirement Newsletter: Skiing — a side-hustle?
Issue Number: -1.5 — What did skiing teach me about my retirement plans?
Welcome
Welcome to issue -1.5 — it is a little over three weeks until I retire — it doesn’t seem possible.
I recently spent a week skiing in the States, and I had forgotten two things about skiing:
How much I enjoy it.
How much it costs.
And the cost side of skiing got me thinking. Would I still be able to have ski trips in my retirement, as I had not factored such trips into my budget? And I wondered if there was a way I could offset or lessen the cost.
Could I turn my skiing into a side-hustle?
Side-hustles
I have written a lot about side-hustles, and in issue -8 — Side-hustles — a summary — I thought I was done. But skiing got me thinking. Could I do something around skiing?
So far, the potential side-hustles I have looked at are:
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.
But there is nothing in there about ‘sport’ as a side-hustle. Exercise in issue -89 and Walking in issue -60 came close, but neither was about sport. What about skiing? Playing football or tennis, or some other sport? Could they be turned into side-hustles? And what other potential money earners have I missed? Please let me know in the comments below.
My usual approach to turning a hobby or interest into a side-hustle is to convert the expertise. But with sports, it is tricky as often there is some form of accreditation or certification involved if you want to teach, that is, pass on your expertise. For example, you couldn’t set yourself up as a ski instructor, as the ski instructors at the ski area would not be happy. Plus, there would be insurance issues. You would need to be trained in some way. But all is not lost. There are some things you could try:
Blogging
You could write about your sporting adventures on a blog and host it on sites like WordPress site or Medium. Money could be made through advertising or reads (on Medium). You could also think about reviewing equipment and setting up affiliate sales. You need to find a way to convert your interest and expertise into something you can sell.
Video (YouTube)
You could consider setting up a YouTube channel dedicated to your sport or sporting interests. After getting 1,000 subscribers and 4,000 watch hours in a year, you can start earning from the channel.
Visit YouTube, type in your interest and see what other people are doing — it may surprise you. There could be money to be made.
Newsletter and/or Podcast
A newsletter could be the way to go. You could use a newsletter to share tips and tricks associated with your sport. You could even convert the newsletter into a podcast. It all depends on your sporting interests.
The newsletter could be paid access or used for affiliate links to sell recommended equipment. Again, the choice is yours.
Online Courses
This one is a little more tricky and would depend on your sport.
I can’t see an online course working for playing football, but I could see it working for other sports with a preparation component. For example, I could work for fishing, where you might have a course on tying flies. It needs a bit of thought and creativity.
Selling online
How about selling something online related to your sport? Cheat sheets of tips? Training schedules? Guides to the best places to do the sport? For example, for walking, canoeing, skiing, etc., you could produce guides to the best walks or skiing areas. Again, it requires a bit of thought and creativity.
Anyway, there are a few ideas on turning your love of a sport into a side-hustle and making some extra cash in retirement.
If you have any tips or tricks, please share them in the comments below.
Money
I am not a financial advisor. I am writing about what I have read over the years about money and preparing to retire. This is not financial advice.
On 6th March 2024, we had a budget in the UK, and it did pensioners no favours apart from freezing fuel (petrol) and alcohol duty.
The ‘big’ news in the budget was a decrease in the National Insurance rate from 10% to 8%. The tax has dropped four percentage points over the last 12 months. But, that does not help pensioners in the UK, as they don’t usually pay National Insurance.
The budget represents an increase in the tax on pensioners. The tax-free allowance (the amount you can earn before paying tax) has not been increased, nor have the earning levels at which you start paying additional tax. As pensions rise in line with inflation, more is lost in income tax. In real terms (buying power), when you factor in the inflation rate and the tax increase, the value of pensions decreases.
My view is that the 2024 UK budget was detrimental to pensioners.
If you think I have that wrong, please let me know in the comments below.
Please note that I am not a financial advisor. I am writing about what I have read over the years about money and preparing to retire. This is not financial advice.
Travel — Nostalgia Corner
This week, I finish my time in Australia before heading to Bali:
Australia — Bold Park Reserve, Perth, Australia — You don’t have to go far to see the Bush.
Australia — Perth in the evening — A night out on the town.
Australia — Mandoon, Reid Highway, Perth, Australia — Off for lunch at a winery.
Australia — Perth, Australia — summary — next stop, Bali.
After a few days of catching up with friends in Perth, Australia, I headed to Bali for the next part of my Southeast Asia tour.
Useful links
UK Government Website:
Next week
Next week, in issue -1, I will look back over my career. What were the highs and the lows? Would I do it all again, and what would I do differently?
Thanks
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Until next time,
Nick
Please note: I am not a financial advisor. When I write about money and financial matters, I base my opinions on what I have read over the years about money and retirement preparation. IT IS NOT FINANCIAL ADVICE.