second act income opportunities

“Second Act” Income Opportunities to Explore

Retirement is no longer what it used to be. In fact, many now refer to it as their “second act,” viewing it as a chance to remain active and productive while still enjoying the numerous positive aspects of retirement. Leveraging the myriad skills you’ve developed throughout your lifetime can be a great way to help you accomplish these goals while potentially earning extra income. 

Below are some ideas to consider, if you’d like to use your skills to potentially generate supplemental income: 

Provide Consulting Services

Most accomplished professionals have a skillset that is likely in demand by certain individuals or small businesses. And, transitioning from a full-time profession to part-time consulting can be a great way to begin working at your own pace while still generating potential income. Spending some time considering exactly what skills you can offer, and what group of people is likely to need them is a great starting point when considering consulting. 

For instance, if you have strong writing skills, consider helping high school students with their college application essays or submit articles to your favorite publications. If you’re a social media professional, consider providing those services to small companies. The range of consulting services to explore is expansive. And don’t forget those skills that may just be hobbies. If you’re a skilled musician, artist, or cross-stitcher, consider offering lessons.

Teach at a Local College

Becoming a guest lecturer or an adjunct professor at a college or university (online or in-person) is a great way to keep your skills sharp and potentially earn extra money. While many colleges require instructors to have a PhD, particularly to teach graduate courses, others may only require a master’s degree. Community colleges or technical schools may only require a bachelor’s degree, along with relevant experience in your respective discipline or field. Connecting with contacts at a university’s satellite campus in your area can be helpful in identifying their specific requirements and in uncovering local opportunities. Reviewing course books from these institutions can also provide insight into how your skills might match with their curricula. 

Sell Items in an Online Marketplace

As you approach your retirement years, it’s not uncommon to realize just how many goods and personal belongings you’ve accumulated over the years. It’s likely many of you have a range of sporting good, exercise equipment, furniture, and home furnishings that are no longer being used. Depending on their condition, many of these goods can be suitable for listing in an online marketplace. Craigslist, Facebook Marketplace, or eBay are some of the more popular outlets, but a quick online search can uncover a host of other marketplaces that may be suitable as well. For craftspeople, setting up a “shop” on Etsy can help you launch a business selling handmade items, vintage goods, and craft supplies. Before getting started, be sure you understand any legal requirements for small businesses selling online. 

There are many options to explore when considering “second act” income generating opportunities. Speaking with a Southwestern Investment Group advisor is a great way to help you sort through your options. We encourage you to contact one of our advisors today to get started.

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