Money Answereth All Things

“You do not have two weeks.”

The declaration was a flat, authoritative and jarring statement delivered by a highly respected oncologist in a lab coat. It was, of course, designed to focus my attention on the seriousness of my sudden cancer diagnosis.

It worked.

I had been admitted to the hospital the previous day on an emergency basis after a routine blood test. The lab work had shown abnormally low counts of white blood cells, red blood cells and platelets. Low, as in, crashing through the floor. Low, as in, “People who come to me with numbers like yours usually do not walk out alive.” Low, as in, this may be a lost cause.

In combination, the lab analysis of those three measures were as close to a death sentence as one would find.

The chemotherapy to treat what was classified as Acute Myeloid Leukemia began as soon as the well-oiled cogs of modern medicine could slip into gear. Over the next weeks, between bouts of pain, discomfort, nausea and other less genteel bodily functions, the one thing that did NOT bother me was money.

I had bought what he was selling

When a well-spoken young man had visited my workplace offering a payroll-deductible insurance program, I was initially skeptical. Nothing unusual there; a lifetime in sales had taught me to be generally skeptical of anyone selling anything. However, given my age (well past 60) and family history (heart disease, cancer) I accepted the proposal for cancer and heart disease policies covering out of pocket expenses. Medicare would handle the doctors and hospitals, but the loss of income and incidental expenses arising from extended hospitalization was a nagging thought.

I bought the policies, mentally filed them under “I’ll probably never need that,” and went about my business.

Two years later, cancer suddenly WAS my business. A few days into the hospital stay, when the pain and side effects of the chemo subsided sufficiently to let me think clearly, I found I was intensely interested in the terms and conditions of the cancer policy. I began to hack my way through the 9-point font of an Adobe Acrobat file on a tiny iPhone screen.

Unexpected joy was hidden in the fine print. I — or my widow — would be paid an amount roughly equivalent to the income I would lose.

Turning a diagnosis into cash

The prospect of being compensated for the mere fact of having cancer was a sudden burst of sunlight. I realized then that a dark, unnamed and unacknowledged cloud of worry had hovered over my hospital bed. Having stumbled into a disease I had never contemplated (and which I could not easily spell) had weighed me down with stress: What is this going to cost, and how will I — or my survivors — pay for it?

One happy effect I had not anticipated was how the removal of that mental monetary worry improved my physical recovery. Elsewhere, it is well attested that surviving any life-altering medical catastrophe is made more effective by positive mental attitude. Removing that financial burden was a huge weight lifted, and buoyed my spirits enormously.

I could focus on surviving the chemo and its complications — and they were legion — unhindered by intellectual accounting gymnastics.

Entering retirement with finances in order. Or not.

The Apostle pointed out that when one part of the body suffers, every other part suffers with it. He was speaking of the Body of Christ, but anyone who has ever stubbed a toe in the dark knows the personal, physical application of the concept. When I once broke my little toe on a steel bedframe, EVERYTHING suddenly hurt.

In retirement, many of us are confronted with the uncertainty of finances. The regular paycheck abruptly vanishes, but somehow, the utilities and property taxes (and subscriptions, and medicines, and groceries, and dining out, and birthday presents, and everything else ad infinitum) still keep rolling on.

When monthly income is inadequate to cover monthly expenses, EVERYTHING suddenly hurts.

Enter the side hustle

That may not be your situation. Retirement savings, pension plans, sound financial management and Social Security may have left you in a position where extra income is not required. That is an ideal situation, but still fraught with the uncertainties of inflation, taxes and unforeseen financial upsets. (I lump roof replacement, foundation repair and cancer all into that same scary money pit.)

Besides income, there are other reasons to take up a paid-for initiative during your retirement: Purpose, fulfillment, socialization, travel, and the desire to do things you have never had the time for, top the list.

Michael F. Steger, published in The Journal of Positive Psychology (2016) offers “WAMI,” the Work and Meaning Inventory. Follow the link and take the simple self-check test, and then figure your score. You may learn something new: If you are contemplating a side hustle, it will add perspective.

According to Steger, work — including a retirement job — can be classified along the lines of either “meaning” or “happiness.” These are reasonably self-explanatory. Meaning is related to a sense of mission, promising deep-seated fulfillment in having participated. Happiness is what it sounds like: Not to be avoided, but also not to be all-consuming. If you can manage to find both in one gig, so much the better.

“So much to do, so little time”

Winston Churchill’s alcohol-fueled observation notwithstanding, each of us has unique gifts, abilities and experiences that can translate to personal income.

Some examples:

• writing

• painting

• consulting

• woodworking

• handmade crafts

• teaching or tutoring

To turn your interests into income, some effort will be required, and likely in an unfamiliar field. Probably no one is going to offer you a paycheck for sitting at home and watching Fox News. Writing a book required that I invest many hours surfing websites and watching YouTube instructional videos to navigate the un-smooth waters of self-publishing.

I am now no expert, but I know what I know.

The fact is, WRITING a book is entirely distinct from PUBLISHING a book, which itself is different from SELLING a book. Once you have created the product (book, doll, coffee table, syllabus, whatever) you are approximately one-third of the way to turning it into a cash deposit slip. Finishing that course is fulfilling in its own way, but it depends on whether you esteem the goal worth the effort.

Making a rag doll offers some happiness if you’re into that sort of thing. Selling your rag dolls to an organization that donates them to a children’s hospital adds meaning.

Whether your priority is the money, or the personal fulfillment, or both, choose a side hustle that will fit your schedule, add interest to your life, and be something you are not reluctant to share with others.

Pro-tip: When deciding on a full- or part-time endeavor to add income to your retirement life, DO NOT seek advice from family and friends. Invariably, because they know you and probably do not want to offend you, they will approve your half-baked scheme.

“Travel back-country roads in Iowa looking for unusual wildflowers that you can plait into cemetery wreaths? Great idea, Claude! You’ll make a fortune!”

A profitable side hustle requires solving a problem that has a price tag attached: If it costs someone money to have the problem, they will be willing to pay you to solve it. That is not the only case where you can find a niche, but it’s a good place to start looking.

Challenge Question

Last week, Coach Ledford posed this question: Identify the Emotional Money Drivers (love, security, power or freedom) for your preferred side hustle.

Today, we follow up with this:

Identify two skills that make you unique; List the people or organizations who can be served with those skills; What will it cost them in the next year to NOT have your assistance?

Download the Challenge Tracker to make your notes. You may find this a valuable exercise. (If you do not immediately receive the email asking you to confirm, check your Spam folder. I find that this sometimes lands there randomly.)

What does the Scripture say?

A feast is made for laughter, and wine maketh merry: but money answereth all things.

Ecclesiastes 10:19

Okay, I’m not exactly sure what all the applications of that passage are, but it seems clear that money is the common denominator that makes everything else work. Until that monthly requirement is managed, nothing else is settled. Of course we can abuse it; the Bible is quite clear in condemning “the rich” who misuse resources and mistreat people.

Prosperity, however, is also a sign of God’s blessing. Consider what the prophet Jeremiah wrote of God’s intention for God’s people:

• Seek the peace and prosperity of the city to which I have carried you (29:7)

• I know the plans I have for you… plans to prosper you and not to harm you (29:11)

And as the Apostle pointed out:

• Let your moderation be known unto all men Philippians 4:5

(Moderation = gentle spirit, graciousness, unselfishness, mercy, tolerance, patience. Amplified Bible.)

So… do your work, do it well, get paid for it, but don’t get greedy.

Thanks for joining Your Best Retirement. Don’t forget to download the Challenge Tracker. It’s free, it’s easy to do, it won’t hurt you, and we will be referring to is as we build toward a Retirement Action Plan.

Our purpose here is not to impart information but to get results. Our prayer and expectation is that through this material you can take steps to live out Your Best Retirement.