Photo by Diana Light for Unsplash +
A leading cause of Anxiety for retirees and almost-retirees is FORO – Fear of Running Out – and of course what they fear running out of is Money. In an attempt to relieve their anxiety, many turn to part-time jobs and side hustles to generate some extra Retirement income.
You will find no shortage of intriguing side hustle ideas on the internet. Sample headlines include “12 Great Side Hustles for Retirees,” “12 Great Gigs for Retirees,” “10 Top Side Hustles to Fund Your Early Retirement,” and the list goes on. You can also find (shameless plug) a whole chapter on part-time work in my book The AfterWork: Finding Fulfilling Alternatives to Retirement.
But there is another school of thought – and I am among its proponents – that says the post-career years are an ideal time to pursue passion projects – those activities that are purely for your own enjoyment. This would include devoting time and energy to a hobby, exploring a subject you’ve always been curious about, or rekindling a childhood dream that had to be deferred.
Inquiring minds might well ask: Couldn’t you combine these two impulses? Can you turn your passion project into a side hustle and make it pay? Discerning minds, in response, might ask a follow-up question: If you can, does that mean you should?
First things first. Yes, of course it is possible. Even I can testify to that. Four years ago, I started writing a weekly newsletter about positive aspects of Aging, because I was experiencing aging myself and wanted to share my experiences and research with my peers. Writing has been both my passion and my trade skill. Along the way, this project turned into a revenue generator, rewarding me a princely sum that averages out to an hourly wage of $4.80. But that’s okay, because the money was never the point.
Many painters, photographers, stand-up comics, singers, and other creatives got around to pursuing their passions only after finishing career number one and earned money doing it. So yes, it can be done.
But some people whose projects turned profitable have come to regret monetizing them. Writer Richard Sheffield amused himself after retirement by hunting for hidden treasures in vintage shops and selling the items on eBay, but he found that his hobby “rapidly devolved into a soul-crushing job.” To bring the fun back, he stopped chasing the money and returned to shopping and selling for the pleasure of the hunt.
Sheffield argues that we can easily become prey to the messages of corporate life and capitalism. “We can become dopamine addicts, hooked on the high of constant achievement,” he writes. “Doing something purely for joy feels borderline criminal – like we’re committing some financial heresy.” His advice is to “pursue things purely because they’re fun. Screw monetization. Reject hustle culture’s tyranny.”
“Turning a hobby into a business changes the relationship you have with it,” writes career coach Denise Taylor. “What you once did for relaxation, fun, or personal expression now comes with deadlines, customer expectations, and the need to make a profit. That’s a very different experience.”
Her advice: Think it through. “Ask yourself: do I want to make money from this, or do I want to keep enjoying it on my own terms?” It’s not a simple either-or question. People can and have turned their interests into income and find it rewarding. But “not everything we Love has to become a job.”
And there truly is a lot to be said for focusing your energy on things that bring you joy and satisfaction. “Whether it’s painting, Gardening, writing, acting, or crafting, creative pursuits can offer us a renewed sense of purpose and a deeply personal kind of happiness,” writes retirement and Longevity coach Karen Midyet. “What matters most isn’t the outcome, but the joy you feel when you create.” (And, she adds, a part-time job also can help you rediscover “what lights you up from the inside out” if you approach it as something to energize you.)
“Few things compare to the satisfaction of pursuing something you love simply because you love it,” writes Dave Cook, co-founder and CEO of a venture called Raise Your Glass. “Passion projects remind us of what we’re capable of when we follow our curiosity and invest in what matters to us.”
When we do invest in what matters, rewards tend to follow. Some of them might even be monetary – but that’s really not the point, is it?
