The Retirement Newsletter: The advantages of hobbies and side-hustles
Issue Number: -95 — Is it all about the money?
Welcome
Welcome to issue number -95. This week, I'm taking another look at hobbies and side-hustles and asking if it is all about the money?
A couple of weeks ago in Issue -97: Hobbies v. Side-hustles — I looked at the differences between hobbies and side-hustles. I said in the issue that I defined a hobby as something you do for fun, and it costs you time and money. A side-hustle was a hobby that made you money. But, there is more to it than that.
Last week — Issue 96: Spring is here and I’m thinking about my health — I wrote about the importance of health – physical and mental. And hobbies and side-hustles can play a big part in your physical and mental health, and your financial health.
Physical Health
Your hobby or side-hustle can benefit your physical health.
But, this all depends on the type of hobby or side-hustle. For example, a hobby that involves going out for long walks would benefit your physical and mental health. Whereas a hobby such as knitting may not positively impact your physical health but may do wonders for your mental health.
A good aim here is to find a side-hustle that keeps you physically active and brings in some extra cash.
Mental Health
Most, if not all, hobbies will benefit your mental health as a hobby is something you do for fun. Something that you enjoy. If it isn’t fun, then why are you doing it?
Side-hustle are a different story, and it depends on the origin of the side-hustle. For example, if the side-hustle started from a hobby, then the side-hustle can be very beneficial to your mental health. But, if the side-hustle has developed out of a necessity to boost your pension income, then there is the stress of maintaining the side-hustle. And that may not be so good for your mental health.
However, regardless of the starting point of your side-hustle, one benefit to your mental health could be the "pleasure hit" you will get every time income arrives in your bank account. That is, you get a feeling of pleasure and achievement from receiving the money. And, who doesn’t like receiving money?
A bonus is that with the extra cash, you can spend it on a "luxury" that you may not be able to afford on your pension. Hence, a double win. More fun and pleasure. A win-win.
If your activity isn’t a side-hustle, you will still get a "pleasure hit" from doing the activity and completing a task such as weeding a flower bed or knitting a hat.
Hobbies and side-hustles are essential for your mental health.
Financial Health
If your activity costs you money or time, it’s a hobby. If you are making money, then it’s a side-hustle.
As I said above, one danger with side-hustles is that you can become dependent upon the income, and the income can suddenly dry up. So, it may be good to view any income from a side-hustle as "treat money" and not rely on it for day-to-day expenses. However, having a side-hustle or hobby is not all about the money. There are the other benefits to your physical and mental health.
Choose wisely — hobby or side-hustle?
It is up to you what you do. It could be a hobby, or it could be a side-hustle.
The danger of converting a side-hustle to a hobby is that you may lose the enjoyment of the hobby, and it becomes a burden — a job.
The ideal hobby or side-hustle? Well, it should be something that you enjoy doing. It should be something from which you can walk away with no repercussions. Don’t get yourself trapped. Retirement is there to be enjoyed.
Choose wisely.
Reflections
Wow! It is a great time of the year. Spring is here.
Over the last week, I have been out walking in the local woods. It is fantastic to see Mother Nature waking up from winter.
Around the area, the daffodils (Narcissus) are in full bloom.
The Snowdrops have come and gone in the woods, and now the Bluebells are pushing through. And in the last week, they have shot up. The Lesser Celandine (Ficaria verna) are out.
And today, I watched a Red Kite (Milvus milvus) fly past my window carrying a twig for its nest. Sorry, no photo of that.
The only downside is — the dawn chorus is getting louder and earlier. But I shouldn’t complain; I am lucky to be able to hear the birds sing so loudly in spring. And that is another thing that is good for your mental health — bird song.
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 -94, it will be time for my quarterly audit of how my plans to retire in 94 weeks are progressing. I think there may be some shocks,
Thanks
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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.