I've lived through several recessions in my lifetime but, at the moment, as a self employed person over 50, I think this coming financial challenges are going to be a bit tougher for me than previously. I look forward to your work in the coming months! 😁
I hope I can help! I'm curious what it is about self employment that you expect to make this more challenging? I tend to feel more flexible and resilient in self employment during rocky economic times, but I'm sure that's not everyone's experience!
Dana, I am a dog walker & dog photographer and have been self employed since 1992. I was hardest hit by the govt shutdown of 2008. I've made it through tough times in the past, because, despite what the economy is doing, somebody always has money (and a dog or two) and I've always found work. I lived in Michigan until 2015 and have the blue collar work ethic. Now, I'm in Seattle (a completely different world!) and ageism is real here, despite what people say. Younger people will do what I do for cheaper. I haven't experienced an economic downturn in the PNW other than Covid so I'm a little anxious about this. It's been tough for me to find work since Covid so I suspect it's going to get tougher. These are just my thoughts. 😁
Ooof…I tried living in Seattle for a year as a freelancer coming from Madison, WI, and you have my empathy. I love the town, don’t get me wrong, but it’s much more expensive to live there and I can only expect that the ageism (that was there when I was in my late 30’s) has only gotten worse. I calculated that when I crossed the state line to move back to Madison I gave myself an instant $9000 raise.
None of which is meant to be discouraging! People who love their dogs recognize the difference between someone who is an expert at caring for them and some 20 year old who heard on TikTok that dog walking was an easy way to make cash. I’m a dog owner myself, and the vetting we put our dog sitters through is more than some jobs. I suspect your experience might be the lever to give you an advantage over the others.
Regardless, I wish you lots of luck, and I hope that like me you’re in the right place.
My husband's job brought us here and I'm trying to make the best of it. This town is super dog friendly but not very people friendly. Getting your dog walkers is a great idea, especially since they will be in your home and taking care of your best friends! Its not to be taken lightly. I've always felt that it's an honor when someone hires me. Trust and integrity go a long way.
I, also, am over 50 and self employed. My financial story is longish which I won't waste space with, but I've already been struggling since COVID. I've been a self employed graphic designer since 2002. The whole field (and work search) is different since COVID. So much more digital, of course, everyone asks for a bachelor's degree (I don't have one, but I have 30 years of experience: does that help me or hinder me?), applying for things online is like sending all of your information (after spending an hour writing just the right cover letter) out into the either and never hearing back...
I’m not good at making money, but I’m good at making the most out of very little money. I expect the economy to tank and for that skill to come in very handy soon.
Assess your property and financial accounts and how you could tap into them.
As a single woman and black millennial home owner in the Deep South I’m preparing to do exactly what your post explains— moving to a blue state in just a few weeks to ensure I have whatever healthcare options should I need that. Cost of living is significantly higher where I’m headed and curious what strategies you’d suggest re: assessing my property’s value to leverage it for more resources.
I've very interested in using structures like rotating savings and credit associations (RoSCAs) to build community, change our relationship with money, and perhaps do a bit of empowerment. However, I live in Canada, in a privileged community, where everyone is 'banked', and the value of a RoSCA is harder to convey.
I'd be curious about your take on this or other ideas to tap into the wealth of community around us.
I absolutely love RoSCAs (I've heard them called "lending circles")! That's such an interesting point that it's hard to get community finance going in a community that's well-served by existing systems. I spoke to someone for my book who's an expert in "tandas," lending circles in Mexican American immigrant communities in the U.S. They're valuable for those communities that are underbanked because of immigration status, language barriers, etc.
I've seen mutual aid growing in popularity among mostly middle-class leftists. I think that's a good step to get people thinking about using money in community, but I like the structure of RoSCAs much more, because they have the potential to actually strengthen ties within the community.
I also think non-monetary community resources, like a shared kitchen, tools, vehicles, etc., are important for community building, reducing each individual's financial burden and reducing consumption. I've heard from folks in live in co-housing communities about this and would love to see more of it. A recent note from Lisa Sibbett: https://substack.com/@lisasibbett/note/c-77966873
Thanks for your thoughts! I'm going to do some thinking about what's the right amount and how to ensure accountability, then try to be brave and start a lending circle in my community. It could all be done virtually but it would be nice to do it in person. It would also be nice to include some aspect of wealth redistribution. Perhaps one cycle could be charitable somehow. I'll report back if I get it off the ground!
Thanks for your article, it's something I'vebeen thinking about a lot since the election. How do you recommend my husband & I - both retired & ‘comfortable’ but far from wealthy -how do we approach our advisor with our sudden need/desire to reduce our portfolio risk & get most if not all our funds into SAFE investments? We can't afford to lose our value if/when the economy hits the skids, like we did in 2008-09, & especially if Social Security & Medicare take any big hits! Any advice on that area of finance would be greatly appreciated! 💙
I agree. Doing our work is the highest form of activism. Because the alternative is letting them win and have power over us. I look forward to reading more of your take on things. For my own work as a business strategist AND courage coach, I am saying the same thing -- we must dig in deeper and establish a strong foundation for what's to come. There is no Plan B if we insist on it.
Thank you for this post. As a money coach considering my profession in these coming times, your words expressed what I was feeling about continuing with this work and how important it is.
Thank you for writing on important topics. I look forward to your posts. As a retired person, with Social Security, an old school pension, and modest retirement accounts that I don't presently need for income, I want to know if there are any steps I should be taking with my investments in the new times we face. Because I don't need the money for current expenses, the investments are more aggressive than someone my age might normally do, and I've enjoyed the Biden stock market. I'm expecting that to change.
It's important for economic stability that people are able to make plans. Now that I'm enjoying "fixed income" I'm grateful that I'm not renting, The combination of inflation and housing scarcity has resulted in an impossible market, and I don't believe that "taking care" of inflation has relieved the housing situation in my area.
What you write about and offer is very important. Without financial stability, it's very hard to pursue creative work or hobbies. I have tremendous fear for the upcoming years in all aspects of life, including finances. As a single woman in her 50s and the only caregiver for an elderly mom who depends on social security income and food stamps, I'm extremely worried about the potential onslaught on the social welfare targeted at poor folks -- and there are a ton of them in this country! Personally, due to financial abuse in my previous marriages, I had to file bankruptcy a few years ago and so I have very little savings and don't see the day when I can actually retire! I have lived under the poverty line for several years (during the pandemic) and have the skills to skim. But these are the skills that I prefer not to use if at all possible. I have tried for almost a decade to build a solopreneur business but lost a ton of money. So I'm sticking to my day job for now. What would you recommend someone in my situation do? Any opportunity that I might not have thought about?
Do you really believe these "Social services and government benefits." will still be available under DT? I have my doubts if your legislators on Senate and House are following him blindly....
No one really knows! I wouldn't count on them, but it's good to stay aware of what *is* available while it's still available. It's definitely a feature of American money culture to make these resources seem impossible to access to discourage participation and use that as justification to cut programs.
Hi! I know this post is from a few months ago, but I just came across it and I’d love to get your thoughts on freelance work. I work full-time in Marketing and Communications (social media, event planning, website management, and blog writing) - what freelance work do you recommend adding to my life and what are some tips you have for growing this side of my income?
Love this question! Freelance opportunities are broad in your field. I know for sure opportunities always exist for social media management, blog writing and website copywriting. You can always search for gigs through freelance broker sites like Upwork (for low pay if you're just getting started) and LinkedIn (range of pay), or reach out to people in your professional network to let them know you're open to freelance work and ask them to think of you if they or someone they know needs anything.
Thank you for your insightful piece. You’ve inspired me to think a bit differently about preparing for the changes that are coming. I, too, look forward to your articles.
There. I did it. My retirement savings are now in a mix of bonds and a reasonable percentage of international stocks. If the stable genius and his gang of 'best men' have the effect i expect, i'll still have something to live on, four years from now. If they have a less terrifying effect ... i still have something to live on four years from now. Buyer's strike now! (Let's party like it's 1929!)
I've lived through several recessions in my lifetime but, at the moment, as a self employed person over 50, I think this coming financial challenges are going to be a bit tougher for me than previously. I look forward to your work in the coming months! 😁
I hope I can help! I'm curious what it is about self employment that you expect to make this more challenging? I tend to feel more flexible and resilient in self employment during rocky economic times, but I'm sure that's not everyone's experience!
Dana, I am a dog walker & dog photographer and have been self employed since 1992. I was hardest hit by the govt shutdown of 2008. I've made it through tough times in the past, because, despite what the economy is doing, somebody always has money (and a dog or two) and I've always found work. I lived in Michigan until 2015 and have the blue collar work ethic. Now, I'm in Seattle (a completely different world!) and ageism is real here, despite what people say. Younger people will do what I do for cheaper. I haven't experienced an economic downturn in the PNW other than Covid so I'm a little anxious about this. It's been tough for me to find work since Covid so I suspect it's going to get tougher. These are just my thoughts. 😁
Ooof…I tried living in Seattle for a year as a freelancer coming from Madison, WI, and you have my empathy. I love the town, don’t get me wrong, but it’s much more expensive to live there and I can only expect that the ageism (that was there when I was in my late 30’s) has only gotten worse. I calculated that when I crossed the state line to move back to Madison I gave myself an instant $9000 raise.
None of which is meant to be discouraging! People who love their dogs recognize the difference between someone who is an expert at caring for them and some 20 year old who heard on TikTok that dog walking was an easy way to make cash. I’m a dog owner myself, and the vetting we put our dog sitters through is more than some jobs. I suspect your experience might be the lever to give you an advantage over the others.
Regardless, I wish you lots of luck, and I hope that like me you’re in the right place.
My husband's job brought us here and I'm trying to make the best of it. This town is super dog friendly but not very people friendly. Getting your dog walkers is a great idea, especially since they will be in your home and taking care of your best friends! Its not to be taken lightly. I've always felt that it's an honor when someone hires me. Trust and integrity go a long way.
I, also, am over 50 and self employed. My financial story is longish which I won't waste space with, but I've already been struggling since COVID. I've been a self employed graphic designer since 2002. The whole field (and work search) is different since COVID. So much more digital, of course, everyone asks for a bachelor's degree (I don't have one, but I have 30 years of experience: does that help me or hinder me?), applying for things online is like sending all of your information (after spending an hour writing just the right cover letter) out into the either and never hearing back...
I’m not good at making money, but I’m good at making the most out of very little money. I expect the economy to tank and for that skill to come in very handy soon.
Absolutely! Both are useful.
Ty for this piece! Very curious about this point:
Assess your property and financial accounts and how you could tap into them.
As a single woman and black millennial home owner in the Deep South I’m preparing to do exactly what your post explains— moving to a blue state in just a few weeks to ensure I have whatever healthcare options should I need that. Cost of living is significantly higher where I’m headed and curious what strategies you’d suggest re: assessing my property’s value to leverage it for more resources.
I've very interested in using structures like rotating savings and credit associations (RoSCAs) to build community, change our relationship with money, and perhaps do a bit of empowerment. However, I live in Canada, in a privileged community, where everyone is 'banked', and the value of a RoSCA is harder to convey.
I'd be curious about your take on this or other ideas to tap into the wealth of community around us.
Very much enjoying your writing so far!
I absolutely love RoSCAs (I've heard them called "lending circles")! That's such an interesting point that it's hard to get community finance going in a community that's well-served by existing systems. I spoke to someone for my book who's an expert in "tandas," lending circles in Mexican American immigrant communities in the U.S. They're valuable for those communities that are underbanked because of immigration status, language barriers, etc.
I've seen mutual aid growing in popularity among mostly middle-class leftists. I think that's a good step to get people thinking about using money in community, but I like the structure of RoSCAs much more, because they have the potential to actually strengthen ties within the community.
I also think non-monetary community resources, like a shared kitchen, tools, vehicles, etc., are important for community building, reducing each individual's financial burden and reducing consumption. I've heard from folks in live in co-housing communities about this and would love to see more of it. A recent note from Lisa Sibbett: https://substack.com/@lisasibbett/note/c-77966873
Thanks for your thoughts! I'm going to do some thinking about what's the right amount and how to ensure accountability, then try to be brave and start a lending circle in my community. It could all be done virtually but it would be nice to do it in person. It would also be nice to include some aspect of wealth redistribution. Perhaps one cycle could be charitable somehow. I'll report back if I get it off the ground!
Please do!! I’d love to know how this goes and what we can learn from you and your community.
I am so glad to be subscribed to you! Just the mentoring that I need!!
I’m so glad you’re here, too! Thank you :)
Thanks for your article, it's something I'vebeen thinking about a lot since the election. How do you recommend my husband & I - both retired & ‘comfortable’ but far from wealthy -how do we approach our advisor with our sudden need/desire to reduce our portfolio risk & get most if not all our funds into SAFE investments? We can't afford to lose our value if/when the economy hits the skids, like we did in 2008-09, & especially if Social Security & Medicare take any big hits! Any advice on that area of finance would be greatly appreciated! 💙
I simply called our advisor. I told him we lost a bundle during Trump's first term and didn't want it to happen again.
He recommended putting an automatic stop on our funds. If they lose 10,% in value, we can freeze them on the sidelines.
We would, at that point, have to consider whether to hold or liquidate them into ready cash.
I agree. Doing our work is the highest form of activism. Because the alternative is letting them win and have power over us. I look forward to reading more of your take on things. For my own work as a business strategist AND courage coach, I am saying the same thing -- we must dig in deeper and establish a strong foundation for what's to come. There is no Plan B if we insist on it.
Writing about finances and offering financial education is never silly! - Especially now. Thank you!
Thank you!
Thank you for this post. As a money coach considering my profession in these coming times, your words expressed what I was feeling about continuing with this work and how important it is.
Wonderful! Thank you for the work you do. And, yes, it's an odd and uncertain time to be focused on money!
Thank you for writing on important topics. I look forward to your posts. As a retired person, with Social Security, an old school pension, and modest retirement accounts that I don't presently need for income, I want to know if there are any steps I should be taking with my investments in the new times we face. Because I don't need the money for current expenses, the investments are more aggressive than someone my age might normally do, and I've enjoyed the Biden stock market. I'm expecting that to change.
It's important for economic stability that people are able to make plans. Now that I'm enjoying "fixed income" I'm grateful that I'm not renting, The combination of inflation and housing scarcity has resulted in an impossible market, and I don't believe that "taking care" of inflation has relieved the housing situation in my area.
What you write about and offer is very important. Without financial stability, it's very hard to pursue creative work or hobbies. I have tremendous fear for the upcoming years in all aspects of life, including finances. As a single woman in her 50s and the only caregiver for an elderly mom who depends on social security income and food stamps, I'm extremely worried about the potential onslaught on the social welfare targeted at poor folks -- and there are a ton of them in this country! Personally, due to financial abuse in my previous marriages, I had to file bankruptcy a few years ago and so I have very little savings and don't see the day when I can actually retire! I have lived under the poverty line for several years (during the pandemic) and have the skills to skim. But these are the skills that I prefer not to use if at all possible. I have tried for almost a decade to build a solopreneur business but lost a ton of money. So I'm sticking to my day job for now. What would you recommend someone in my situation do? Any opportunity that I might not have thought about?
Do you really believe these "Social services and government benefits." will still be available under DT? I have my doubts if your legislators on Senate and House are following him blindly....
No one really knows! I wouldn't count on them, but it's good to stay aware of what *is* available while it's still available. It's definitely a feature of American money culture to make these resources seem impossible to access to discourage participation and use that as justification to cut programs.
Hi! I know this post is from a few months ago, but I just came across it and I’d love to get your thoughts on freelance work. I work full-time in Marketing and Communications (social media, event planning, website management, and blog writing) - what freelance work do you recommend adding to my life and what are some tips you have for growing this side of my income?
Love this question! Freelance opportunities are broad in your field. I know for sure opportunities always exist for social media management, blog writing and website copywriting. You can always search for gigs through freelance broker sites like Upwork (for low pay if you're just getting started) and LinkedIn (range of pay), or reach out to people in your professional network to let them know you're open to freelance work and ask them to think of you if they or someone they know needs anything.
I shared some freelancing tips here based on my experience: https://www.healthyrich.co/p/become-a-freelance-writer
And I have a class on how to start freelancing: https://www.healthyrich.co/p/how-to-start-freelancing and one on landing your first freelance gig: https://www.healthyrich.co/p/land-your-first-freelance-gig
I'll consider your question for an upcoming podcast episode, too! Will link that here if I use it.
Thank you so much for taking the time to respond! This is so helpful!!
This is excellent. Your foundation is solid. I will keep reading if you keep writing!
Thank you for your insightful piece. You’ve inspired me to think a bit differently about preparing for the changes that are coming. I, too, look forward to your articles.
Thank you! I’m so happy to hear this. Trying to stay hopeful!
There. I did it. My retirement savings are now in a mix of bonds and a reasonable percentage of international stocks. If the stable genius and his gang of 'best men' have the effect i expect, i'll still have something to live on, four years from now. If they have a less terrifying effect ... i still have something to live on four years from now. Buyer's strike now! (Let's party like it's 1929!)
How does one open a Swiss bank account and move retirement savings to it?