Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Euphemism for job: Side Hustle
Old 02-08-2018, 07:28 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,944
Euphemism for job: Side Hustle

ERN has a new article in the Ultimate SWR series:
https://earlyretirementnow.com/2018/...3-flexibility/

Basically, going back to work in a job that will replace 30% of your normal withdrawal will rescue a bad scenario.

But don't call it a job and don't call it work.

Does that mean long-employed can rename what they do as a "Side Hustle" and live happily ever after without retiring?
__________________

LOL! is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-08-2018, 07:40 AM   #2
Recycles dryer sheets
Maenad's Avatar
 
Join Date: Oct 2012
Location: Minneapolis 'burbs
Posts: 218
Yeah, the term "side hustle" has always grated on me - my dad started a business as a second job back in the 80s, and when he got laid off at age 55 in the early 90s was able to easily make it his primary source of income.

And he didn't need no cutesy name for it.

Get offa my lawn!

__________________

Maenad is offline   Reply With Quote
Old 02-08-2018, 07:47 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 20,715
A place I worked at wanted me back for contract work recently.

2.5% WR even without SS. This means no side hustle for me, even if 2008-2009 repeats.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 02-08-2018, 07:53 AM   #4
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,695
If anyone wants or needs to do a side hustle, good for them and no judgement from me.
__________________
A totally unblemished life is only for saints.
frayne is offline   Reply With Quote
Old 02-08-2018, 07:57 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 20,715
Quote:
Originally Posted by frayne View Post
If anyone wants or needs to do a side hustle, good for them and no judgement from me.
Yes.

There's work that I do not mind doing. It's just that my price now to do it is so high, I did not even mention it to them.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 02-08-2018, 08:04 AM   #6
Recycles dryer sheets
 
Join Date: Oct 2014
Posts: 475
I enjoy umpiring baseball games and refereeing volleyball matches. I can't help the fact that I get paid aprox 15K/yr doing those activities. What should I call that?
__________________
-Big Dawg-FI since 9/2010. ER in 2015(failed-mentally not $$). Now back for TMY's.

" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
Bigdawg is offline   Reply With Quote
Old 02-08-2018, 08:13 AM   #7
Recycles dryer sheets
 
Join Date: Oct 2014
Posts: 475
From the link:





"For some historical cohorts where the 4% Rule would have worked even without a side hustle, flexibility would have backfired; you would have gone back to work for years, maybe even a whole decade and afterward it turned out it wasn’t even necessary!"


To me a side hustle is something I do for fun. If you NEED a side hustle then it becomes a dreaded J.O.B!
__________________
-Big Dawg-FI since 9/2010. ER in 2015(failed-mentally not $$). Now back for TMY's.

" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
Bigdawg is offline   Reply With Quote
Old 02-08-2018, 08:19 AM   #8
Thinks s/he gets paid by the post
exnavynuke's Avatar
 
Join Date: Sep 2016
Location: Acworth
Posts: 1,042
To me, a "side hustle" is what you do "on the side" for "extra cash". If it's a necessary source of income then it's just a "job". Whether it's the only job you have, your second or third or fourth job, it's still a job. You're working for a paycheck.
exnavynuke is offline   Reply With Quote
Old 02-08-2018, 08:19 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,808
Quote:
Originally Posted by NW-Bound View Post
Yes.

There's work that I do not mind doing. It's just that my price now to do it is so high, I did not even mention it to them.
Back in the late 70s a very accomplished real estate appraiser I worked with in Chicago retired with a good pension. He was contacted by a company that wanted him to travel to Detroit to handle a complex appraisal. He wasn't interested in working but wanted to keep the company friendly in case he changed his mind in the future so he quoted a price twice what he thought was reasonable hoping they would go elsewhere but wouldn't be too offended. They accepted without a hesitation so he had to take the "side hustle." I moved to DC shortly after that and lost touch so I don't know if the big bucks kept him working or not.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 02-08-2018, 08:31 AM   #10
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 989
They are called Side Hustles because most people doing this sort of thing is as a supplement to a full time job.

That's what I did - I created a small business side hustle out of a hobby, and yes, it nets us about a quarter+ of our typical annual spend. I don't plan to do it forever, but it's not overly time consuming, I do 75% of it while watching netflix, I like it and I have no boss but me, and can stop or start whenever I like, so it's definitely not a job.
Aerides is offline   Reply With Quote
Old 02-08-2018, 08:38 AM   #11
Thinks s/he gets paid by the post
Huston55's Avatar
 
Join Date: Jul 2011
Location: The Bay Area
Posts: 1,980
Seems the conclusion of his blog post is buried in...well, the “Conclusion.”

That being: Don’t FIRE until you have liquid NW well over 25x annual expenses. Not really a revelation but, perhaps his post (and all the accompanying simulations) will resonate with folks on the edge and considering FIREing, especially those under 40.
__________________
You may be whatever you resolve to be.
Huston55 is offline   Reply With Quote
Old 02-08-2018, 08:40 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,574
Quote:
Originally Posted by Bigdawg View Post
I enjoy umpiring baseball games and refereeing volleyball matches. I can't help the fact that I get paid aprox 15K/yr doing those activities. What should I call that?
I consider my bargain hunting a sort of side income. I keep a list of the value of freebies and discounts each month. Last month it was almost $2K, and most of it nontaxable. Having lower expenses helps us keeps our MAGI low enough for ACA tax credits worth another $1.7K a month. I don't have to do it, but I enjoy it along with optimizing expenses and implementing sustainable living ideas like reducing our energy and water usage, and combined those hobbies will keep our long term withdrawal rate close to zero (after pensions and SS).
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline   Reply With Quote
Old 02-08-2018, 08:45 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,925
My small business isn't a side hustle, as I didn't start it until a few years after I FIREd. I did it more as a favor to my old boss than through any attempt to generate income. It made my old job much easier for my replacement than it was for me. Amazingly it has gone from generating a couple $K per year to over $50K per year. And that doesn't count the really significant amount of Amazon and Discover points I make, which is tax free income. We haven't paid cash for anything on Amazon in years. I do feel like I'm working sometimes, but I also have days, weeks, and sometimes months at a time where I don't do anything. Like Aerides I tend to do most of it at night when the TV is on, when I tend to putz on the computer anyway.

I sometimes wonder how I'll ever get out of it, though, at this point. Maybe I can pass it on to DD and it can become her side hustle.


Edit: To tie this in with the main point of the OP, the small business has lowered my withdrawal rate from my originally planned 4% to around 2.5%. That's made our retirement much safer, as well as adding to DD's eventual inheritance. Not why I did it, but a nice side effect.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 02-08-2018, 09:16 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Aug 2005
Posts: 2,108
Quote:
Originally Posted by exnavynuke View Post
To me, a "side hustle" is what you do "on the side" for "extra cash". If it's a necessary source of income then it's just a "job". Whether it's the only job you have, your second or third or fourth job, it's still a job. You're working for a paycheck.
Yeah, I was just about to say this. "Side Hustle" also makes it sound like something fun, and a bit more glamorous, then "second j*b", "part time j*b", etc...
Andre1969 is offline   Reply With Quote
Old 02-08-2018, 09:54 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,822
Quote:
Originally Posted by Maenad View Post
Yeah, the term "side hustle" has always grated on me - my dad started a business as a second job back in the 80s, and when he got laid off at age 55 in the early 90s was able to easily make it his primary source of income.

And he didn't need no cutesy name for it.

Get offa my lawn!

I don't like the term either. A "hustle" sounds like something shady, like taking money from someone via dubious methods.
RunningBum is online now   Reply With Quote
Old 02-08-2018, 10:13 AM   #16
Recycles dryer sheets
 
Join Date: Aug 2015
Posts: 236
Quote:
Originally Posted by Bigdawg View Post
From the link:





"For some historical cohorts where the 4% Rule would have worked even without a side hustle, flexibility would have backfired; you would have gone back to work for years, maybe even a whole decade and afterward it turned out it wasn’t even necessary!"


To me a side hustle is something I do for fun. If you NEED a side hustle then it becomes a dreaded J.O.B!
Exactly! Same opinion here. I enjoy using and trading/trying different analog gear and also fixing vintage Electronics. Would/could never make my definition of a living doing it, but it is a long time skillset I’ve done much of my life. Easy to make $15-20k which supports the hobby with cash left over. No different than people that paint or photograph and sell their work. Satisfaction and better than self supporting.

I was thinking hustle as in “hustling to get something done, (as in quick, no large time commitment) so it doesn’t interfere with your main job or life”. Not as in the slang to hustle someone out of their money. Very different from a part time job.
Perryinva is offline   Reply With Quote
Old 02-08-2018, 11:09 AM   #17
Recycles dryer sheets
BreathFree's Avatar
 
Join Date: Nov 2012
Location: Navarre
Posts: 111
I started a "side hustle" while I was employed by my long term employer. My intentions at the time was to find a fun hobby that was profitable. I like making money, so it is part of the fun for me.

My employer and my entire industry suffered a brutal downturn causing massive paycuts, reduced manning and permanent layoffs. I was able to just walk away stress free because of my little "side gig".

I encourage anyone who can find a low effort means of producing additional income to do so. You may not be able to call yourself retired but self employed aint such a bad title either.
BreathFree is offline   Reply With Quote
Old 02-08-2018, 11:17 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,925
Plus, one positive side to a small business is that you can make significantly large Roth contributions. The income does limit the amount I can convert, but the contribution goes a long way towards making up the difference. The only negative is that the money stays in the t-IRA. But as I get closer to RMDs and SS, being able to stash money in a Roth is a nice benefit.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 02-08-2018, 11:23 AM   #19
Thinks s/he gets paid by the post
street's Avatar
 
Join Date: Nov 2016
Posts: 1,219
I consider myself retired but have a side hustle for about 90 day a year. I consider it my workout, stay in shape fitness program for the year. I do some manual labor all out doors from early spring through late fall. It also is therapy and gives me a different social life with many young people.

So for me I would do it for free but they pay me. I do it for me not for the money and it is good for my health and mind.
street is online now   Reply With Quote
Old 02-08-2018, 11:37 AM   #20
Recycles dryer sheets
BreathFree's Avatar
 
Join Date: Nov 2012
Location: Navarre
Posts: 111
Quote:
Originally Posted by harley View Post
Plus, one positive side to a small business is that you can make significantly large Roth contributions. The income does limit the amount I can convert, but the contribution goes a long way towards making up the difference. The only negative is that the money stays in the t-IRA. But as I get closer to RMDs and SS, being able to stash money in a Roth is a nice benefit.
This, plus you can deduct Health Insurance Premiums, which is currently my largest expense since leaving my employer.
__________________

BreathFree is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Anyone flip vehicles as a side hustle?? Hardatit Life after FIRE 35 12-29-2015 06:51 PM
Euphemism of the Day MichaelB FIRE Related Public Policy 15 03-05-2009 03:54 PM
Side by side comparison of Dem candidates' health care blueprint Olav23 Health and Early Retirement 55 02-28-2008 09:29 PM
Any Good Side Hustle ideas? w/Low Overhead jjj FIRE and Money 8 01-13-2005 09:25 AM

 

 
All times are GMT -6. The time now is 09:36 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.