The rise of the side hustle
March 20, 2019
Inventors, innovators, slashies – whatever you want to call them, Australians young and old are trying to turn their great ideas into reality.
Remember 3M scientists Arthur Fry and Spencer Silver who developed the Post-it Notes? Silver developed a sticky technology that didn’t leave residue but didn’t know what to use it for, while Fry was sick of the little scraps of paper he’d use to mark the hymns they were going to sing in the upcoming church service falling out.
Together they developed the Post-it – a relatively simple, but certainly successful invention that is now available in more than 150 countries. Professional scientists, together they worked in a lab with plenty of time and resources to come up with something great, but it was Fry’s every day church problem that inspired the new product.
Everyone seems to have the next best idea, but the ones that work tend to come from people who have had life experiences (good or bad) and a problem to solve so it’s no surprise that more older adults are becoming inventors.
According to a recent New York Times article*, over 60 per cent of the United Investors Association members are older people, with executive director of the association John Calvert adding that they just have more time for inventing.
Whether it’s to pass the time, stimulate the mind, or generate extra income in semi-retirement, there’s plenty of older inventing that are finding success. Experts suggest that older inventors bring valuable skills like wisdom and problem-solving abilities that can give them an advantage over younger inventors.
Inventing – or even just running a side business to your day job – can be a good way to increase your income, stimulate your mind and even follow an area of interest.
But there’s still plenty of young people that are trying their hand. You might be familiar with the new generation of “slashies” – people who declare their profession as something-slash-something-else and, occasionally, even slash-something-else again. Think student/waitress or bartender/budding actor.
Xero’s Ageless Entrepreneur report^ found, over half (60.1%) of corporate workers still dare to dream and have realistic plans to be their own boss in the interval before they fully retire.
Furthermore, close to one in four respondents said they have a “side project” that generates income – and another 20% have every intention of creating one in the future.
It seems the leading cause of the “slashie” is a desire to secure a better financial future. Young respondents said they were worried about the ability to afford housing and the rising cost of living – motivating them to start their own side hustle in a bid to get ahead.
Regardless of age, it seems that anyone could be behind the next great Australian invention to join the likes of the Hills Hoist, black box flight recorder and Wi-Fi.
If you’re thinking of trying something new we can help make sure your super stays on track. The gig economy is an area that can lead to super challenges but it’s important to keep boosting your super even when you’re not working full-time. TelstraSuper Financial Planning can help you work out ways to contribute that won’t break the bank. To speak with an Adviser call 1300 033 166 or request a call back online.
*https://www.nytimes.com/2015/04/18/your-money/more-older-adults-are-becoming-inventors.html^ Xero Ageless Entrepreneur survey 2017