As a mid-career woman, you’re probably not lying awake at night thinking about a side income. You’ve worked hard and put in the time to advance along your career path, and you’re (hopefully) in a position that you’re happy with at a company that you both enjoy and see a future with. You’re making money, paying off your debt, saving for retirement, and can afford to travel, donate to causes that are important to you, and treat yourself to nice things every now and then. Basically, you’re comfortable with where you’re at. So why would you want or need a secondary income?
On the other hand, we have lived through a global pandemic, which has shown that even the most stable of jobs can be fragile depending on the circumstances. Whether you were furloughed, your hours were cut, or you simply went from working in an office setting to working from your dining room table, we all experienced changes to our work routines over the past two years, which led many to think deeply about their personal circumstances. Based on our pandemic experiences alone, it’s clear that, while you may not feel the urgent need to find a side income, it wouldn’t hurt to have one.
Here are a handful of the many reasons that a side income might prove beneficial:
- It could bolster your emergency fund. The more money you have set aside in case of the worst, the better off you will be if you ever find yourself needing to dip into it.
- It can help you save for retirement. As a mid-career woman, you likely already have a retirement account of some kind, whether it’s an IRA, a Roth IRA, or a 401(k), but it never hurts to have more money saved up for those golden years.
- If you have student loan payments or other debts to pay off, a side income can help you to pay it off more quickly.
- Are you saving up to put a down payment on a house? Are you considering going back to school? Extra income is great if you’re saving for big purchases.
- The more money you have and the more diversified your income streams, the more confident and secure you can feel about your financial picture.
By secondary income stream, we want to make clear that we don’t necessarily mean second job. If you have the time, energy, and desire to pick up a weekend or evening job, power to you! That said, as a working professional your days are likely pretty packed as it is. Thanks in great part to technology, though, there are many creative options to create a secondary income stream.
Here are a handful of ideas to earn money on the side:
- Offer your services as a freelancer. Especially if you work in a creative or digital field — think writing blogs or coding websites — freelancing can be a fairly simple way to supplement your income. If you don’t work in a creative or digital industry, consider freelancing as a consultant.
- Work as a tutor. Whether you’re a math whiz, a grammar stickler, or fluent in a foreign language, provide virtual tutoring services to students who need some extra help.
- Do you have a spare room? What about a vacation property? Consider renting your space via a platform like Airbnb or Vrbo.
- Our personal favorite: Invest, invest, invest!
At The Humphreys Group, we’re both experienced planners and disciplined investors. After 30 years in the business, we’ve weathered good markets, as well as bad, and have generated results that demonstrate an unwavering commitment to our clients’ financial well-being. Our approach is based on the science of capital markets, and we aim to maximize returns while managing risk and volatility. As a result, our client portfolios are resilient and designed to weather a range of unpredictable market storms.
Whether you’re interested in investing or would like to speak with a professional about opening a secondary income stream, our team is prepared to offer a second opinion. Please feel free to reach out to get started!
