Guest Post: It’s Never Too Late to Boost Your Income!

Nick Making Money guest post 2 Comments

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.