Today I have a guest post for you from my fellow money blogger Perry Wilson, who blogs at Stupid is the Norm.
Perry has some important advice for anyone over fifty who thinks they have left it too late to boost their income in later life.
Over to Perry then…
Okay. So you’re in your 50s, and while you’re not yet in retirement, if you stand on your tip-toes you can see it from where you are now.
You’ve definitely got more years behind you than you have in front of you. Maybe thinking ‘should have stuck in at school’? Or ‘I really screwed up’? ‘It’s too late now?’
Correct to the first two, wrong to the last one.
Let’s say you’re 55. Average mortality age for males is 79.4, and females 83.1. So, you have another 25 or so years left.
25 years. Hmm. If we go back 25 years, you’d only be 30 years old. Knowing what you know now, what advice would you give your 30-year-old self?
You’d advise yourself to do things differently, wouldn’t you? That’s good, because it means you’re taking responsibility for your current position. It’s an empowering admission because it puts the power of change in YOUR hands. It’s down to you. Master of your own destiny, and all that stuff.
Now, return to the present. You have (on average) 25 years left. There LITERALLY is no time to waste, and tinkering around at the edges is insufficient. You need to take ‘massive action’ (as Tony Robbins would say).
You have to put any pride to one side and do something extraordinary. Work more hours. Try something different. Something unfamiliar. Doing the same thing, something familiar, will get you what to have now – and it’s not enough.
I have a friend who decided to work eight hours overtime per week. That’s equivalent to a 20% pay rise. Extra money which he now invests.
I have another friend who delivers takeaways two evenings per week and makes a whopping £160 per week cash (and a free supper each night). An extra income of £8300 pa!
I do matched betting which regularly makes me £200 per week for half an hour’s work per day.
Be an Uber driver. Sell stuff on eBay. Start a blog and monetize it. Massive action.
Alternatively, do nothing. To do or not to do? That is the question. (Thanks, William).
Thinking and planning are important. But it’s action that changes things. Nothing changes until you take action.
Doing nothing is what normal people do. But that’s not you. If you’re still reading this it means you’re extraordinary. Different. Deserving of better.
Act now.
Don’t be Stupid and don’t be Normal.
Many thanks to Perry for some cogent advice. Do check out his Stupid is the Norm blog for more ideas and inspiration.
I agree absolutely with Perry that it’s never too late to boost your income, whether you are in your fifties, sixties, seventies, or older.
Indeed, there is a lot to be said for creating additional income streams whatever your age. For one thing, the extra cash can help boost quality of life for you and your loved ones. But beyond that, having an extra income source makes you less reliant on your salary or pension, and gives you additional options. It can also help keep your brain sharp and flexible, and provide the opportunity to be creative, meet new people, and learn new skills (or apply old ones).
On Pounds and Sense I regularly feature sideline-earning opportunities such as those mentioned by Perry, and many others too. No matter what your age or background, there are ‘side hustles’ (to use the modern vernacular) you really can make a start on today.
As always, if you have any comments or questions – for me or for Perry – please do post them below.
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Peer-to-peer (P2P) lending involves lending money to people and businesses via a P2P platform (generally web-based) and being paid back with interest by the borrower.
P2P lending has become increasingly popular among savers looking for better interest rates than those offered by banks and building societies. Until quite recently, however, you couldn’t invest in them tax-free.
All that changed in April 2016, though, with the launch of the Innovative Finance ISA, or IFISA for short. IFISAs allow anyone to invest tax-free in P2P lending via authorized platforms.
You can put any amount into an IFISA up to your annual ISA allowance. In the current 2018/19 tax year this is £20,000, which can be divided however you choose between a cash ISA, a stocks and shares ISA and an IFISA. So, for example, you could invest £10,000 in a cash ISA, £6,000 in a stocks and shares ISA and £4,000 in an IFISA.
Note that under current rules you are only allowed to invest new money in one of each type of ISA in a tax year. It is though generally possible to transfer money from one type of ISA to another without it affecting your annual entitlement (although there may be platform fees to pay).
After a slow start when only a very few were available, in 2018 the number and range of IFISAs has grown significantly. As of July 2018 over 40 UK IFISA providers are operating, ranging from well-established P2P lenders such as Zopa to new, upcoming platforms such as The Just ISA (see below). Interest rates paid vary considerably, from around 4% to 15%. Obviously, the higher rates reflect the higher levels of risk involved.
Although all IFISAs involve P2P lending, a number of different types are available. Those currently on offer include lending for all the following purposes:
property development
business loans
personal loans
green energy projects
bonds and debentures
entertainment industry loans
infrastructure projects
An unusual IFISA which certainly lives up to the “Innovative” description is The Just ISA. This is described as a litigation ISA. Lenders’ money is used to help individuals fund the cost of taking businesses, institutions and individuals to court, typically for reasons of professional negligence.
The Just ISA offers five-year bonds paying a gross interest rate of 8% per year (in practice this headline rate will be reduced somewhat due to fees and charges). All cases are underwritten and fully insured, and they say they have a success rate of 90%. There is a minimum investment of £2,000.
What Are The Risks?
All UK IFISA providers have to be authorized by the Financial Conduct Authority (FCA) and HMRC. This doesn’t in itself protect lenders (or savers if you prefer) against the failure of a platform, however. While savers with UK banks and building societies are covered by the government’s Financial Services Compensation Scheme (FSCS), which guarantees to reimburse up to £85,000 of losses, this does not apply to IFISA platforms.
All IFISA providers do offer various safeguards to lenders, though. These vary, but include provision funds to cover potential losses, insurance policies, and so forth. In many cases, also, loans are made against the security of property or other assets, which in the worst case could be sold to pay off any debts.
Even so, IFISA lenders don’t enjoy the same level of protection in the UK as bank savers. This is, of course, a major reason why the returns on offer are significantly higher. It’s therefore important to be aware of the risks and ensure you are comfortable with them before investing this way. It’s also important to lend across a range of platforms and loans, and not make the mistake of putting all your savings eggs in one P2P lending basket.
Summing Up
If you are looking for a home for some of your savings that can offer better interest rates than banks and building societies and won’t incur any tax charges, IFISAs are definitely worth considering.
As well as the higher interest rates, they can add diversity to your investments, helping you ride out financial peaks and troughs. Just be aware of the risks involved in P2P lending, and ensure you invest in IFISAs only as part of a balanced portfolio.
Disclosure: this is a sponsored post on behalf of The Just ISA. All investments carry a degree of risk. Be sure to do your own “due diligence” before investing, and speak to a qualified professional financial adviser if in any doubt before proceeding.
If you have any comments or questions about this post, as always, feel free to post them below.
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TaskRabbit puts people who need various sorts of chore performed in touch with those who have the time and skills to do them (for a fee, of course). The company calls the people who work via its platform “taskers”.
A huge range of skills are required, including gardening, flat-pack furniture assembly, household repairs, parcel delivery, cleaning, moving and packing, pet sitting, laundry and ironing, event staffing, and many more. Clients can even hire taskers to queue up for them at product launches, buy theatre tickets, and so on.
Once a tasker has been hired they go and do the job, with payment handled automatically through TaskRabbit. The company takes 30% of the fee charged, with the remainder going to the tasker.
How Do You Become a Tasker?
As mentioned above, currently you have to live in or near London, Birmingham, Bristol or Manchester.
Beyond that, you need to be 18 or over in the UK and able to offer some of the types of skill listed on the TaskRabbit website. In practice the great majority of people should be able to do at least one of these.
You need to have a UK bank account and credit card, and must also have a smartphone. Tasks are allocated and managed via the TaskRabbit app, which is available for both Android and Apple iOS.
If you meet these requirements – and can provide some sort of personal identification – you can apply via the TaskRabbit website. Once your application is approved, you can expect an invitation to a two-hour orientation session where the TaskRabbit system is explained in detail and any questions can be answered.
After that, it is simply a matter of downloading the app, looking for tasks you can do in your area, and applying for them.
TaskRabbit Pros and Cons
Clearly nobody is going to get rich working as a tasker. You will be paid an hourly rate, which for many jobs is likely to be little more than the national minimum wage. You will be competing against other taskers for jobs, which can have the effect of pushing rates down.
In addition, your status will be that of a self-employed contractor. That means you won’t be eligible for holiday pay or sick pay, or any of the other benefits employees routinely enjoy (although this may change in future). Neither is there any guarantee you will have paying work from one week to the next.
For all those reasons, TaskRabbit is unlikely to be a good choice if you need a full-time income. On the other hand, it does have the big benefit of flexibility. You can work at times convenient to you, perhaps to supplement other earnings or save towards a holiday or other major purchase.
Another attraction of TaskRabbit is the variety of the work. Every task is different, and brings with it the opportunity to meet new people and do new things. This can be a welcome contrast for those whose normal jobs may be monotonous and/or solitary.
TaskRabbit can be a great resource for self-employed people, to provide income when other work is scarce. It can also be a good option for those with health problems and/or caring responsibilities who are unable to do a full-time job. Retired and semi-retired people – which of course includes many Pounds and Sense readers – can also supplement their income this way.
And finally, TaskRabbit can open doors for tradesmen/women looking for new clients. You might, for example, tackle a small repair job and mention to the client that you are also available for bigger projects if the need arises in future. Be sure you have a good supply of business cards to hand out!
As already mentioned, TaskRabbit is only available in certain cities. There are, though, many other opportunities in the gig economy if this type of opportunity interests you. Some of these such as Viewber I have talked about in previous posts on Pounds and Sense. Another is Deliveroo, which offers the chance to earn a sideline income delivering meals for restaurants and takeaways. You can learn more about Deliveroo here if you wish.
Summing up, TaskRabbit offers anyone the opportunity to earn extra income doing small jobs of all kinds. If that sounds like something that might interest you, visit the TaskRabbit website for further information and to sign up.
As ever, if you have any comments or questions about TaskRabbit, please do post them below.
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Right now the UK is sweltering in a summer heatwave that shows no sign of ending any time soon.
Many people are enjoying the warm sun, but when it goes on for days/weeks on end it can become tiring and debilitating. And for older people and those with chronic health conditions especially, it can be extremely uncomfortable and have a harmful effect on health. Heat exhaustion and (especially) heat stroke are potentially very serious conditions.
So today I thought I’d share some tips on keeping cool and healthy in the heat. I also asked some of my fellow UK bloggers for their top tips as well, so I’ll be sharing them here too.
I’ll start with my own tips, though…
1. Drink plenty of fluids, preferably water. It’s a well-known fact that in older people the sense of thirst doesn’t always work so well and it’s easy to get dehydrated without realising it. Aim to top up your fluids regularly, and have a bottle, jug or at least a glass of water beside you at all times.
2. Sprinkle water over your skin and/or clothes to help stay cool.
3. In the hot weather, fans can be lifesavers. There are plenty of different models on sale in shops and supermarkets and online stores such as Amazon. If you can, get one with variable speeds, so you can adjust it according to conditions. You can even get fans with remote controls, like this one:
4. If you work at a computer, consider buying a USB fan. I bought one for just £4 from my local Morrisons and it is keeping me cool while I write this blog post! They are also available very cheaply on Amazon – like the one below, for example.
5. Air conditioning is wonderful in this weather. But in the UK few people have it in their homes, as it’s bulky, expensive to buy and run, and would only be useful occasionally. A cheap and cheerful alternative is to freeze bottles of water (plastic not glass) and put them in front of a fan – this will help cool the air passing through. You can also buy personal air coolers such as the one below which work on the same principle. They are cheap enough, although not having tried one I can’t vouch for how effective they would be!
6. Shut windows and draw the curtains or blinds when it is hotter outside. This will help keep hot air and radiant heat from the sun out. You can open the windows for ventilation when it is cooler.
7. Check up regularly on friends, relatives and neighbours who may be less able to look after themselves.
More Cool Tips!
As mentioned above, I also asked some of my UK blogging colleagues for their tips and ideas. Here is a selection. I have put my own comments in italics after them where relevant.
That’s a great idea! I found a similar one on Amazon (see image link below).
Laura Dempster from Thrifty Londoner wrote: “I like to keep hydrated in the hot weather (like we all do!). If I’m going out and about sometimes I will put a water bottle in the freezer overnight. Since it’s so hot, as soon as I go outside the ice begins to melt and it means my drink stays that little bit cooler for longer.”
That’s a nice, easy tip! Just be sure to use plastic bottles rather than glass.
Nicola Kaye from Mum on a Budget wrote: “I have filled up an empty spray bottle with a mixture of water and Aloe Vera gel (shake well) – I have been spraying it on my face and neck a few times a day, it is really cooling.
Yep, great idea. It would of course work with plain water too.
Mel Trudgett of Mel’s Money Mindset commented: “When I was in my early 20s I went to Spain in the middle of August and stayed in a cheap hotel with no air-con! It was well over 45 degrees in our room overnight. I found that the only thing that helped me was putting a cold, damp cloth on my feet and one on my head. This really helped to cool me down and I was able to sleep. I still do this if my daughter has a fever. I also run cold water on my wrists (or put a frozen bottle of water on them) and that cools me down very quickly.
Claudia Vogt from Retro Claude said: “It makes your house look like a squatter’s den, but if you tape the reflective blankets that athletes use at the end of races to your windows it really helps to keep the heat out. They are only about £3 from Amazon. I know lots of mums do this with babies’ bedrooms in the heat.
Here’s an image link to the sort of thing Claudia means (I assume) on Amazon.
Victoria Elizabeth Currell of Our Life on Sea said: “I keep my blinds drawn upstairs and the windows only open a fraction during the day in the heat. Then as soon as it gets a little cooler in the evening I open my windows wide. This way it keeps the hot air out during the day and allows the cooler air in for the evening. I’ve started that this year and it has totally changed the temperature of the upstairs of my house.”
Michelle Rice of Utterly Scrummy Food for Families wrote: “I put four wet face cloths in a bag in the freezer for my children to cool down after school. I also freeze their water bottles for packed lunches.”
Natalie Ray of Plutonium Sox suggested “Open water swimming! I swim in the river every Monday morning. Great for cooling down and the perfect way to start the week. It’s free too!
Appealing as it sounds, open water swimming probably isn’t for everyone, but even swimming in a pool can be a great way to cool down. I belong to the Virgin Active club in Lichfield which has both indoor and outdoor pools. I make as much use as I can of the latter!
Jane Hanson of Lady Janey wrote: “Drink lots of tea! Scientific studies have shown that hot beverages can actually cool you down on a hot day.”
I do like a nice cup of tea 🙂 The science behind this is described in this article on the Huffington Post site. Apparently it works by making you lose more heat through sweating. This won’t work so well on muggy, humid days, though.
Amanda Shortman of The Family Patch offered two suggestions: “(1) Cool down the pulse points (wrists, neck, etc) by either running under water or using a cool pack. I find this cools me down far more effectively than anything else. And (2) drink things like coconut water to try and help keep a good balance of electrolytes. I have only just started this, but I am already finding that it helps reduce some of the more extreme fatigue and dizziness I experience in this heat as opposed to simply drinking water all day. I get the small 330ml cartons and have one of those a day along with plenty of water.”
Lynn James who blogs as Mrs Mummypenny said: “Get a diddy paddling pool (we were sent a foldaway one from Aldi and it’s perfect) and cool your feet down in it. If your feet are cool the rest of your body will cool down as well. Drinks tons of water, and I mean three litres a day. Hydration is so important in this weather
Sue Foster from Suefoster.info wrote: “When I can’t sleep at night I wet a towel and wring it out, then lay it over me. This cools the body down, so I can get some sleep.”
Thanks to everyone who contributed suggestions, and apologies to those whose tips I wasn’t able to use, mainly because they were too similar to others listed.
As always, feel free to leave any comments or questions below. And of course, if you have any other suggestions for keeping cool in the heat, please do post them also.
Disclosure: This article includes affiliate links to some Amazon products. If you click through these and make a purchase, I will receive a small commission. This will not affect the price you are charged by Amazon in any way.
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If you enjoy social media and want to make some extra income, offering social media management services to local businesses is well worth considering.
It’s easy to do from home, fitting the work in around your other commitments. You can start part-time and (if you wish) go up to full-time as you build your client base.
Age is no barrier, so long as you have a lively, inquiring mind. And all you really need to get started is a computer with a reliable internet connection.
Who Needs This Service?
Short answer – practically every business!
Nowadays social media is huge. Customers increasingly expect businesses to have a social media presence. If they don’t, it may even be seen by some people as suggesting they have something to hide.
Social media is also a great tool for businesses wanting to attract new clients by harnessing the power of personal recommendation. After all, what would you be more likely to act on? An ad at the bottom of page 37 of your local paper or an enthusiastic Facebook post by a friend about the great meal they enjoyed last night at a local restaurant?
Your average business owner will know this, but in many cases they won’t have the time or expertise to do it themselves. And that’s where you can come in, as a freelance social media manager.
What Does the Work Involve?
You will normally start by agreeing a social media strategy with your client, based on what they want to achieve. You will then set up social media accounts on their behalf (assuming they don’t have these already) and post regularly on them.
Posts will typically include some promotional posts on behalf of the business, along with news, tips and advice, photos, and humorous items. You might also set up (and run) contests, giveaways, and so on.
You will monitor clients’ accounts, responding to any comments made or questions asked, and try to generate activity and engagement from readers. This will help ensure that the posts concerned get liked, seen and shared by more people.
You can also offer to run social media advertising for clients, generally using Facebook. Of course, you would pass on the cost of this to clients or include it in the fee you charge them (see below).
What Skills Do You Need?
If you’re an enthusiastic social media user, you’re half-way there already!
Clearly you will need a good grasp of how social media works and first-hand experience with the main platforms. The most important is Facebook, with Twitter not far behind.
For businesses whose work can be depicted visually (designers, builders, hairdressers, and so on) Instagram and Pinterest may be important too, while LinkedIn can be relevant for professional and business-to-business services.
While you don’t need to be Shakespeare, you should be a competent writer, able to create content in a chatty, friendly style that is also appropriate to the image your client wants to project. A good visual design sense helps a lot as well.
And finally, you should have the ability to be diplomatic with visitors to your clients’ social media pages, especially when they post complaints. Pouring oil on troubled waters can be an important aspect of the job, though in some cases (e.g. dealing with trolls) you may need to be firm and decisive as well.
What Should You Charge?
In this field it’s normal to charge a monthly fee. You can offer various levels of service and charge accordingly.
To give you an idea, Oxfordshire-based agency Social Sidekick offers a basic service (which they call The Small Package) for £200 a month plus VAT, as follows:
No fixed term contract
7 unique posts per week
Up to 2 social platforms managed
£10 per month on Facebook advertising (included within monthly fee)
Monthly report
Basic strategy
Social media resources pack
Account manager
At the other end of the scale, this is what they offer for £380 a month plus VAT in The Big Package.
No fixed term contract
14 unique posts per week
Up to 4 social platforms managed
£40 per month on Facebook advertising (included within monthly fee)
Monthly report
Social media strategy
Social media resources pack
Account manager
To get more ideas about fees and services, I recommend searching on Google for “Social Media Management Services”. This should bring up a list of companies and individuals in this field, and advertisements for such companies as well. Spend some time comparing what they charge and what they offer in return.
Finding Clients
To operate successfully as a freelance social media manager you will need a blog or website and a strong social media presence yourself.
It’s then a matter of advertising your service through local media and/or contacting businesses directly to offer your services.
You can use traditional mailshots, telemarketing or emails to contact potential clients. Email Marketing Robot is a service I have used for the latter purpose myself and recommend. You can try it out free of charge via the website.
Another good strategy would be Facebook advertising. Facebook lets you target ads very precisely, based on geographical area and the profiles and interests of the people in question. Of course, your Facebook ads should look smart and professional, as this is one of the services you will most likely be offering to your clients.
In Conclusion
Social media management is an enjoyable and lucrative business to get into. You need only a handful of clients to make a substantial income, and they will go on on paying you month after month if they are happy with your service.
And while in this article I have focused on local businesses, as the actual work is done online there is no reason you couldn’t branch out nationally or even internationally as well.
With the seemingly endless rise of social media, demand for this type of service can only continue to grow in the years ahead. In my view, there has never been a better time than now for setting up a social media management service.
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Laura Dempster from 