Hello, I’m Coach Ledford and welcome to another exciting edition of Your Best Retirement.
“Being rich is better than being poor, if only for financial reasons.”… Woody Allen
It’s OK to still want to work even though you may be officially retired. As we’ve said in earlier episodes, the idea of retirement is still a relatively new concept, it didn’t even exist just a century ago. Heck, until a couple of months ago we had two 80 year olds wanting a side hustle so they were running for President.
3 Reasons NOT to go for that Side-Hustle:
The first reason NOT to go back to work after retirement is for the money if you don’t need it. The world needs your experience, talent and wisdom for the greater good.
The second reason NOT to go to work even part time is out of boredom! Instead go “knock out” something on your “Curious List”. If you are just joining us, we have presented on numerous occasions a document called the Curious List. It’s not really a “bucket list” but rather it’s a list of things you want to research and give strong consideration with which to become involved.
Some of these items might include: travel and lingering in a foreign country, learning a new hobby, writing that book that has been in the back of your mind or some other worthy use of your new found free time.
The third reason NOT to go to back to work is related to the second reason and that is, an excuse to get out of the house. As one wife put it:
“I married you for better or for worse, but not for lunch!”
In her new book “Be Good With Money,” author Michelle Arpin Begina states there are really only 4 what she calls “Emotional Money Drivers” that are fueling your “go back to work” desire.
Today, You are the story. Evaluate which of these “Money Drivers” are pushing you to pursue that side hustle.
1. Security
20% of retired Americans must continue to work to make ends meet. That’s a 100% increase over just 10 years ago. Everyone has their own comfort zone, but if you can meet your financial obligations with a little wiggle room left over, this probably is not the key emotional driver pushing you to go to work.
2. Power
Earlier in my career I was a professor in the field of Organizational Management and in the course on Leadership, power was defined as “the potential to exert influence.” Think deeply, is there some “outcome” for someone or something you want this money to achieve? If so, become clear about your purpose in measurable terms. Be honest with yourself! If this is a “cause” that you are willing to as they say “not barter over the price?” Then you go. You don’t need anyone’s permission, which brings me to the next driver.
3. Freedom
Most people would agree the “desire” for freedom is at the heart of the human spirit. If you are considering a side hustle to gain more freedom it means you are giving yourself “permission” to make choices and you don’t have to ask it of anyone else. Of course husbands and wives need to come to some basic agreement on this but if freedom is your primary emotional driver then YOU are willing even enthusiastic about doing the “heavy lifting” that brings the outcome to fruition.
Freedom also means that while you are getting what you want, it in no way reduces the freedom of other people pursuing what they want. In other words when your driver is freedom, you are not accountable to anyone but yourself with what you do with your side hustle money.
4. Love
Of course you are doing the side hustle out of love, and as you might guess it usually is coupled with one or more of the other 3 drivers. Be clear though when giving your hustle money to someone or something you want you are trying to gain a greater connection with that person, place or thing. With the right balance this can enhance the quality of life for everyone involved.
Be honest with yourself, is this money going to actually disable the beneficiary where they lose the challenge, pain and joy that goes with standing on their own two feet?
“Don’t set an anti-goal”
Whatever your emotionally driven reasons for wanting a job during your retirement, do not make it an anti-goal, another term coined by the author of Be Good With Money. It means make your drive toward something you want, and not just about something you don’t want or are trying to avoid. Your confidence will be higher, your energy will be stronger and your outcome will be greater.
Challenge Tracker Question(naire)
As we said earlier the story in this episode is about YOU. Find the Challenge Tracker below. It provides a questionnaire we want you to think about deeply. Now is the time to give clarity to the Emotional Money Drivers that are propelling your desire to implement your side hustle.
Every side hustle is motivated by one or more of these drivers: Love, security, power or freedom.
Identify the Emotional Money Drivers for your preferred side hustle.
2nd Half Expo
By the way, Your Best Retirement is coming to the 2nd Half Expo. Saturday, October 19th from 8am -1pm at the Cowboy Hall of Fame in Oklahoma, City, stop by and see us.
What do the Scriptures say:
Did you know the Bible contains over 2,000 verses concerning money, and 15% of Jesus parables related to money and possessions. We all know the verses about being born with nothing and leaving the same way, not being able to take anything with us from our labor.
Proverbs 30:9 paraphrased
Lord, give me neither poverty nor wealth, but just give me what I need, lest I have too much and say “Who is the Lord?'“ and don’t let me be poor where I might steal and bring dishonor to the name of the Lord whom I serve.
Final Thoughts:
Remember to open and ponder the Challenge Tracker questionnaire, hit the share button and send this to someone who also is considering a side hustle, and finally open your e mail next week for another tip, tactic or technique for living Your Best Retirement life, I’m Coach Ledford, see you next time.
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