In recent years, the gig economy has taken over the world, allowing individuals a flexible and dynamic way to earn a living. For women in retirement, this trend has presented a golden opportunity to not only supplement income, but to also regain a sense of independence and, more importantly, purpose.
And, while many are seeing great success from this gig economy, many women struggle to understand exactly how they’ll find a healthy balance alongside everything that comes with retirement … alongside being a powerful woman getting things done!
So, we’ve explored all the facets of the gig economy, its relevance to women in retirement, and how to navigate this exciting type of economy to work for YOU! So we can empower women to master the gig economy in retirement.
What is the gig economy?
Wondering what the “gig economy” actually is? It’s basically a free market system in which temporary positions are common and organizations hire independent contractors or workers for short-term commitments or freelance work.
If you think about most jobs these days and even industries that people wish to work in, most associate with some kind of freelancer or contractor, and it’s becoming increasingly common.
Types of gig work
Action step: develop a retirement “business plan”.
Spice Up Your Investment Portfolio
You know your investment strategies don’t retire just because you do? Revisit your portfolio and consider diversifying into ventures that excite you. Have you ever thought about angel investing in a start-up that you believe in, or even getting into real estate?
Even if you don’t have investments currently, put it into consideration. Even if you only invest a small amount, or only invest in small local projects, there’s still rewards to reap – even if they’re mostly philanthropic.
Action step: research exciting investment opportunities and consider consulting a financial advisor for ideas.
The Gig Economy: Your Playground
Ever heard of the “gig economy”? It’s defined as a labor market characterized by the prevalence of short-term contracts, or freelance work, as opposed to the traditional permanent jobs.
And, in the current world today, the gig economy is thriving. With platforms like Upwork, Freelancer, and Etsy, there really is a gig for nearly every skill and interest. From consulting to crafting, if you can find what lights your fire, you can easily make a bit more money.
Before we go any deeper, we want to remind you that you don’t have to have millions in investments and an entire, seamless business and website to sell your knitted products with hopes of making thousands. It can be as simple as investing a small amount into some things, and using whatever you’re good at to pull in a few extra dollars a week.
It shouldn’t be about grinding yourself to the bone, it should just be about having fun and stretching out your limbs to see what you can incorporate into your life, in an easy and realistic, but still challenging, way that really works for you.
Action Step: list your skills and interests, then match them to potential gigs.
Get Social and Make Money
You’ve got a lifetime of experiences and, likely, a pretty good gift of the gab. Why not start a blog, podcast, or even a YouTube channel sharing stories, offering advice, and monetize your platform through sponsorships and affiliate marketing?
Based on the years you’ve been on this planet, you have a wealth of insight that can be useful to many.
And it doesn’t have to be all business either. Remember that list of passions or goals you want to enjoy? Let’s say one of them was to start gardening. You could start up a blog, podcast, or TikTok sharing your progress, what you’re learning as you’re going, and develop basic tips that would have helped you.
It’s one of those things that can be really tough and jarring when you think about the big picture. But when you consider your interests and how you can easily spend a few minutes a day to max out your earnings, things become not just more beneficial, but fun too!
Just imagine what you could learn by teaching others … There’s a reason we want to empower women like you to master the gig economy in retirement!
Action Step: identify your niche and the medium that best suits your style.
Stay Physically Active While Making Money
Remember the Iron Nun? Yes, we’re going to spend a quick moment to return to her sentiment. Have you ever considered staying physically active while making money, too?
Ever thought of becoming a part-time fitness instructor? Ever consider taking photographs of the views you get on your hikes and selling them for money (yes, you can do that right here!)?
The best part about staying physically active while building wealth is that physical activity can dramatically improve your overall health, well-being, sleep, energy, and more. Meaning there’s more life and more room for good things too!
Action Step: Look for ways to incorporate fitness into your life and/or wealth-building
Even the Iron Nun knows the value of rest days. It’s essential for everyone to keep a balanced life where work, family and self-care can coexist in harmony. But especially in retirement. Don’t forget to prioritize your self-care in your wealth-building journey. It may not sound like the adventure you’re looking for, but it’ll lend into so many beautiful experiences (and the presence to enjoy them too!)
Action Step: schedule regular self-care rituals—whether it’s a spa day, meditation, or even a simple walk in the park.
Your Challenge Awaits
While you might not become an Ironman triathlete (but, who knows, maybe you will!) your quest for a challenge to build wealth can be just as thrilling – believe me! Use this newfound free time to dive back into the world of exciting projects, investments and self-improvement.
Because retirement doesn’t have to mean the end.
And that’s why we’re empowering women to master the gig economy in retirement. Because if the Iron Nun can compete in triathlons at 80, you can definitely conquer your financial goals in style and thrill. Your vast experience, combined with the freedom retirement offers, makes for an exhilarating mix of opportunities. So what are you waiting for? Your challenge awaits!
Ready to go from bored to boss? Start your journey towards wealth and personal growth today. You’ve got this!
To learn more about the current state of retirement today, ways to build wealth, and more on retirement savings, explore the full range of articles at Earn Money in Retirement.