Invest in yourself

Invest in yourself

Vanessa Stoykov

I read with much interest the new societal trend taking hold – retirees who start a second career after retiring from their first. Over 60’s who decide that they can earn more income as they live longer through exploring the passions that they were not able to in their youth.

The advent of the internet means people can set up their own businesses very cheaply, and have access to distribution and audiences from around the globe. This is good news for people who want to live to purpose and have a reason to keep getting up in the morning. It’s also better news for the economy, to have people still productive and earning well into the supposed retirement years.

One of the biggest things people can do to make this idea a reality in time to make it pay is to talk to a financial adviser in their 50’s. You need access to the knowledge of setting up systems for a small business, figuring out things like BAS, understanding super rules, and how to be tax effective in earnings. This knowledge is not innate and, if done well, can really contribute to a financially viable and possibly even saleable second career.

It also takes time to form a business plan. Sometimes years. So the more time you give yourself to explore your options, the better the outcome will be.

Some great online businesses have come from retirees who have started a second career.

Like Tricia Cusden, who started on online business called lookfabulousforever.com

This is a site that teaches older woman how to wear makeup in a flattering and age appropriate style. Her site also sells makeup and tutorials. All this came from Tricia’s passion for looking good as she was getting older – and also her need to supplement her retirement income.

Or Lydia Morrow, who now walks busy executive’s dogs daily, hires high school students to help and supplements her income by $700 a week – all by sticking up a flyer in her local coffee shop.

There are countless ideas that can make good money and great opportunities to make a difference and have income to either invest or live on. So if millennials are faced with the so called ‘gig’ economy, those of us that are getting older may want to look at the opportunity to start again – this time doing something different.

Finding investment products that produce regular income through a dividend stream might be an ongoing solution to cash flow and lifestyle, while capitalising on a second-time-around career.

It’s all out there – so start thinking – you never know where it might lead.


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