Retirees are perfectly positioned to start a secondary commotion successfully. With remote work the new standard and concert work applications like Uber and Airbnb being part of our daily lives, it has never been so easy to secure an additional revenue stream. Use the skills you’ve accumulated throughout your career to earn extra money, or take advantage of it as an opportunity to get involved in a new hobby you’ve always wanted to try.
Retirees have a particular advantage because they have time and experience in various fields. Here are 15 ideas for generating an extra income stream during your retirement.
1. Start a blog or online course to teach others about your retirement planning strategies
If you specialize in any subject, there is probably an internet marketplace. For example, if you are a retired teacher, share some of your most successful lesson plans. If you are a great cook, make a blog with your recipes. Have you mastered retirement planning? Consider sharing this information online.
The possibilities are endless, and you probably have a skill worth sharing online that can earn you extra income throughout the month.
2. Rent a room in your home
Many retirees have tons of extra space in their homes, especially after their children have moved. If you own an extra space, renting a room in your home on Airbnb is a way to fill the extra space and generate additional passive income.
If the idea of having strangers coming in and out of the house makes you uncomfortable, you can also find a more permanent tenant to share your home with. For example, consider opening your home to a college student looking for a place to stay during the semester or an international traveler who needs a place to stay for a few months. This can be a fun way to forge new relationships and add passive income.
3. Rent your car
Another less invasive income stream option is to temporarily rent your car or motorcycle. Shared travel apps like Turo and Drivy allow you to rent your car for as long as you want. If you have an extra car around, or just use the car for big trips, this is a great way to generate extra income while you sit back and enjoy your retirement.
4. Provide pet care services when friends and family go on vacation
This is a great and easy way to make extra money. Not only are you doing your friends, neighbors and family a favor, you can also make money in the meantime.
Even exchanging favors can help you save money the next time you leave town if you are a regular traveler. Whether for a favor or for physical cash, pet care and home care are some of the lowest ways of earning extra money.
5. Head home internationally
Suppose you are more adventurous. In this case, several places connect international travelers with overseas homeowners who need pet or home care services so you can spend time in a foreign culture at almost no cost. For example, the slogan of Trusted House Sitters is, “Stay in Wonderful Places Sitting at Home and Caring for Cute Pets.” Sounds bad, doesn’t it?
While most of these concerts are unpaid, you can save huge costs with your home or pet care on your next getaway. In addition, you may have free time to explore another stream of income while sitting. And of course, if you’ve always dreamed of spending the summer in the countryside in Italy, or escaping the sad winter in a tropical place, now is your chance!
6. Be a consultant for local businesses, helping them with everything from marketing to accounting
Consulting can be quite lucrative to generate additional income, especially if your previous career prepared you with the necessary skills. You can always dedicate your time to local businesses that need help with marketing, sales, public relations, hiring, design, or anything else. If your previous career does not align with the above ideas, you can do accounting or provide essential services that do not require prior experience.
You probably have tons of connections and wisdom from your old job, and if you market yourself well, consulting can be an innovative and efficient way to make extra money.
7. Start a YouTube channel
The younger generation is always looking for advice, sometimes on seemingly simpler tasks. So turn it into a revenue stream.
Do you know how to fix a leaking faucet? How to get the wine off the carpet? How to save a dying indoor plant? Leverage your wisdom by creating a YouTube channel or blog. If you manage to make a popular page, you can generate revenue through ads or sponsorships. You may be surprised at how profitable knowledge is; the more niche, the better.
8. Tutoring students in subjects in which you are an expert, such as math or science
Tutors can expect to earn about $ 20 an hour, and if you are a retired teacher, that figure can double. No matter where you live, there are high school students who need tutoring. If your algebra is a little rusty, you can also tutor subjects such as English or even reading. Children of all ages benefit from a tutor, and you can tailor the age group and topic to your comfort level and experience.
Websites like tutorme or tutor.com offer distance tutoring opportunities if you prefer not to have young people coming in and out of your home. However, be prepared to remove a fee from your salary to use the services of the websites.
9. Qualification of the standardized tests
The ACT, the College Board, and statewide standardized test providers hire standardized test qualifiers each year. Once you understand this, it’s a fairly simple and flexible way to provide additional revenue stream.
WriteScore offers paid gigs to evaluate rehearsals for elementary, high school, and high school students during the summer, while Measurement Incorporated will pay students project by project. Some online qualifying sites require a minimum time commitment, but others offer you the flexibility to work whenever you want.
10. Do occasional work for people in your neighborhood,
Help your busy neighbors work while earning extra income. Offer to rake leaves, shovel down the road or mow the lawn for a fee, and your neighbors will appreciate it. Obviously, these jobs are seasonal, but you can do a slaughter on a snowy day, depending on your availability.
You can also be more creative with this. Offer to organize your friends ’closets or make a grocery store for your busy neighbor next door with kids. You can become loved and a little more prosperous at the same time.
11. Kangaroo for family and friends
Retirees are some of the most sought after babysitters because they are considered mature, experienced, and trusted. Offer your babysitting services to the community for extra income. Because you will be at home during the workday, a retirement schedule is desirable for busy young parents. As a babysitter, you can charge more than $ 20 per hour, while the average babysitting rate is around $ 15.
12. Sell handicrafts or handmade items online
Did you know that a simple crochet top can be sold for over $ 100? Handmade items are coming back, and you may be surprised at how much you can sell your crafts online. Take advantage of this trend by selling your jewelry, pottery or wood-cut utensils. Websites like Etsy make it easy to set up an online store and sell your items nationwide, but they will take a cut in your profits. Not only can you acquire a new hobby, but you can also make money by doing so!
13. Try to sell your goods at the flea market
While selling your handmade items on Etsy is convenient, selling your art or crafts in person can be a more satisfying and personal activity. You can usually sign up for a booth at the local art festival or flea market for a small fee and sell your crafts to your community. You can spend a weekend meeting like-minded people and making extra money.
14. Dog walk
If you enjoy dogs and physical activity, dog walking is the perfect side activity for you. Sign up for apps like Wag and Rover, upload your information, and instantly start connecting with new leads. You always have the freedom to reject or accept a new concert, so adapt it to your profile if you feel more comfortable just walking small dogs. Walking the dogs will help you get some exercise, and spending time with a canine companion will give you a dose of dopamine.
15. Become a participant in the study
As a study participant, you can expect to earn between $ 50 and $ 300 a day. There are many options in the category, including participation in focus groups, psychological studies, or clinical trials, all of which will vary in payments. These can be very short, one-day concerts, or they can go on for months or even years. Depending on your potential time commitment, you can expect to earn thousands of dollars for some of the longest commitments.
16. Donate plasma
In addition to being generous, donating plasma can help you earn extra income. You can expect to earn between $ 50 and $ 75 per donation appointment, and you can usually donate twice a week. That means you can earn up to $ 400 a month by donating plasma regularly. Plasma donation is different from donating blood because some of the blood and red blood cells are returned after the plasma is returned.
17. Write resumes
If you were involved in the hiring process of your previous job, you know what a great resume is. Take advantage of this knowledge and help people write their resumes. According to FreelanceWriting.com, “Standard resume services for a low-level employee with little experience or work history average about $ 65 per resume.”
Some resume writers will obtain a resume writing certification to increase their credentials. However, if you are qualified because of your previous work experience, you may not need to earn a certification to earn money as a resume writer. Instead, start with friends and family who need help writing a resume to create your portfolio, and from there you can start marketing your skills to the wider community.
There are many options for generating an additional income stream during retirement. Sharing your space or vehicle are some of the most passive ways to generate revenue, while creating an Etsy store or resume portfolio will require an extra investment of time and energy upfront. Whichever option you choose, don’t be afraid to get creative and have fun, and you’ll increase your revenue stream in no time.
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