Side Hustling Is Part of My Retirement Plan. Here’s How I’m Growing My Nest Egg.

And how you can, too.

Social Security will only pay a portion of benefits owed to retirees starting in 2031.

Pensions, especially for private sector employees, have nearly become a relic of the past.

And with the ever-increasing cost of living, plunking more money into a 401K or Roth IRA seems impossible for many people.

As someone still in my 30s, I’m not thrilled about the future. The data isn’t pretty. It’s telling me to act now unless I want to keep working until I die.

That’s why I’ve been relentlessly pursuing part-time entrepreneurship. I see no alternative where I can earn limitless income and have a REAL shot at enjoying my golden years.

Here’s what I’ve been doing to make side hustling a viable retirement income source:

1. Invest in my business.

“To make money, you need to spend money.”

You’ve probably heard that advice a lot. And I agree with it. There’s a cost to doing business of any size.

Yes, you can start a business for $0. It’s a good idea to start as frugal as possible. No one needs all the tools, gear, and resources available in the market.

But growing a business will require at least some working capital.

The problem is some entrepreneurs sometimes overlook this fact. Just as every entrepreneur is at risk for shiny object syndrome, it’s likewise possible to fall into a scarcity mindset. This happens when we see things as pure expenses instead of investments.

We may bootstrap everything, hoping to save pennies. But in exchange, we may unwittingly sacrifice meaningful progress.

A productivity tool that costs several dollars a month might sting for a business that’s not making any money. But if that tool frees up plenty of time to grow that business, it’s worth it.

I have no problems spending money in the immediate term if it will lead to a good return.

2. Establish a reasonable time horizon.

Starting and growing a business is a bumpy ride.

I know mine is. I’ve made bad decisions, lost money, and wasted time. But I’m still in a good spot.

The reason is I have a big time horizon. I gave myself over a decade to build and grow a business. During that time, I’m free to experiment, make mistakes, and know what works.

I may get to where I want to be sooner than a decade. But I’d rather treat that as a pleasant possibility than a heavy expectation I must live up to.

3. Let my 9-to-5 bankroll my side hustle.

In my early 20s, I made the colossal mistake of quitting my full-time job to start a business.

I had big ambitions, but such dreams were rapidly replaced by desperation and foggy judgment.

Having no cash flow while starting a business puts you in survival mode. You’ll likely look for quick fixes instead of making wise, long-term decisions.

The result is you’ll end up in an even worse rat race than the one you thought you were escaping from.

I’m never going to make that mistake again. Rather than leave my job, I’m constantly making adjustments so I can build a business part-time without burning out.

Part-time entrepreneurship isn’t easy. But jumping into full-time entrepreneurship without a safety net is even worse.

4. Work toward productization.

I want to build a business that can generate income on autopilot. I know I can never be entirely hands-off in any business. But at least I want to make money without continually trading my time for money.

The only ways I could do that are to hire people or productize. I choose the latter.

My goal is to remain a solo operation because I don’t want to deal with the hassle of finding, training, and firing staff.

Creating products fits into my goals. Once created, I can sell a product indefinitely and automate much of the process. As a product owner, I can scale infinitely without overextending myself.

5. De-personalize my personal brand.

I’m not a big fan of personal branding. I see its benefits, but it’s just not my thing. It’s hard to build a business that fully depends on my face and presence to exist.

That sounds like a recipe for burnout.

That said, I’ve been pretty much nothing but a personal brand since last year. I create content under my name. My social media profiles have my name. There is no other entity that represents my work except me.

I’m working to create a business that can continue to run even with someone else in the reins. I’ve experimented with several things, including faceless social media accounts, blogs, and newsletters.

Nothing has stuck yet, but I’m not giving up.

Having a business that’s not dependent on a personality is a business built for the long term. I can sell a non-personal brand or have my children take over my business one day.

Either way, moving away from the personal brand business model is a win for me and the people I love.

Parting Thoughts

The thought of retirement is supposed to be exciting. But excitement is the last thing I feel. Instead, I feel a sense of urgency. The traditional retirement system is BROKEN.

Some transformative leaders may come and fix things. But I’m not counting on it. I’d much rather take matters into my own hands than wait for a savior.

I’m not encouraging anyone to lose hope. Things can always get better.

But we can’t afford to ignore reality, especially when it relates to things that have a significant impact on our lives.

That’s why I encourage everyone retiring in the not-so-distant future to consider part-time entrepreneurship.

It’s our best shot at a brighter future. And the good news is it’s something within our reach.

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