As we move into a Post-COVID recovery era, after we have seen housing prices skyrocket, I wonder whether we are moving into a time where we need to be more cautious.

We had the Dot Com Bust of 2001 and the financial meltdown in 2007. With the price of construction and other material due to shortages and other factors upon us and with the Russian/Ukraine war going on, affecting gas prices, consider whether 2022 is a year to reassess and invest in our future.

As women over 50, we should be smart about our future. If your current career is nearing its end and companies must or choose to lay off workers, the question may be whether the higher-paid employees may be laid off first. If any of that is right, perhaps 2022 is the time to take action to protect ourselves.

The 401K we relied on for our future in tight times may shrink due to the investments. I don’t pretend to be a financial guru in any way, shape, or form. However, we should all be seeing some signs that are starting to flash.

So why do I say “start a side hustle” and what does that mean? A side hustle is a small business you operate in addition to your normal life operations. You have heard me talk about an online lifestyle business.

Lifestyle entrepreneurs, individuals who create businesses for the purpose of changing their lifestyles instead of making profits, usually want to create a business because they are passionate about the business concept and believe that the company will be personally rewarding for them.

It does not mean the entrepreneur wants to choose a business that brings in no revenue. However, revenue and profit are not the driving force.

You may ask, “If I am continuing to work, why would I start a lifestyle business as a side hustle? Don’t I have enough to do?”

An online lifestyle business is usually the least expensive business to start and maintain. That business type does not require the intensity or the startup capital a traditional business does require.

Often this business is based on monetizing your skills and experience and can be a bridge into retirement.

If you are retired and you are concerned about your 401K shrinking, an online lifestyle business as a side hustle may be just the bridge you need to ride out any financial storms that are brewing.

I would not advocate taking out loans or dipping heavily into your 401K to start. In tighter times, even venture capitalists pull back. Start small without high investment costs. However, investing in the knowledge you will need if you start in this direction, is a good idea. Generally, this option involves three areas:

• Deciding whether entrepreneurship is the right direction for you.
• Discovering what it takes to start and run a business
• Taking a deep dive into learning how to market in today’s online environment

Spending money is easy. Making money is hard. Timing is critical. I think this is the time to do your personal assessment, think about what you want most in the next five to ten years, and go at it with the thought that the financial road ahead may not be as rosy as it has been.

This is not a marketing piece. However, because I’ve been thinking a lot about the subject, I have written a book, Gold in the Golden Years, and have been developing courses around the three options above. Read the “how to” business blogs on my website, nanmckayconnects.com. You can sign up for the courses I offer in this area on my website under Empower Yourself. I think now is the time to do your research and plan for your future.