Tag Archives: encore careers

Starting a Business to attain Findependence

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Unsplash: Chris Liverani

By Devin Partida

Special to Financial Independence Hub

Many people seek the life Findependence [aka Financial Independence] can bring. While there are many ways to achieve this status, one great way is to start a business.

Building a company can be daunting, but it’s vital to consider if it’s something you really want to do.

How does starting a Business help you reach Findependence?

Many business owners trying to obtain findependence implement an exit strategy. This is where the company still operates normally but doesn’t rely on the person who started it to do the work. In other words, the company is automated to function without intervention from the owner. Other people prefer to sell their organization and live on the profit they get from it.

Instead of selling the enterprise, another route is to invest the capital in different areas. Some entrepreneurs use the profit their business generates to create additional passive-income streams.

You can invest your money in many different areas to reach findependence. Here’s a summary of a few popular avenues:

● Roth IRA: This individual retirement account [in the U.S.; similar to Canada’s TFSA] offers the investor tax-free growth and withdrawals. To withdraw money from an IRA, the owner must own the account for at least five years and exceed the age of 59 and six months.

● Property: Many entrepreneurs decide to invest their capital into real estate to sell or rent it again. Buying property could be an excellent chance to obtain passive income, which can aid with the end goal of reaching findependence. However, real estate might have additional costs, such as hiring someone to manage the investment for you.

● The stock market: You can’t talk about investing and not mention stocks. Most people are already familiar with this option, where someone purchases a portion of a company and receives shared ownership. Stocks can also generate monthly passive income via dividends, but many consider them high-risk investments.

If investing company profits to reach financial goals is something you’re interested in, there are other opportunities to look out for. Consider researching bonds and index funds to determine if they’re something you want to invest in.

What kind of Business should you start?

The type of organization you should start comes down to personal preference. Consider looking at your interests and what excites you. Many entrepreneurs create a company around what they already know. For example, if they have coding experience, they could build a business offering customers web development services. Whichever idea you choose, ensure you conduct sufficient research to know what it will take to make it a success.

Here are a few popular business ideas: Continue Reading…

Retired Money: Suddenly Retired while Covid lingers

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My latest MoneySense Retired Money column looks at how the last two years of the Covid pandemic may have caused many older workers to find themselves suddenly retired, whether by their choice or not. You can find the full column by clicking on the highlighted text: Does it make sense to retire when we’re still in a pandemic?

Depending on when you had originally planned to retire — typically the traditional Retirement age in Canada is around 65 — the unexpected loss of Employment income may create any of several possibilities.

A major one is Semi-Retirement: a sort of half-way house between full employment and traditional full-stop Retirement. They may embrace a so-called Portfolio Career, generating multiple streams of income: employer pensions, government pensions, investment income, annuities, self-employment income; rental income, book royalties, speaking fees and the like.

Those in their early 60s may decide re-employment is not in the cards, which means a severance package may be your ticket to launching an encore career and becoming self-employed.

While self-employment may seem scary to those who spent more of their careers as salaried employees, self-employment doesn’t necessarily mean starting a business and employing others. Freelancing or consulting is typically a one-person gig; it may even just mean cobbling together several part-time jobs.

The column also addresses the possibility of downsizing to a smaller or less expensive place in the country, which many sudden retirees have done during the Covid era. Of course, the whole WorkfromHome phenomenon has shown how new technologies like Slack and Zoom make it possible to work remotely from anywhere with a reliable Internet connection. Two years into living with the pandemic, such technologies seem to have become permanent fixtures of working, whether remotely or a hybrid of commuting and telecommuting.

Those who were already near retirement and who enjoy good employer pensions and/or solid nest eggs from RRSPs, TFSAs and other savings, may decide they can get by without finding new employment or braving the waters of self-employment.

Time may be worth more than money

The column quotes financial marketer Darin Diehl, laid off at age 60 before Covid: “Even before Covid, my wife and I were thinking about whether we’d stay in our Mississauga home for the transition years into retirement, or downsize and relocate out of the city … Covid caused us to think about our options more thoroughly.” Continue Reading…

How to enjoy your retirement while getting paid

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By Carlos Blanco

Special to the Findependence Hub

Spending a week in Napa’s wine country, enjoying the good life during retirement, and meeting new friends. Sounds like a dream, right? Having the chance to do all this and be paid might sound too good to be true, but I assure you: it’s possible!

For more than a year, I’ve been using an app called Instawork to pick up shifts whenever and wherever I want. I found the platform through a friend and began using it to pick up shifts in order to build a work schedule that best suits my personal schedule. It’s been a wonderful experience where I’ve been able to meet new people and experience different facets of the world. As a friendly guy who likes socializing, it’s been a perfect fit for me.

Prior to using Instawork, I worked as a journalist. That ranks up there as one of the most stressful careers you can have. That kind of stress can take a toll on you after a while and with me it did. The hospitality shifts I’m working now are much more relaxed and I’m truly enjoying myself. From coordinating and assisting at events throughout the year to interacting with clients and guests at a variety of different locations, no two shifts are the same. As an added bonus, I can expand my budding coaching career and attract new clients from different walks of life.

Despite Great Resignation, many still want to work

There’s a lot of talk right now in the news about the Great Resignation and the Great Reshuffle and how people don’t want to work or how the economy is dying. The pandemic shook everything up and made a lot of people reevaluate how they were living their lives and what they wanted out of work. In my view, the economy is not dying and people absolutely do want to work. They just want to do things their way, on their terms, be treated fairly, and to get paid well while doing it. The country and its hourly workers are in a period post-pandemic, where people are just transitioning from one place to another and deciding what type of jobs works best for them. Continue Reading…

Three in four Canadian Women want to start a Side Hustle

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Side hustling is on the minds of a majority of Canadian women, according to a survey conducted by Angus Reid for Simplii Financial.

Fully 90% of Canadian women aged 18 to 34 are interested in exploring opportunities to earn money outside their day jobs, the survey found. And across all age groups, 76% are interested in starting a side hustle.

Most of these women are hoping to find more ways to save for major life events, including early retirement, making a down payment on a home, and growing overall savings for their futures.

This Tuesday, March 8th is International Women’s Day, and to celebrate, Simplii Financial will be hosting a special virtual event: the #SimpliiSideHustle panel [Link below.] It brings together three barrier-breaking Canadian women who have launched successful businesses, and who will offer their advice to those looking to start their own side hustles.

The panel features Canadian entrepreneurs Abby Albino (@abbyalbino on Twitter), Avery Francis (@averyfrancis), and Zehra Allibhai (@zallibhai), who will share the challenges they faced in starting their sneaker, consulting and fitness businesses, respectively. They’ll also share how they’ve challenged gender stereotypes that disempower women, to support a more equitable future.

Start-up capital a barrier for women seeking side hustles

Despite the high number of women looking to launch side hustles, more than a third of all women surveyed, and nearly half of those aged 18 to 34, indicated that lack of start-up capital was a barrier to pursuing their side hustles. Continue Reading…

12 creative ways to earn money Post Retirement

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What is one creative way to earn money post-retirement? 

To help retirees find creative ways to earn money, we asked business consultants and entrepreneurs this question for their best tips. From offering peer-to-peer storage to substitute teaching, there are several creative ways that may help you earn money and stay active post-retirement.

Here are 12 creative ways to earn money post retirement: 

  • Peer-to-Peer Storage
  • Lease a Car On Turo
  • Become a Movie Extra
  • Get a Part-time Audio Transcription Job
  • Freelance Writing
  • Consider Airbnb
  • Rent Out Property
  • Try Driving
  • Affiliate Marketing 
  • Blogging
  • Become a Consultant 
  • Become a Substitute Teacher

Peer-to-Peer Storage

During retirement, many folks seek out sources of passive income like renting, yet often want to avoid the responsibilities and potential problems associated with landlordship. Peer-to-peer storage is a creative compromise. Instead of renting out living space, owners can rent out storage space, such as garages, spare rooms, and closets. These arrangements tend to be easier to end if necessary than tenancies, and involve much less interaction with renters. Retirees are likely to have some extra space in their houses, and putting these rooms to work is a great way to generate extra revenue. — Michael Alexis, TeamBuilding

Lease a Car on Turo

Services like Turo allow customers to borrow someone else’s car for a set period of time. Why not lease out your car to them? Yes, if you’ve got a car, or multiple cars, then you’re ready to become a car-sharing entrepreneur. Some people can earn $10,000 or more by sharing their cars on Turo. The more cars you offer, the more you can earn! — Brian Greenberg, Insurist

Become a Movie Extra

Although it is usually not a very profitable venture, it can become a lifestyle for many. Playing a small part or a background role in TV or cinema productions can be very enjoyable and allow to meet interesting people and even see famous actors. After establishing relationships with casting agencies, it is relatively easy to find some gigs regularly. That’s especially the case for productions recorded during working hours when most professionals are busy with their 9-5s. — Michael Sena, SENACEA

Get a Part-time Audio Transcription Job

Audio transcription is the process of typing out recorded audio, such as podcasts, business meetings, and qualitative research interviews. Transcription agencies regularly hire typists to work 100% remotely as independent contractors. The work is often flexible and can be done on your own schedule. When applying for a transcription job, you’ll usually required to complete an aptitude test that involves transcribing some sample audio. — Chloe Brittain, Opal Transcription Services

Freelance Writing

A great backup plan or extra income is freelance writing. There are so many writing opportunities and contracts for part-time work or a side hustle. Fiverr is an easy place to find extra writing work on the side, you can create your own profile and upload previous work for companies to find and hire you. Plus, you can work from home with freelance writing. — Michael Jankie, Natural Patch

Consider Airbnb

If you have an extra room or an extra property you only make use of seasonally, you may want to consider listing it on Airbnb. Hotels are often too expensive or inconvenient for some travelers, making Airbnb an attractive alternative. You can be as involved in running your Airbnb as you want, or take a largely hands-off approach to making money post-retirement. — Lily Yu, Oak Springs Realty

Rent out Property

One popular option for retirees and senior citizens with extra space or multiple properties is to rent out their spare rooms and suites to people looking for short-term housing options. This can be especially beneficial if you own a vacation property that you only use sparingly but would like to earn an extra income. Many websites allow people to find renters quickly, so take some time to research which ones are best suited to your needs. — Chris Thompson, Backdoor Survival

Uber or Lyft Driving

The best Uber and Lyft drivers I’ve encountered have been retirees. They’re working because they want to, not because they have to. They’re upbeat, conversational, and usually know the geography of the area like the back of their hand.

If you’re retired and don’t like sitting around the house all day, why not carve out a few hours of your afternoon giving people a lift (no pun intended)? If you live in proximity to the airport, most of your customers will be people from out of town that you will enjoy conversing with. It’s an easy way for retirees to earn extra spending money and passengers generally enjoy their company. — Jon Carder, Vessel Health

Affiliate Marketing

Affiliate marketing is one of the most effective strategies to boost retirement income. Once set up, it will continue to generate income pretty much without any intervention. And there lies the appeal, it can be completely passive or operated with just a few hours a week and the help of a virtual assistant, or a younger family member. Continue Reading…