If you are fortunate enough to earn or have more money than you and/or your offspring will ever need in this lifetime, this conversation is not for you. With the prolonged downturn of our economy, the rest of us could probably use another source of income. This may be so even if you are working in a field in which you have advance education, certification or training. Other than the obvious, get a better paying job, what are you going to do to supplement your income?
Although I have 20 plus years before I reach full retirement age, I’ve started to ponder what my part-time job will be when I do retire. Somewhat pessimistic, I’ve already accepted that this trend for our economy is the new normal and no matter what I do to plan for retirement, I will have to work a part-time job at the very least. So, in thinking about what my after-career job will be, I’ve decided that I will try my hand at bartending. Why bartending? I enjoy mixing drinks, creating my own concoctions for others to enjoy. And, I definitely didn’t want another job that requires another degree, certification, etc.
In sports, too often athletes wait too long to plan their next careers. Instead of planning while they are in their athletic prime, they may wait until they are in the last year of their contract and it is obvious to everyone that this it. They are easy to spot. They give more thoughtful interviews to show that they’re TV ready. You may also see them sit in as a guest host on one of ESPN’s shows or in the booth when their team is out of the playoffs or they didn’t make it to the final round (for individual sports). When Venus and Serena Williams were both in their early prime, I remember watching one of their matches and the commentators made several comments about how they wished that the Williams sisters would play more tournaments and not focus so much on their outside interests and businesses. Ten years later, Serena is again ranked #1 in the USA. They look like geniuses now, extending their careers pass their peers. Remember when Kim Clijsters retired (to get a break) only to return later? Beyond their tennis play, I’ve admired that they are and have been thinking beyond tennis. Colloquially speaking, they have a “side hustle.” I think all of us should have a side hustle. You can take what you do now for a living and turn that into a side hustle. Turn your hobby into one. Or just find something else that you wouldn’t mind doing to supplement your income. If you’re a librarian, you can do research for small companies. If you’re a cook, you can cater small gatherings. If you like to sew and do so as a hobby, you can sell those services.
What will yours be?