New Zealand is a country known for its entrepreneurial spirt and innovation, and in an era where the gig economy is thriving and the concept of a traditional career path is evolving, the notion of a side hustle has gained considerable traction.
Additionally, as the economic downturn hits harder, people of all ages are exploring additional income streams outside their primary jobs to boost their income and make ends meet.
From driving for ride-sharing services to consulting services to selling a range of goods and services online, there are all manner of side hustles. But aren’t these for the young and ambitious?
No, of course not! What is old anyway? Age is just a number, and don’t they now say that 60 is the new 40? A wealth of experience, skills and wisdom are all invaluable assets and mature individuals often possess a depth of knowledge that younger people may lack.
Those years spent honing skills and developing expertise in a particular field can translate into lucrative opportunities for side hustlers.
Life experience fosters resilience and adaptability which are qualities essential for navigating the uncertainties of entrepreneurship. Older adults are more likely to have weathered economic downturns, career setbacks and personal challenges, equipping them with the tenacity to persevere in the face of adversity. They understand that success rarely comes overnight and are willing to put in the time and effort required to build a sustainable side hustle.
Another advantage of pursuing a side hustle later in life is the freedom it offers for exploration or trying something completely new. Retirement no longer signifies the end of one’s productive years but rather a new chapter filled with opportunities for personal growth and fulfilment. Whether it’s pursuing a passion project, turning a hobby into a source of income, or simply staying intellectually engaged, side hustles empower older adults to maintain a sense of purpose and vitality which is crucial for longevity.
Additionally, technology has made entrepreneurship more accessible by making it easier than ever for individuals of all ages to launch and manage their side hustles. From online marketplaces to social media platforms, digital tools provide a level playing field. Older adults can leverage these resources to reach a global audience, connect with like-minded individuals, and stay abreast of industry trends, all from the comfort of their own homes.
Let’s look at some examples:
Consider Mary, a 57-year-old accountant based in Auckland. Despite her decades-long career in finance, Mary felt a longing for some creative expression beyond spreadsheets and tax returns. Inspired by her love for photography, she decided to launch a side hustle as a freelance photographer specialising in landscape and portrait photography. Leveraging her network and social media platforms, Mary began with gigs for events, family portraits, and even selling prints of her stunning landscapes. What started as a creative outlet soon blossomed into a thriving business, allowing Mary to indulge her passion while generating additional income on the side.
Similarly, meet Joe, a retired schoolteacher from Nelson. Upon retiring, Joe found himself with too much free time and a desire to stay mentally engaged. Drawing upon his decades of teaching experience and expertise in maths, Joe launched a side hustle as a private tutor. Offering individual tutoring sessions to high school students struggling with maths, Joe found both immense fulfilment in helping young minds unlock their potential, a sense of purpose in retirement and a supplement for his NZ Super, enabling him to enjoy a comfortable lifestyle while making a difference in the lives of others.
Meet Sophia and Remi who have two teenagers. They are struggling with their mortgage payments due to high-interest payments. They signed up with an agency that specialises in finding accommodation for students. Now, they have a Japanese student paying them $325 per week in return for a room and meals. They are cooking anyway for their own family, so it takes only a few hours extra a week and they get the added bonus of learning more about the Japanese culture.
Of course, embarking on a side hustle isn’t without its challenges. It requires dedication, perseverance, and a willingness to step outside one’s comfort zone. Balancing multiple responsibilities, managing time effectively and navigating the uncertainties of entrepreneurship can be daunting, particularly for older adults with established routines and obligations.
However, with careful planning, realistic expectations, and a supportive network, the rewards of a side hustle far outweigh the risks.
Lisa Dudson is an investor, entrepreneur and author of eight bestselling personal finance and property investment books. She has been a media commentator on financial issues for more than 20 years and is known for pragmatic, meaningful and easy-to-understand financial advice. She is a director and shareholder of Saturn Advice and National Capital and provides financial and property advice through her consulting business www.acumen.co.nz Lisa’s advice is of a general nature, and she is not responsible for any loss that readers may suffer from following it. She cannot correspond directly with readers or give financial advice.
