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How to Make Money, Even When You’re Retired

When you retire, that doesn’t mean that the money has to stop flowing. People that plan for retirement are often set for life. But workers that don’t plan for retirement can still hire private equity experts to maximize income after retirement. It’s easy to become versatile with your money-making abilities by exploring multiple opportunities. Check out the list below to see all of the available choices for retirees.

How to Make Money, Even When You're Retired - happy older couple image
Photo by Craig Adderley from Pexels

Rent Out Extra Space

You can turn an extra room or an outhouse into profit by renting it out to guests. There are websites that handle setting up visitors so that minor work is required on your side to get the money rolling in. You set the rates, along with any rules for the guests to follow. This setup works best if you have a space that is disconnected from the main house. That way you can maintain the integrity of your own personal space without compromising privacy. Renting out space is done a lot, and depending on the situation, some retirees have rented out their entire homes to go on long vacations.

Rent Out Your Parking Lot

Do you live in a prime location that is only a few miles from the biggest events in the city? Then this option is for you, and can potentially make more than renting out extra space. You rent out parking for less time than renting a room but get much more money as a result. Usually when a big event takes place near a neighborhood, homeowners will block off their parking so that tourists don’t sneak in a free space. Instead of going through that trouble, rent out the spot and get paid to let a tourist do the blocking for you. It is a win-win situation that keeps you from worrying about a stranger taking up a precious parking spot.

Become A Life Coach

The best life coaches are the ones that have years of experience to draw from. That can be you, and the competition isn’t as bad as you think. Since every life coach has a unique perspective, there isn’t a lot of overlap with specialties. A life coach that helps with dieting is completely different from another coach that offers the same set of skills. Consumers are looking for someone with knowledge, and also someone that they can connect with. If that is you, then the marketing takes care of itself after the first customer. You can further enhance your chances of making money from this tip by becoming a certified life coach.

Rent Out Your Home While On Vacation

There are people that pay you to house sit their home. It sounds weird when you first hear it, but is actually a real and legit thing. If you opt for international house sitting, you can visit exotic locations for weeks or months at a time and rent out your home while away. Getting paid to take a vacation is a retiree’s dream, but in this case, it is a reality. Your chances for getting picked are enhanced due to your status as a retiree. Homeowners are more likely to trust someone older and responsible that has put in years of hard work over someone younger and inexperienced. Getting paid to house sit is probably one of the few positions where ageism is reversed.

Find And Sell Older Photos

Your memories are worth more than you think if they have historical significance. It doesn’t need to be a perfect 4k high definition photo to be valuable. Pictures from known world events are always sought after. That moment is in the past, and there are still an unlimited number of pictures and videos in the wild that show the events from completely different angles. This is a lot different than paparazzi photos on popular blogging websites. If you think that your pictures or videos have historical significance, there are plenty of buyers willing to gain exclusive rights to them.

Write Letters The Old Fashioned Way

This is more of a niche way to make money, and requires a bit of background. There are a few buyers around the world that pay for typewritten notes using older equipment. Out of all the choices on the list, this one will probably be the hardest to make money from. You have to own an old typewriter, and you also have to develop a rapport with the client. As small as this industry is, it is one of the most fulfilling to do as a retiree. The work is calming, non-hectic and has a very relaxed schedule. While working at your own pace you discover new people, new stories and a brand-new way to make extra money.

Use Your Crafting Skills

Websites make selling your crafts to the world easy. This is another hobby that can turn into a big money maker without you putting in a lot of effort. The fun thing about crafting is that you can make whatever you want. Your customer base will come to you, and you can choose whether or not to offer customization options. You’re technically in control of a small business where your working hours are ‘whenever you feel like it’. Some people make a few extra bucks a month while others have replaced their entire retirement income. The level of success is all up to your own flexibility and knowledge of customer needs.

Tutor In A Specialized Subject

This is similar to being a life coach except you get to teach a class on something that you’re specialized in. So instead of coaching up a single student on how to get through the tougher parts of life, you are teaching several students a brand-new skill. Once you get a few students, word of mouth will help you get even more money. As a retiree, there are several skills that you can teach based off of personal experience. A manager in training may reach out to you for tips on becoming a manager. A homeowner may need help dealing with the financial burden of a new home. Whatever your personal experience is, turn it into a money-making machine.

Bloggers Are Everywhere

Just because there are countless bloggers online that doesn’t mean there is no money to be made. Blogging will always bring in the advertising bucks, even if you are small time. The most interesting aspect about this money maker is that you gain more attention by being yourself. Make the blog persona, and write about your own personal life experiences. People read blogs for unique takes most of all, so being natural with your personality is a must. Out of all the choices on this list, blogging is the one that takes the most setup. If you’ve got the time, consider it a great carefree option to journal your life online while making some money on the side.

Sell Your Items Online

Over the years, your multiple hours of work weeks allowed you to collect a lot of things that you probably don’t use anymore. Usually a garage jail or drop off at goodwill would take care of these unused items. Retirees that never got around to either option can sell their unused items online for a tidy profit. Selling products online starts out small, and then turns into something special when you get a lot of positive reviews. There are dedicated platforms for this that cover the initial setup and expand your reach well beyond what a simple garage sale would cover. You can sell items internationally all from the comfort of your own home.

Trade Stocks

This is the logical step for a lot of retirees that have already invested in stocks while they were working. Plenty of retirement packages include stocks that turn into a sizable chunk after retirement. When you have all of the time in the world, dabbling in stocks can quickly become overwhelming. Retirees are encouraged to trade on the stock market, but to a certain extent. Don’t treat the market like a casino, and never put in more than you’re willing to lose. Short term and long-term gains will get you a lot of money if you’re smart about the initial investment.

Invest In A Startup Company

There is a low buy in for some startup companies that end up making millions in profit later on. With this type of deal, you can be a hands-off partner that collects a check without doing any of the work. There is room for error in this, so tread lightly. Former jobs can sometimes provide insight into such companies and will already have profiles on them. Depending on your relationship with a current employer, you may have a goldmine right under your nose. The lesson here is to not burn any bridges while you are working so that there is always a potential money-making opportunity down the line. 

Wrap Up

Once you get the ball rolling, passive income is the best residual money you’ll ever make. With enough success, it can even be more lucrative than normal employment. Make a list to get started, and find out what choice works to get the money you deserve.