Euphemism for job: Side Hustle

[Backpacker]

My side hustle is my rentals. Very definition of passive income. Only have 4 SFH's maybe 5 soon. Takes very little time to manage and taxable income 15k to 20k a year. I'm thinking to sell them off at age 60. This small amount allowed me to downshift to PT 1&1/2 years ago. Forecast at this point is 1-1.5% withdrawal rate, once I'm 60.

 

[Markola]

It only makes sense that a lot of folks who have managed to accumulate enough investments through hard work, LBYM and self education to work less or none at all would continue to do things throughout life that bring in money. We’re obviously pretty good at attracting money. It occurred to me recently that my lifelong saving and investing interest itself has been an enjoyable and profitable hobby business all along. I don’t have shingle or business card but I own equity positions in thousands of the best companies around the world and thousands more of them and many governments pay me interest on loans I’ve made to them. I can’t help it if it takes hardly any effort to manage and now pays more than my day job!

 

[Bigdawg]

, but it's not retirement.

says you the retirement police. Lots of folks on here will have to turn in their retirement membership cards.

 

[Huston55]

My side hustle is my rentals. Very definition of passive income. Only have 4 SFH's maybe 5 soon. Takes very little time to manage and taxable income 15k to 20k a year. I'm thinking to sell them off at age 60. This small amount allowed me to downshift to PT 1&1/2 years ago. Forecast at this point is 1-1.5% withdrawal rate, once I'm 60.

Have you decided how you will dispose of your rentals? Outright sale? Given any thought to minimizing LTCG taxes & depreciation recapture?

 

[ncbill]

Have you decided how you will dispose of your rentals? Outright sale? Given any thought to minimizing LTCG taxes?

Might be able to 1031 into a REIT (i.e. truly passive) investment.

 

[Backpacker]

Have you decided how you will dispose of your rentals? Outright sale? Given any thought to minimizing LTCG taxes?

I had thought to move into one or two successively to avoid the capital gains. Two of them we bought for 24k+/- and now worth 85k +/- each. I don't know that at 60 I'm gonna feel like screwing around with moving. DW even less likely

 

[Huston55]

Might be able to 1031 into a REIT (i.e. truly passive) investment.

Looks like that’s not allowed.

“Although a REIT can do an exchange at the entity level, individual REIT shares are considered personal property and do not qualify for an IRC Section 1031 exchange. For tax deferral under §1031, an investor must exchange real property for other like-kind real property.”

https://apiexchange.com/what-is-an-upreit/

 

[harley]

Have you decided how you will dispose of your rentals? Outright sale? Given any thought to minimizing LTCG taxes & depreciation recapture?

In my case, I'm planning to die. Let DD deal with it.

 

[karen1972]

Well, when I hear the "side hustle" podcast I often hear what I"d classify as JOB. Lots of people consider it the side gig you do for fun, hope it will turn into money and eventually quit the job you hate for the fun thing you were doing on the side.

I consider my honey's book a side hustle, it may or may not make money but it keeps him happy, t-shirts from said book, speaking engagements, etc.. its all things he will do even if he doesn't get paid because its fun for him... but he certainly hopes he will get paid.

My coupon clipping/app using/ is all a side hustle to me, its a way to make and save sufficient enough money it makes a real difference to my budget. Let's face it $2,000 a year doesn't seem like a big deal, but if you run through fire calc at least in my case $2,000 less taken out of my savings makes 6 fewer cycles fail... that's significant. Plenty of apps paying you a little something to do surveys, scan a grocery item, etc.

 

[harley]

My side gig is definitely a job, not a pleasurable hobby that might bring in some money, but I still consider myself retired. Sometimes. Sometimes I consider myself self-employed. Depends on my mood. I retired from Megacorp, I retired from other people's schedules and demands, I'm free to go and do as I wish, with only the occasional bit of work to perform. If this is what working was, I'd never have retired. No politics, no BS, no alarm clock. I'm definitely retired.

 

[HadEnuff]

says you the retirement police. Lots of folks on here will have to turn in their retirement membership cards.

Nah, not the 'retirement police'....maybe the 'definition police'...

I don't care what card people carry around in their pockets, or how they want to spend their time after they've moved away from what they considered their primary career, if indeed they consider themselves to have had such a thing.

Before I walked away completely I was down to just a few days of w*rk / week. But when the phone rang, I knew it could be responsibility calling.

I've had rental properties, and still have friends who do. And when the phone rings, it could be responsibility calling: a burst pipe, a failing furnace, etc etc etc....

I am merely pointing out the difference between "ceasing to work", and "career change"....that's all.

 

[Teacher Terry]

About 7 months after retiring -I was offered a chance to teach an online college class that I love. I make good $, work from home or from anywhere in the world with internet and basically have no boss except if too many of my students gave me bad reviews it would probably end. Does not feel like work to me.

 

[joeea]

I think of a side hustle as something different from a second job. For me it's usually something you can do independently, so you're not working for someone else and have control over your hours.

"do it independently" is too narrow a definition. Side hustle encapsulates both tradition second jobs, and jobs where you are working for yourself.

 

[joeea]

About 7 months after retiring -I was offered a chance to teach an online college class that I love. I make good $, work from home or from anywhere in the world with internet and basically have no boss except if too many of my students gave me bad reviews it would probably end. Does not feel like work to me.

Sounds like the perfect job to me. You like it so much that it doesn't feel like work.

That's what financial independence can buy for you - you get to choose what you do and how much.

 

[FUEGO]

I've been eyeing this job lately. It's more than a side hustle for sure. Not quite full time, but it'll take a lot of effort and attention.

It's in law enforcement, a field new to me. I figure it'll require some specialized training and effort to gain the skills required to succeed.

And it's online, which is okay with me as I enjoy the internets quite a bit.

New job is Internet Retirement Police, and our main goal is shielding the world from the sorrows of those falsely claiming to be retired when in reality they are trading productive efforts for money (as opposed to trading productive efforts for nothing, as in volunteering, sports, or hobbies). The pay kinda sucks and I'll have to officially un-retire if I take the position, but the vindication will be worth it!

 

[LOL!]

How about a new term: "retirement hustle" ?

 

[FUEGO]

How about a new term: "retirement hustle" ?

I like it! Our main hustle can be "enjoying retirement" and a retirement hustle can be whatever we do on the side that ends up making money (or not).

 

[Markola]

I've been eyeing this job lately. It's more than a side hustle for sure. Not quite full time, but it'll take a lot of effort and attention.

It's in law enforcement, a field new to me. I figure it'll require some specialized training and effort to gain the skills required to succeed.

And it's online, which is okay with me as I enjoy the internets quite a bit.

New job is Internet Retirement Police, and our main goal is shielding the world from the sorrows of those falsely claiming to be retired when in reality they are trading productive efforts for money (as opposed to trading productive efforts for nothing, as in volunteering, sports, or hobbies). The pay kinda sucks and I'll have to officially un-retire if I take the position, but the vindication will be worth it!

You can make some of the people happy some of the time...!

 

[HadEnuff]

I've been eyeing this job lately. It's more than a side hustle for sure. Not quite full time, but it'll take a lot of effort and attention.

It's in law enforcement, a field new to me. I figure it'll require some specialized training and effort to gain the skills required to succeed.

And it's online, which is okay with me as I enjoy the internets quite a bit.

New job is Internet Retirement Police, and our main goal is shielding the world from the sorrows of those falsely claiming to be retired when in reality they are trading productive efforts for money (as opposed to trading productive efforts for nothing, as in volunteering, sports, or hobbies). The pay kinda sucks and I'll have to officially un-retire if I take the position, but the vindication will be worth it!

you won't have to un-retire, just so long as when the phone rings, you don't have to answer it. Or you don't get paid.

 

[PoorOldCountryBoy]

Many ER sites sell an ER fantasy by changing vocabulary. Not this one thankfully!

 

[Music Lover]

How about a new term: "retirement hustle" ?

I have a retirement hustle...I'm heading out the door to play a gig with one of my bands. I'll have to put up with attractive women dancing in front of the stage all night, but at least I'll get paid for it...

 

[FUEGO]

I have a retirement hustle...I'm heading out the door to play a gig with one of my bands. I'll have to put up with attractive women dancing in front of the stage all night, but at least I'll get paid for it...

PAID?!?!?!?

Enjoy the ladies but welcome back to work, you working stiff you! Hand over your official ER Club Member card right now!

Respectfully,
-Internet Retirement Police


(had to edit this post to indicate this is 100% pure unadulterated sarcasm)

 

[tmm99]

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?

How often do you do this? I think I would enjoy ref'ing volleyball games if the games were super good. I play volleyball in a league and the team sitting out ref's the other teams, but during playoffs, we get paid ref's.

 

[tmm99]

I guess mine is a side hustle. I would only make maybe 1/4 of what I used to make even if I did this "side hustle" thing full time, and I am only doing it part-time, so I'm making even less money, maybe 1/8 of what I used to make, if that. It's just a freelance thing, so it doesn't come with any benefits (vacation days, health insurance, etc). The workload is not steady, but hours are flexible. I enjoy it much more than excessive net surfing or watching mind numbing TV shows, so one could say it's an income producing hobby.

 

[Bigdawg]

PAID?!?!?!?

Enjoy the ladies but welcome back to work, you working stiff you! Hand over your official ER Club Member card right now!

Respectfully,
-Internet Retirement Police

says the guy who has two paid gigs.