Are investments not earning you enough money? Try these side gigs to increase your total return
Retirees who are dependent on investment performance have the most to gain from obtaining other sources of income during periods of market volatility.
First and foremost, retirement should never be all about investment performance. It’s necessary to take into account periods of market turbulence and have contingency plans in place should you need to wait out a rough patch in the markets. The most conservative investors are getting hit the hardest, in some cases, as they typically invest mainly in cash and bonds. With inflation not seen in decades along with the current bond correction, conservative investors may not have the ability to outlast the correction without selling assets.
But for those able to wait out the market correction and also want a bit of extra income, fortunately, the hustle/side gig economy is just getting started and is expected to be a growing source of revenue for more people in the near future.
If you have an asset, you can increase its utility by renting it out or at the very least turning it into a space to generate your next freelance income idea. A spare room can be rented out on Airbnb, and a car that you don’t need to use daily can be rented out on Turo or Hyrecar. Storage spaces can be rented out; even if this brings in $100/month this can be put toward the cost of increasing health premiums, making all the difference!
If you have something to teach, consider creating a video course on Udemy or publishing Kindle books - all of which have the potential to generate passive income forever. If you’re into in-person groups, consider creating an “experience” on Airbnb Experiences, Meetup and Eventbrite. A group idea might be hosting a cocktail party or leading a hiking tour up a mountain.
If you’re an artist, consider sharing your work with the world to make it a better place! Etsy is the biggest marketplace for art and Artsy is great for fine art. UGallery will market and sell your art on your behalf. Enter in competition at Artshow or teach your craft on Udemy and Youtube.
Stay away from high-risk gambles, like NFTs, land/house flipping, and anything else that “promises” an easy and quick highly profitable return. With increased interest rates, money is more expensive and the big investors have since decreased leverage and their risk exposure, causing a vacuum in crypto, tech stocks, and next, possibly, the housing market. The side gigs above don’t require a financial investment yet offer unlimited financial return; there’s no reason to risk what you’ve saved.
At Eureka Wealth Management, I can help you with your business plan that can turn your efforts into lasting income for life, which can be a great supplement to your investment portfolio. I also offer investment management, financial planning, and tax/estate strategies. Call for a free consultation at (760) 537-0791 or online at eurekawealthmanagement.com.
Side gig search engines:
Side gig apps:
Rover - dog walking
Handy or TaskRabbit - crafty work or labor
Flexjobs - tech
Upwork - misc
For additional ideas, check out these resources