Our last article focused on how the new view of retirement may be different than most people suspect. And although the thought of working in another field, even part time, may be daunting, the possibilities are unlimited. If you are considering a new field while in “retirement”, here are a few tips to help you feel more secure:

  1. Make a list of your skills. Start here first. This will help you find the gig you want. Think about the things you enjoyed doing in your previous roles. Write them down along with the skills you have wanted to learn, but never had the time. You likely have more skills than you realize, so first make a list to see what you can offer companies.
  2. Be willing to enhance your skills or develop new ones. Some gigs require skills you do have, but others may require ones you don’t yet have. You should continue to develop your skills to keep them fresh and create openings to new gigs at the market changes. For example, you might have to learn new software. Just keep your mind open and be willing to demonstrate your abilities.
  3. Think about your schedule. Think about when you could complete your gig work. If you are already working, volunteering, or working multiple gigs, will you have time on the weekends? Evenings? Make sure you aren’t spreading yourself too thin. Focus on quality over quantity.
  4. Avoid scams. Scams are common on gig job sites. Be very careful to check each listing’s legitimacy. Don’t’ apply for ones asking for money or personal information. Be wary of above-market salaries, or ones eager to “close the deal.” This link shows some great information on what to look for when you suspect a scam.
  5. Make a great impression. Once you get that perfect gig, be sure to do your best work. Make yourself indispensable so that you will be asked back by the company for another gig. You may even have it extended indefinitely. Once you are finished, end on a positive note, make yourself available, and ask for a positive recommendation.

Now that you have made your decision to enter the gig economy, it’s time to understand the impact on your finances. Don’t forget that your gig-earned income may affect your social security check and also have tax implications. Consulting your financial advisor may be a good idea if you have questions or concerns.

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Any opinions are those of Munn & Morris Financial Advisors and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. 

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