Some people can’t wait to retire to just sit by the beach and do nothing all day. Others just don’t want to punch a time clock. Whatever your retirement dreams, you are probably going to need more than just your Social Security payments to get by every month.
With all the different ways to make extra money these days, it makes little sense to not take advantage. When you have a fixed income, then a few extra dollars a month can add quite a bit to your quality of life. In this article, I will go over several ways to make some extra money when you’re retired.
1 – Investing
Investing your nest egg while already in retirement can be risky especially if you don’t avoid certain mistakes.
You don’t have to invest a lot and you can play it safe by investing in low risk areas like index funds. There are even plenty of robo adviser apps that you can use to make small investments that grow over time. This type of investing is ideal to make a little extra money without risking your retirement money.
If you’ve read a Betterment review, then you are probably already familiar with how they typically work. There is an app for just about every type of investing you wish to do.
2 – Rent out a room
You probably have an empty nest now that the kids are adults and have kids of their own. Use that empty space to make some money by listing a spare bedroom on Airbnb. Even if you don’t feel like your area is of particular interest, you will surely still find short term renters.
People visiting family, or in town for a conference are all candidates even when you don’t live in a touristy area. It will also give you a chance to meet travelers from all over the world.
3 – Sell crafts on Etsy
If you have any kind of talent for creating crafts, then Etsy is the place for you. It is much easier than setting up a stand at a flea market or crafts fair and costs a fraction.
There are buyers on Etsy looking for interesting clothes, toys, artwork and other homemade items. Whatever your talent is, you are sure to find a market for it on Etsy. If you are already making items for your grandkids, then why not make some extra for sale?
4 – Be a coach
No, I don’t mean grabbing a baseball bat and teaching the local high school to play. I mean you can coach others to do whatever your career was before you retired.
If you were an accountant you can teach people the ins and outs or not only accounting, but how to run an office and things like that. Basically, be a consultant for individuals who are looking to learn from your expertise.
Your life experience is valuable and can earn you some pretty good money depending on how much you want to work. The best part is that it can be done online.
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April 2nd, 2020 by financetwitter
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