“Do what you love to earn money” – a piece of advice that many have gotten. But it is only when you step foot into the practical world that you realize it is not that simple.
As per William Schantz, passion does not always bring in money. For a majority, it is a job that is not even liked, yet they keep doing it. All while yearning for that missing piece, the peace that comes with doing what they love.
Thanks to the unlimited opportunities that technology has granted everyone, gaining that peace is possible in today’s world. Moreover, according to Schantz, with these opportunities, one can work on what today’s world calls a side hustle, especially for early retirement.
What is a Side Hustle?
A side hustle is a small project that one takes upon in comparison to their full-time job. Though it helps earn extra cash, the main focus remains on the individual’s interests. When paired with possible retirement, the benefits increase many folds.
The Ease of Side Hustles as per Schantz
Technology has made it quite easy to work on a project that one wants to invest time in. The internet allows individuals to find connections, engagement, and commerce opportunities. All of which come with the personal freedom of choice.
One can pursue clients and make decisions based on their own capacity, control how much time and effort they want to put in, and assess the future of their hustle without worrying about financials.
This future assessment helps to see how workable the hustle would be. Especially after retirement. Would it be able to fulfill the needs post-retirement? Would it increase productivity? It answers everything.
Financial Security
Some extra money will never hurt.
Even if someone makes six digits a year, it always feels good to carry something extra next to a retirement plan.
As an example, many people were laid-off from their corporate jobs during the times of Covid-19. As per Schantz, a vast majority turned towards their savings for expenditure. However, with a shrunken job market, getting new work was not easy, and dwindling savings made it even more difficult to cope.
At the same time, individuals who had a side hustle set up continued to earn despite having no formal job. Moreover, even if they took help from their savings, they still had money coming in from their side hustle.
So, aside hustle can help in bad times.
Schantz’s Advice
Even though setting up a side hustle might seem difficult for some, it is beneficial in the long run. According to William Schantz, it helps increase both financial and psychological wellness. Along with that, it also boosts productivity, satisfaction, and an individual’s economic standing. Especially for someone who is no longer working ten 8 hours a day like they have all their life.
Of course, when times are bad, having an established side hustle helps to make it through. It provides both financial support and economic security and is an alternative tone that one can establish to create a full-time business in the future.
In short, having a side hustle proves to be beneficial in many walks of life, and the accessibility makes it possible to do so without any limitations on the age, place, or space.
One can establish their interests and also earn from it; all while staying put wherever they are. Additionally, with a lot of time available after retirement, an established hustle can get more attention, and that attention can turn it into something big for sure.
