Real Answers for Life’s Money Challenges
Im almost 68.
My ex-wife has a spending disease and racked up well over $100,000 on credit cards.
I had $1,800 per month in child support for years.
Do I have any options other than working until Im buried?
Call me happy to be divorced.
-D.
Dear D.,
I dont think your only choices are retiring in poverty vs. working until youre buried.
But retirement is probably going to look different from what you once envisioned.
Side hustles are exploding in popularity among people of all ages, including retirees.
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Its also essential to set clear expectations with others here.
Im assuming your kids are grown since it sounds like youre no longer paying child support.
Since you have a car, you could try driving for Uber or Lyft or delivering food or groceries.
7 Ways to Make Money if You Hate People
Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
If you were a decade or two away from retirement, Id tell you to invest your extra money.
Focus instead on getting your expenses as low as possible.
Paying off your car loan is the obvious first step.
From there, you may want to save for a down payment on a modest home.
Granted, youre not going to get any bargains buying a house or condo right now.
But rental costs have spiked 20% or more year over year in some regions of the country.
Should you go that route, you may be able to generate extra income from owning your home.
You could tryhouse hacking, which is where you buy a multifamily property, like a duplex or triplex.
I get that taking on a side hustle now and continuing it into retirement may sound exhausting.
But every extra dollar you might earn is a win.
You may have to adjust your expectations for your golden years.
It sounds like the sacrifice is worth it, given that youre happily divorced.
Send your tricky money questions to[email protected]or chat with her inThe Penny Hoarder Community.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
