What Do You Want to Be When You Grow Up?

Editorial Note: Today’s Beyond Wealth comes to us from our sister publication Wealthy Retirement. Marc Lichtenfeld ponders a timeless question that’s not just for children. If you’re looking to get the very most out of your retirement and your life… read on.

My dad has been retired for more than 10 years. Recently he asked my daughter what she wants to be when she grows up. My daughter didn’t have an answer yet. My dad replied, “Yeah, I’m not sure what I want to be when I grow up either.”

I think he was serious.

Some people never know what they want to be when they grow up because they don’t have many interests. For others, there aren’t enough hours in the day to explore all of the things they want to do.

For many people, pursuing their passions, even in retirement or on a part-time basis, can lead to extra income.

Growing up, I went to a very talented dentist. He was the best I’ve ever been to. But he couldn’t wait to put the drill down and get out on the baseball field where he was an umpire. He started off doing high school games and by the time he hung up his chest protector, he was a Division I college ump.

A buddy of mine, who is a financial advisor, was a good basketball player when he was younger (his father was a coach). He now referees high school games.

And you may have heard my story: A onetime boxing-obsessed teenager, I now ring announce some of the biggest championship fights on TV. I get flown around the country, get paid and get to sit in the best seats in the house.

Those are just a few examples of people who have pursued their passions outside of their careers and have gotten paid for it.

There are many people who do what they love and collect a little cash on the side. Whether they need it or not, it’s a good way to generate some extra income in retirement.

Some retired folks I know augment their income in retirement by…

• Performing music (playing piano, singing, etc.) at parties
• Teaching cooking
• Driving friends and neighbors to the airport and back
• Consulting
• Officiating sports
• Writing freelance.

In fact, one retired friend of mine, who didn’t need the money, started writing as a freelancer. That turned into a couple of books, one of which was just picked up to be a major motion picture.

There’s a saying: Do what you love and the money will follow. That can happen in retirement too.

What I’ve noticed is that most people who do get paid for doing something they love started out doing it for free or for barely any money. The first fight I ever announced, I was paid $100 – and I had to buy a new tuxedo for the event that cost me $400!

If you are passionate about what you’re doing, there’s a good chance that eventually some money will come in. It might not be big money like my friend who sold the film rights to his book. But even if you just make a few hundred dollars per month, the extra income can be helpful and you’ll be doing something you love.

So whether it’s teaching knitting at an adult education class, coaching young business people or lending a hand at a nonprofit, follow your passions and look for opportunities to turn them into income.

You’ll be doing something fulfilling, and a few extra bucks won’t hurt.

And maybe it will help you figure out what you want to be when you grow up.

Good investing,

Marc