Retirement Income-The Ups Of Multiple Income Streams

As a widow, I'm blessed to have survivor's social security and a small government pension to keep me going.  Even so, as readers know, I'll still need to supplement with some income.  I need backup for all those irregular expenses and inflation, and need to come up with a fair hefty emergency fund, as I have virtually no investments.

Like many folks heading into retirement, I've chosen three or four income streams rather than one job or business.  While having a single job or business has some advantages, for many, multiple income streams make life more secure and also more flexible. As one author describes it, I decided to plant many seeds.

When you have many little slices of income, boredom is rare. If I'm working on a project or portion of that stream and boredom sets in, I can move aside to an aspect of another business. Although I started a quilting business because I enjoy quilting, there are times when sitting down at that sewing table is the last thing I want to do. When that time arises, I can simply work on listing or buying books, writing, or other activities that also bring in income.Of course I can also grab a book, a drink, sit down and read and return to my labors later.  Diversity is, by nature, a part of my daily life.

Having those income alternatives allow me to stretch myself in different ways, and use different skills.While creating crafted items generally require me sitting at my studio, my book business allows me to go out in the world and search for books, as well as expand my knowledge about that business. Although  many jobs and small businesses have multiple aspects, multiple streams widen ones experiences. This is especially true when, like me, the businesses tend to be in different areas.

In my case at least, multiple income streams fit into my idea of seasonal living. Spring and summer are spent doing things like searching flea markets and bookstores for inventory, taking day trips and writing about my experiences, assisting with yard sales and home organization as part of my errand/concierge business.  As we head into the fall (a relative term here in Texas) my business turns to selling crafts, and my errand business duties turn to becoming the "Christmas elf".

With multiple income streams, if one stream drops off, there's not a need to panic because other income streams are still available, Book selling, writing, and teaching about discounts and deals are year around opportunities for me.  While crafting is a year around opportunity, business picks up during the holidays and I'm sewing for Christmas as we speak.  My errand business has begun slowly. I expect that the ability to be the "Christmas Elf" will mean that business is what I am concentrating on during the holidays.

While you may not want to take "work" with you as you travel, small income streams may fit more easily into the flexible retirement lifestyle.  In other words, small income streams may be more portable than a larger business or part time job.  Depending I my mood and desire, I can do as much or as little as I like in my travels when it comes to work.  My road trips generally including visiting flea markets, library book sales and quilt shops, all in the name of future inventory.  My laptop keeps me up to date and aware when I am traveling. Keeping a journal online is enjoyable to me, and useful for income later on.

There are, admittedly, some down sides to so many income streams. Unlike a regular job there are no benefits, medical or otherwise.  Many income streams are done at home, and can take over the house, and your time without some basic time management (more on this to come soon).  And of course, some people may prefer to concentrate all their energies on one passion.Ffor these people, multiple income opportunities are still available, they just need to be looked at from a different angle. I could be a quilter, a quilt teacher, a quilt store owner.......................you get the drift.

At the end of the day, though, I find four small streams of income much more reliable, and much more manageable that one business or part time job.  It works for me.....how about you?  If you bring in income, do you prefer to keep your eggs in one basket?

Frugal Road Tripping

I live in Dallas, and most of my family lives in the Denver area. This means that I travel to and fro an average of four times per year. I drive, rather than flying. I do this both to save money and because after multiple years of living in Europe and coming back to the states, I've flown enough for a life time. Also, road tripping allows me to travel at my own pace and control my own environment. I also make road trips to other areas for vacationing-often taking non freeway routes and stopping to explore.

In order to hit the road so often, I have to find ways to keep my costs under control-and I've managed to find more than a few ways to do so:

I plan ahead:  The nature of road tripping is seat of your pants, and I enjoy that. However, hand in hand with that is a certain amount of preparation. This means that I read one of the many, many good tour books that I have regarding American Roads, and that I research my end destinations and overnights in depth, looking for good deals and learning what each destination has to offer. I may change my mind at the last minute, but I know what I'm stepping into. It also means that I am "prepared". Because I am in a car, I can take emergency clothing, a blanket, water a good first aid kids and medicines, and stock my car so that I am prepared for all events. I don't have to get an umbrella, an extra sweater, Tylenol or band aids or any of those other items that are usually more expensive at gas stations and hotel areas.

Food:  Two Christmases ago my kids got me a picnic cooler similar to this one (although mine is square, and a bit larger). It goes on  the front seat with me and is filled with fruit, drinks, and picnic stuff. I have some of those reusable freezer containers. I stop at rest stops, eat and get out and walk. I no longer get food at gas stations or fast food places. This has helped my health and weight as well as my pocketbook.  Also, almost every motel and hotel has a breakfast bar these days. I make sure to avail myself of this before I hit the road, and often grab an extra piece of fruit as a snack on the way. 

Restaurant Food: Obviously when I travel to visit family I am eating there, and I make a contribution. When I travel elsewhere for enjoyment, I eat at the breakfast bar and get grocery food for lunch. In my case I do enjoy eating out, and experimenting with local foods. Before I travel I look for restaurant specials. I also ask locals where the places are that they eat, and as much as possible I avoid hotel and tourist square restaurants. I'm there for the food, and would rather eat my Maryland crabs on a newspaper with a mallet, than in the Washington DC tourist restaurant.

Things to Don On the Road: One of the many advantages of Road tripping is that the trip itself is part of the adventure.  This means that my rest stops and roadside breaks are usually free. Driving from California to Texas off the road, I managed to see old Yuma,  a salvage yard that has hundreds of old military and non military plans sitting on the tarmac, Picacho Peak, a re-enactment in Tuscon, and pink sand dunes just to name a few. And that was just in Arizona. These places mentioned were all just off my route and all free. In some cases a tour could have been added on, but I chose the more relaxing option.

Things to do at my destination: Fortunately, I'm the kind of person that enjoys the experiences of a town or destination. This means that I enjoy walking around downtown Savannah and on the waterfront, exploring all the side streets  just as much as I do any museum. So I pick one or two paid sightseeing type events and spend the rest of my time wandering and learning about the location at the personal level. My one almost always expense is this: in a town, especially a large town that is new to me, I always get the city or the hop on hop off tour and take it the first day. This expense gives me a really good orientation of the city, allows me to see many of things in a fairly short time, and tells me the places I might most like to return to. It also gives me a visual orientating of the city as a back up to my map. I also of course, always look at my destination website and look for discount coupons  and specials. Lastly, many big city hotels have special coupons available when one checks in, as well as tickets and coupons that cut down on lines. It's worth checking out.

Souvenirs/Gifts: This can be where many folks break the so called budget. I try and remember that I am where I am for the experience, not for the things I can bring home. I also take lots of fairly good pictures and rather than large albums, put a few on my wall, so that I always have a remembrance of where I have been. I try and journal and take notes as I travel as well, but rare success. Most importantly, I have a general budget before I leave of what I can spend on these kinds of things. And secondly, I try and bring back something that is unique to the area, rather than a touristy item with the name of the destination imprinted. The exception in this are nice Christmas ornaments. I also try to make sure that anything I get is either usable, or that I actually have a real place in my home for it. On occasion this means that I spend more in this area. In my case though, I would rather have hand made wooden bowl for example, or a hand woven pashima, than a key chain that says "I was here."

I hope that if you road trip (or travel any other way) some of these ideas to travel save you money. I live on a pension and love to travel. That means looking for economic ways to have fun. It still means having fun.

Adventures in Frugal Travel

(nothing to do with travel, but I am craving fish/seafood. I have to have a thyroid scan because I have a goiter/small nodules and nothing with iodine can pass my lips. So not am I on a strict diet but I cannot have my favorite healthy food, salmon. SOB!!)

As we return to our scheduled program, I'm planning two trips for the spring/summer. Being on a fixed income, I need to plan these trips ahead to get the most for my money. I like to travel, eat my way around the us, and sleep somewhere besides my car or on the ground. Contrary to many naysayers, it can be done. How to I maximize my travel money?

Hotels: I stay in cheap but comfy hotels and I don't require breakfast The exception to this is when I am in a big town. I want to be able to walk around and experience the city, and realize for that I may have to pay more. I reserve in advance, using AAA and AARP discounts. I have rewards cards for all the hotels/motels that I stay in, from Best Western on up, so that I accumulate free stays and food. At Christmas and other occasions, many hotels sell discounted gift cards or do a BIGIF. I order gift cards for the places I stay, doing so through cash back sites like www.shopathome.com

Food: My children gave me one of those nice picnic baskets a couple years ago. You know, the ones with the plastic wine glasses and silverware and napkins? Except in really poor weather, I grab gas at the station, but I stop at rest parks to leisurely eat my food. When a hotel offers a complimentary breakfast, I take advantage of it. There is always something I should be able to eat, even on my current regimen. When at a city or major stop location, I eat out but not in the hotel. I search for well rated restaurants that offer the local food. White table cloths are not required and in much of the eastern seaboard newspaper is the table cloth of the day. I could get something and cook it in the room but that would ruin the experience of the city/town.

Entertainment: I like the get the ambiance of the town. Yes, I try and hit a museums and other attractions, but that is a small part of my time. Since I know I cannot get to every place anyway, I would rather wander, say, the squares and waterfront of Savannah for at least half my time. I do search the places that charge admission ahead and see what their discount days are. I also, always get all the tourism material I can by mail and email first to see about coupons.

My first outing will be one of my many regular trips to Denver, but I play to make it more exploratory this time. Ill explore old route 66 in Texas and New Mexico, then cut up to Santa Fe for a few days. Ill make a side road trip in southern Colorado and then end up in Denver. I'm trying to decide if my trip will be straight back.

My second trip will be much longer, along the gulf coast then across Florida to Jacksonville, and up through Savannah, Beaufort, and Charleston. The way back is still "under construction" as they say.

More to follow.