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Just wondering what kinds of businesses retirees have.
Note this is just a general query, not to specify who has retired completely or not.
Be as specific as you can, for example:
So, if you say "consulting "...what do you 'consult' on/for/about???
Consulting on the next lunar rover? Consulting on the first space ship to go to Mars?
Is it a 'hobby' business? If so what hobby??
Are you a successful ar-teest? Of what exactly? ( or are you a starving artist?)
We are thinking of a side business that MAY replace current income and segway into retirement, and that we can physically sustain. Not sure other than craft stuff what it will be. That would be a 'hobby' business.
So lets show our creative sides on how we keep busy running a side business....
A buddy of mine just turned 64 and has dabbled around in various things over the years. I've never known him to work a full time job. The wife is several years younger and works full time for a national bank. She provides the health insurance.
He took care of his ailing mother for many years. She had a couple of rental properties that he inherited along with her own home. He rents those three out. His current wife rents a former house of hers as well as her parents' house. Between them, they have five rentals, and most are mortgage free. He has a property manager on them that oversees roughly 400 properties in the region. He doesn't know who is in some of the houses.
He does some dabbling in regional magazine publication. He's also gotten some sort of mediator's license for divorcing couples and does mediation. He's a heavy marijuana smoker and also deals marijuana at a locally significant level.
My guess is that the other stuff is a cover for the pot, which is the real moneymaker. He said he made $75,000 last year. He's not going to attract attention. He's a pot-bellied guy that golfs a lot and smokes a lot.
Been 'retired' (3rd time) since age 49. Not bored yet.
I take international engineering and EDU gigs when possible and when it suits my schedule / destination desires.
I like to travel, and getting paid to travel is a real bonus!
I keep my CDL to rescue trucks when the DOT pulls the driver for failing drug test.
Would like to drive a 'snow-coach' in Yellowstone / Tetons for a winter!
Antarctica would be an interesting side hustle. (As would Ice Road trucking)
Plan to work PT with a traveling Harvest crew between age 65 and 70.
Do farm and ranch sitting.
Help friends and students with mechanical inventions.
Make 50 mpg 'sporty' and fun cars (GTD's as available everywhere EXCEPT USA and Canada)
Do forestry for elderly neighbors.
Build furniture.
Build low impact homes. (Have (12) rural rentals to manage in my free time (2500 miles apart = deductible business travel )
Flip view rural properties.
Will do a few $500k tax free flips. (build (rural view), live for 24 months, sell).
Help neighbor farmers and ranchers.
restore vintage motorcycles.
I'm collecting interesting and useful stuff so my DS will have a VERY lucrative Estate Sale!
Stealth, your DS may be like my OH....KEEP most of the crap youve accumulated!!!
Cleaning out my FIL s house has really turned into " lets cram it all into our smaller house" (FIL s house had 6 levels, we have 2 including our respective basements and FIL had a stand up attic, we have one barely assessible for mechanics).
Of course my OH is a sentimental individual, rather attached to buildings, (dead) people and things!!
i am retired but i do quite a few things i would do for free if i had to . the fact i get paid for them is a bonus .
i am a drummer doing shows with a group or recording artists celebrating their 50th anniversary .... my wife and i sell our photo's we take since photography is a hobby , and one day a week i teach motor controls and drives for a local distributor , which i enjoy and would do for free .
the fact you may get paid for something does not determine whether you are retired or not
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