Can I retire on my hobby?
By Michael Brewster
Many people start businesses as a hobby. It is very common. The Feds give a person up to two years to determine if they have a business or a hobby. If the business cannot become profitable within the first two years, the government then determines that it is a hobby.
Much of this can be determined by the structure. Is it a sole proprietorship or a corporation? The founder for business owner determines the structure. However, we’re not here to discuss corporate entities.
We want to talk about the possibility of retiring from the efforts of a hobby. Can it be done? What does it take?
The answer is, YES. Depending on the hobby, a person can easily create an income that can replace their job and supply them what they require in order to live very well during retirement years.
If you have a passion for something chances are someone is willing to pay you for it. It may be through training, selling a product or an idea.
My passion is fixing up businesses and real estate. It may not sound like much, but it is one of the most rewarding things to me that I have ever found. It allows me to take something, repair or add value to it and turn it over to the next person so it will continue to thrive and grow.
In order for us to retire on our hobby, we must find others who have a similar or complimentary interest and are willing to pay for it. Businesses and real estate are easy. They typically provide incomes and give multiple opportunities to create profits.
If our hobby is something such as knitting for example, we would need to determine what avenues we can focus on to create the profit we need. Can we open a store that sells supplies as well as finished products? Could we possibly create information and teach others to knit as well?
These are all excellent avenues for opportunity. It is all about finding your passion and bringing it forward for the benefit of others. Do not let friends or family members discourage you. Remember, their intent is to help and protect you. Here’s to your success.
Michael Brewster has been successfully investing in income producing real estate since 1995. He is known for mentoring students from coast to coast who wish to achieve a 6 figure income. Visit www.GetFreeWithRE.com to get his monthly coaching call & Journal absolutely FREE! Call his office; mention “IMA” and Michael will set aside one 30 minute call to personally lead you toward finding your Treasures in Real Estate. (817) 431-0186
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