When thinking about retirement one of the key points is finding a way to increase your savings. You can achieve that in two ways. You can increase your earnings and lower your expenses.
Sometimes increasing earnings is difficult to do right away and requires casting hooks for a new job; or as it is in the case of teachers you have to take a certain amount of university coursework to step into a different lane in the salary schedule. Whatever your situation is you know it will not be immediate or easy.
In that case, lowering your expenses may be the most immediate option. Challenging every single dollar you pay for any product or services should be part of your path to be in a better financial situation.
However, the one thing that needs no delay and can help making you some extra money is a side business. What kind? Well, it depends on what you enjoy and what you would like to in down times.
This is an opportunity for you to explore what your interests are, your inclinations; what Sir Ken Robinson refers to as “The Element.” We all have it. We have talents that can bring a lot of satisfaction in our lives. Unfortunately, sometimes we get caught in the hamster wheel and we just run from 9-5 leaving behind every drop of energy and creativity in us.
Therefore, it is so important to find the time to exercise, meditate, go on walks or whatever your jam is when you can clear your mind and think about what you truly enjoy, or what you really would like to do.
If it’s something you don’t know much about it, don’t give up on the idea. Not knowing about it today doesn’t mean you can’t learn it. It may take a while, but if it’s something you are really interested in, even going through the process of learning the needed skills will bring a bundle of satisfaction into your life.
In my particular case, my side hustle has been photography and wood-working.
I didn’t know much about photography and lighting but that didn’t hold me back. I researched different sites online, got some books from the library and started experimenting. I would come home after work and after the kids went to bed I would do Photoshop lessons at my own pace and use my wife as a model. It wasn’t long until I started doing family sessions, weddings and making some extra cash on the side.
Also when you turn an interest or hobby into a side business, you also get to reap some tax deductions for your equipment that otherwise you would have to pay out of pocket.
If you haven’t tried a side business, give it some thought and try to find your Element as you make some extra cash to help you along the way.