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7 Indicators you are ready for a sideline job

June 02, 2023 | Mike Togle

In today's fast-paced world, many individuals are exploring the idea of having a sideline job to add to their income or pursue their passion. A sideline job can provide additional financial stability, personal growth, and many more as I shared in my previous blog (Read: "5 Eye-Opening Benefits to having a Side Hustle").

However, before diving into this venture, it's important to assess whether you are truly ready for a sideline job.

Here are seven indicators that can help you determine if you're prepared to take on a side hustle.

Financial Stability

One of the most crucial indicators that you are ready for a sideline job is having stable finances. Take a closer look at your current financial situation to ensure that you can comfortably manage your expenses, savings, and investments without relying solely on your primary income.

This is crucial especially if your sideline will require some capital.

Remember, a sideline job should be an addition to your income, not a means of survival.

Time Management Skills

Like I always tell my mentees: "If you don't have plans to be successful in that sideline of yours, don't start it in the first place." With that out of the way, sideline jobs still require a significant investment of your time and energy if you want to be successful at it.

If you already struggle with managing your time efficiently, it may not be the right moment to take on an additional commitment. Evaluate your current schedule, commitments, and responsibilities. Gauge whether you can realistically dedicate enough time to a sideline job without neglecting your main career, personal life, or self-care.

A lot of people experience burn-out when they take on a sideline job, for the simple reason that they were over-eager and didn't consider everything on their plate.

Passion and Interest

A sideline job can be an excellent opportunity to pursue your passions and interests outside of your main career. Assess whether you have a particular hobby or skill that you are not only passionate about but can also potentially monetize. Having a genuine interest in the sideline job you choose will make the experience more fulfilling and enjoyable.

Combining your passion with an additional income stream can provide a sense of purpose and satisfaction. But, be careful, as there are also downsides to turning your hobbies into a business or career.

Pursue Your Passion and Interest (Image)

Clear Goals and Objectives

Before starting a sideline job, it's essential to know how to set clear goals and objectives. Doing something on the side, doesn't mean you're just going to do it passively. If you do it this way, you may find yourself disappointed and frustrated down the road.

In setting your goals, determine what you hope to achieve from this venture, whether it's financial growth, personal development, or testing a potential career transition.

Having a clear vision will help you stay motivated and focused on your journey. Break down your goals into actionable steps and create a timeline to track your progress. Regularly monitor, revisit and reassess your objectives to ensure you're on the right path.

Sideline Jobs Need a Supportive Network

A strong support network is crucial when pursuing a sideline job. Share your plans with family, friends, or mentors who can provide guidance, encouragement, and even potential opportunities. Surrounding yourself with a supportive network will help you navigate challenges and stay motivated during the ups and downs of your sideline journey.

Seek advice from those who have successfully pursued sideline jobs and learn from their experiences. I have mentored and are mentoring more than a handful of clients who are growing a sideline job or a sideline business.

Sideline Jobs need a Supportive Network

Willingness to Learn

Embarking on a sideline job often involves stepping out of your comfort zone and learning new skills. Assess your willingness to learn and adapt to new challenges. Some people don't have the appetite for such anymore, especially if they're nearer to retirement.

Why is this important? Having a growth mindset is vital for success in any sideline endeavor. Embrace the opportunity to expand your skill set. Because in having a sideline, you have to stay updated with the latest trends and practices in your chosen sideline field.

Work-Life Balance

Maintaining a healthy work-life balance is essential when taking on a sideline job. Evaluate whether you have the capacity to manage your time effectively and avoid burnout. Create boundaries and allocate dedicated time for your main career, personal life, and your sideline job.

Remember that your main career and personal life should not suffer due to your sideline job, even if you're main objective is to shift away from a regular job. Strive for a harmonious balance that allows you to enjoy the benefits of both worlds.

Conclusion

In conclusion, a sideline job can be an exciting and rewarding venture if you're prepared.

Assess your financial stability, time management skills, passion, goals, support network, willingness to learn, and work-life balance. If these indicators align positively, it might be the right time to embark on a sideline job that can bring you new experiences, additional income, and personal fulfillment.

Remember, success in any endeavor requires dedication, perseverance, and a clear vision of what you hope to achieve.

I have several clients who have started their sideline jobs, and we regularly collaborate to tap our corresponding networks. If you want to be part of it, reach out to me for consultation and let's see how we can work together and align our businesses and sideline jobs.

REALIZATION

"Having a sideline job shouldn't mean sacrificing your main career. But if you want to have a sideline, you have to decide 'why'."

Mike Togle, Retirement Coach

10F Ayala North Exchange Tower 1
Ayala Avenue, Makati City, PH
[email protected]

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TOP 5 Ways to Enhance Retirement Income in the Philippines

June 02, 2023 | Mike Togle

Planning for a financially secure retirement is a top priority for many individuals. As you prepare for your retirement in the Philippines, it's essential to explore various strategies to enhance your income and ensure a comfortable lifestyle. In this blog post, we will discuss the top five ways to boost your retirement income specifically in the context of the Philippines.

1. Retirement Income through Real Estate

Real estate investment in the Philippines can provide a steady retirement income stream and potential capital appreciation. Consider purchasing rental properties or investing in real estate investment trusts (REITs). Renting out residential or commercial spaces can generate monthly rental income, while REITs allow you to invest in a diversified portfolio of real estate assets. Research the local market, which is being projected to be a positive-growth sector  in 2023, seek professional advice, and choose properties in desirable locations to maximize your returns.

2. Start a Small Business

The entrepreneurial spirit is strong in the Philippines, and starting a small business can be a viable way to enhance your retirement income. It is important to start this business early on and not during your retirement years to avoid any losses from your retirement fund.

Identify a niche market or capitalize on your skills and expertise to offer products or services that are in demand. With the rise of e-commerce platforms and social media, you can reach a wider audience and operate your business with minimal overhead costs. Conduct thorough market research, develop a solid business plan, and consider seeking guidance from business consultants or similar associations.

Couple enjoying farming as retirement income source

View Image: Picture of a couple enjoying farming as a small business to supplement their retirement income. This is a common picture for retirees in the Philippines who choose to grow a simple farm and use their produce for sales or personal consumption.

3. Explore Passive Income Opportunities

Passive income streams can supplement your retirement earnings without requiring significant ongoing effort. Consider investing in dividend-paying stocks, bonds, UITFs, mutual funds, or VULs with Payouts. Dividend stocks provide regular cash distributions, bonds offer fixed interest payments, mutual funds allow you to diversify your investments, and VULs with Payouts allow you to get income from your investment while still having measurable life insurance. Consult with a financial advisor to determine the most suitable investment options based on your risk tolerance and retirement goals.

4. Consultancy for added Retirement Income

In today's digital age, freelancing and consultancy work have become popular ways to generate additional income. Leverage your skills, experience, and knowledge to offer services such as writing, graphic design, consulting, or online tutoring. Platforms like Upwork, Freelancer, and LinkedIn ProFinder provide opportunities to connect with clients globally. Set your rates competitively, create a compelling online profile, and consistently deliver high-quality work to attract clients and build a strong reputation.

But, some would say, "I'm retired, why work?"

Many of the retirees that I talk to would say that being idle actually makes them feel older, so having a consulting gig from time to time will do wonders for you.

5. Build a Diverse Investment Portfolio Early

Building a diverse investment portfolio is a crucial strategy to enhance your retirement income in the Philippines. Instead of relying solely on social security benefits, you can invest your savings in various investment vehicles to generate additional income. Here are a few investment options to consider:

  1. Stock Market: Investing in the Philippine Stock Exchange through channels like COLFinancial and Philstocks allows you to become a shareholder in publicly listed companies. Over time, well-performing stocks can provide capital appreciation and dividend income. Research companies, seek guidance from stockbrokers, and carefully analyze market trends to make informed investment decisions.
  2. Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of securities. They are managed by professional fund managers who make investment decisions on behalf of the investors. Mutual funds offer the opportunity to invest in stocks, bonds, or a combination of both, depending on your risk appetite and investment goals.
  3. Bonds: Philippine government bonds, such as Treasury Bills and Retail Treasury Bonds, provide a fixed interest income over a specified period. These bonds are considered low-risk investments and can be a reliable source of income during retirement.
  4. Unit Investment Trust Funds (UITFs): UITFs are pooled funds managed by banks or trust corporations. They offer a range of investment options with different risk levels. UITFs allow you to invest in a diversified portfolio of stocks, bonds, and other financial instruments based on your risk tolerance and investment objectives. I also offer UITFs as a Certified Investment Advisor, and I can help you diversify in this.
  5. Real Estate Investment Trusts (REITs): REITs are investment vehicles that allow individuals to invest in a portfolio of income-generating real estate properties. By investing in REITs, you can earn regular dividends from rental income without the hassle of property management. Personally, I have invested in AREIT and MREIT to diversify my investments in this sector.

Remember to conduct thorough research, assess your risk tolerance, and consult with a financial advisor to develop a well-diversified investment portfolio tailored to your retirement goals and financial situation.

REALIZATION

"Having a clear retirement income plan is as important as growing a retirement fund."

Mike Togle, Retirement Coach

Conclusion

Enhancing your retirement income in the Philippines requires a proactive approach to investment and building skills that will require less physical effort.

By building a diverse investment portfolio that includes stocks, mutual funds, VULs, bonds, UITFs, and REITs, you can generate additional income and increase your financial security during retirement. It's essential to stay informed, seek professional advice, and regularly review and adjust your investment strategy based on market conditions and your changing financial needs.

With careful planning and prudent investment decisions, you can enjoy a more financially rewarding retirement in the Philippines.

My advocacy is to help more Filipinos retire comfortably, and coaching more people discover retirement income options that are fit for them is one of the key drivers of my efforts.

1 Comment

  1. SavePlus UAE
    SavePlus UAE on April 5, 2025 at 11:23 pm

    ​A practical guide on enhancing retirement income in the Philippines—insightful and actionable.

    Reply

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10F Ayala North Exchange Tower 1
Ayala Avenue, Makati City, PH
[email protected]

GET IN TOUCH!