Monetize A Your Favorite Hobby
The best thing about side-hustles is that you can choose to do whatever you want. The important thing is that you enjoy what you are doing, are good at it, and can monetize it.
If you are great at arts and crafts, then consider setting up your own shop on Etsy and selling your pieces.
If you love teaching and helping others but dont want to spend all day in a school, do a few hours of tutoring each week.
Do you love to write, maybe try to start a blog.
The possibilities are endless. I currently have two hobbies that I am working on trying to monetize. The first is my personal finance blog The Logic of Money that I use as an outlet to write about all things personal finance related.
The second, and one that could be a great opportunity for you sports-loving retirees, is collecting/investing in sports cards. Sports cards have become extremely popular in the past few years and are selling for a lot of money on sites like Ebay depending on the card. I am monetizing this hobby by buying and selling sports cards of popular players and sharing my experience and card collection on my site The Card Report.
The important thing is to make sure it is something you enjoy. You should be enjoying your golden years so you want to make sure everything you are doing is bringing you happiness in some way, shape, or form.
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Why You Can Trust Bankrate
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our reporters and editors focus on the points consumers care about most how to save for retirement, understanding the types of accounts, how to choose investments and more so you can feel confident when planning for your future.
How Is The Total Amount Set For Social Security Benefits
Through a complicated formula that takes into account several factors, including how much a worker made in their 35 highest-earning years. Generally, those who made more money and those who wait longer to start getting Social Security get larger benefits, up to a point.
This year, the maximum allowed benefit for someone who retired at full retirement age, which is 66 or 67 depending on the year you were born, is $3,345 monthly.
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Rent Out Part Of Your Home
If you have a home with some empty rooms that youâre not using â or youâre a snowbird and have an empty home for part of the year â you might be missing out on some serious cash.
AARP reports that 90% of adults 65+ want to age in place, but they’re often saddled by rising costs of living and are underprepared for retirement. However, 80% own a home, and many have spare rooms they can rent out for an average of $10,000 a year to offset their expenses and pad their nest eggs.
Wendi Burkhardt, CEO of Silvernest, explains that her online roommate-matching service pairs boomers, empty nesters, and retirees with long-term housemates. This helps generate extra income while allowing them to remain in their homes longer and benefit from the companionship.
Wendi explains that about a quarter of the homeowners who sign up for Silvernest are over age 65. The average age of the homeowners on her platform are 60 years old.
When opening up your home, safety is a huge concern, but Wendi explains that Silvernest has security safeguards: âThose include doing identity verification, offering robust background screens , and providing a securely encrypted channel for homeowners and housemates to communicate, so they donât have to divulge their email addresses or other personal information.â
Homeowners make an average about $10,000 per year per spare room that they rent out.
Books And Cds On Amazon
Another option for people with the storage space for books and CDs is to sell more than your own collection through Amazon.com. You can haunt flea markets and thrift stores for bargain-priced books and CDs, then resell them. Just make sure you take into account shipping costs and the hassle factor of storing and sending the items.
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Start A Small Business
Retirement may be a good time to start a small business, especially if youve always had an interest in something that you werent able to pursue before.
Use your new freedom to follow a passion youve always thought of following. This could be anything from baking bread to financial planning, as we explore in 21 Hobbies You Can Turn Into a Business.
What Is A Sipp
A SIPP is a pension wrapper that holds investments until you retire and begin to draw an income. It works in a similar way to a standard personal pension. The main difference is that with a SIPP you typically have more flexibility when you choose what to invest into.
With standard personal pension schemes, your investments are managed for you within the pooled fund you have chosen. SIPPs give you the freedom to choose and manage your own investments. However, because this is a complex area, most people choose to have an authorised investment manager make the decisions for them.
See here what Managing Partner, Chris Ball, had to say about SIPPs.
Essential details of a SIPP
- A SIPP is based in the UK and regardless of where you live it is regulated by UK law.
- A SIPP is available to you regardless of where you live in the world.
- Under current legislation you can start drawing retirement benefits from the age of 55. You can do this even if you are still in employment.
- Your benefits are flexible. You may draw as much or as little income as you like. You can also stop and start withdrawing whenever you wish.
- Up to 25% of your total funds can be withdrawn as a tax-free cash lump sum.
- If needed you can transfer your funds into a QROPS later on.
- SIPPs are excellent for those who plan to retire in the UK. They are equally beneficial for those in a nation with a preferential double-taxation agreement with the UK.
- SIPP investments grow free of capital gains tax or income taxes.
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Lecturing At A Community College
Another way to capitalize on your professional experience or personal skills is to be a community college lecturer. Although you might need specific credentials to qualify for this job, many community colleges are in need of experts willing to lecture on topics from math and science to law and business and everything in between. You may also be able to lecture on art or photography, if that is your specialty, or even more physical topics like woodworking.
Set Up An Online Course
Heres an alternative to writing an e-book or creating how to videos. Why not create a full-fledged online course, made up of written tutorials, PDF downloads, and videos? This could be made available through the membership area of a dedicated website.
Members can go at their own pace and post questions related to the course in a dedicated group. Students will then be able to navigate through the course in whatever way they wantdepending on the challenges they face or projects theyre working on.
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Join The Craft Beer Revolution
Over the last decade, there has been a revolution in the beer industry. Beer drinkers have increasingly sought out alternatives to mainstream lager beers, and embraced small-batch craft beersflavorful brews inspired by Old World recipes and experimentation with ingredients. The United States were the first to ride this new wave of craft beer. Then Europe.
Now craft beer has made its way to South America, where the scene has exploded in only a few years, with numerous microbreweries popping up in countries like Peru. Theyre winning awards and winning over customerscreating a legitimate craft-beer scene enjoyed by locals, expats, and tourists.
Affiliate Marketing: A Practical Way To Make Extra Money In Retirement
Are you looking for a practical way to make extra money in retirement? The US currently holds the most significant affiliate marketing share . Aside from being adaptable and low-risk,…
Are you looking for a practical way to make extra money in retirement?
Due – Due
The US currently holds the most significant affiliate marketing share . Aside from being adaptable and low-risk, the online marketing strategy has little to no startup fees. The $12 billion affiliate marketing sector offers a practical way to make money in retirement.
Making extra money with affiliate marketing has never been as easy as now. Affiliates can advertise various items with effective practices. Once set up, it will continue to generate income without your input.
Why not use your years of expertise and earn some extra money by sharing your knowledge with others?
This post will shed light on affiliate marketing and why you should pursue it as a retiree. Also, it will cover the associated costs, explain why blogging is the most suitable medium, how to become an affiliate, and the best practices to stay on top of the game.
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Plan Optimize Automate And Expand
Before starting out, know your goals and how you will evaluate success along the road. Then, once your first site meets expectations, you can shift your focus to maximizing performance by optimizing every stage of the affiliate plan.
Do not waste time on things that are easily automated. Instead, expand the affiliate network with new websites marketing different items to solidify your name in the business landscape.
Health And Wellness Skills Pay Overseas
Wellnessfitnessnatural healthcarethey have a following all over the world. Youll find a market for yoga classes in Italy, clients for massage therapy in Ecuador, and regulars at gyms from Asia to Mexico.
If you have experience in wellness and fitness, even just as a longtime participant, its not a huge leap to become a teacher, trainer, or therapist overseas.
There are all sorts of ways to run your business. You could rent a small room for treatments or buy or lease a locationand invest in equipmentfor a gym. You can organize yoga retreats anywhere in the world you choose or you can be the person who makes your studio available to visiting retreat groups.
In any case, youre likely to find it less expensive to set up the business overseas. Sidelines in nutrition, aromatherapy, or consulting can generate additional income.
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Start A Food Truck Business
Food trucks have exploded in popularity both in the United States and Canada. And the concept has found some traction in other parts of the world. The buzz is starting to grow among locals and expats alike thanks to pioneering food truck owners in countries like Costa Rica.
Even skeptical local officials are starting to see merit in this business model and regulations that restrict the movement of food trucks are starting to change. Its the perfect recipe for a rising trend. And theres still plenty of room for newcomers to this industry.
Ten Side Hustle Ideas To Help You Make Some Extra Cash
The art of the side hustle making a little bit extra after working nine to five is becoming more of a necessity than a luxury as the cost of living rises.
Internet services group Fasthost has found that searches for the phrase make extra money have risen 132% since this time last year, with browsers hoping for information about evening jobs and tasks that will top up the coffers.
The current crisis is causing people to find other sources of income and help where they can, like selling clothes or setting up online stores for some extra financial security, says Michelle Stark, sales and marketing director at Fasthosts.
Whether youre looking to start a new business that might eventually replace the day job, or simply trying to make a little extra cash, there are more ways than ever to make the money you need.
Side hustles could help pad out your bank account quite significantly in the long run, says John Stirzaker from moneysaving website NetVoucherCodes.
There are hundreds of ways to boost your monthly income and earn extra money, and a lot of it can be done from the comfort of your sofa.
Here are ten ways to make extra cash, and how to get started.
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Sell Produce From Your Garden
While this is only feasible for half the year, Illinois has some of the best dirt in the country. You can certainly try selling your produce to neighbors, your local grocery store, or via your local farmerâs market, but there is also a cost savings involved, too.
Illinois Country Living magazine explains that there are a number of produce items you can grow that will save you a ton of money at the grocery store.
Other Illinois natives recommend pumpkin and watermelon if you have the space to grow them.
Whether youâre looking for an additional income stream or you just want to save money in your retirement, starting a garden could the answer youâve been looking for.
Note: Another idea would be to sell eggs. Many individuals in central Illinois have the room for chickens, and organic free-range eggs at the grocery store generally cost upwards of $5 a dozen. If you have an overflow of eggs, consider selling them!
Set Up A Vegan Restaurant
Far from being a niche fad, veganism is now well-established across the world. And its growth remains substantial. In the last three years alone, there has been a 600% increase in people identifying as vegans in the U.S.6% of all U.S. consumers. The rest of the developed world is seeing a similar shift.
Anyone offering a restaurant, café, food store, or product that caters to the growing vegan community or the multitudes of tourists with vegan preferences could create a profitable business overseas.
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What Are The Best Jobs For Retirees
When thinking about the best gigs for retirees, its important to take into consideration several factors:
Earning potential: With years of working experience behind you, you likely wont be satisfied making minimum wage. And, you need to make a decent hourly rate to positively impact your finances.
Flexibility: As a retiree, you want to travel, spend time with your family, and maybe play golf or join a book club. When thinking about what jobs make sense for you, you want a job that gives you flexibility so you can indulge in those activities. The best side hustles are the ones that you can scale up or down depending on your plans can help you earn money without sacrificing the things you want to do.
Physical demands: It may not be something you want to think about, but youre older now. Physically demanding jobs, such as landscaping or delivering packages, may not be realistic for everyone. If this describes you, focus on tasks that are less rigorous on your joints and and that require less endurance. On the flip side, a moderately active job may be just the thing to keep you moving regularly.
Active or passive: Depending on your needs and interests, you may find that passive sources of income which dont require ongoing effort from you on a day-to-day basis are best for you. Or, if you want something that gets you out of the house and allows you to engage with people, active sources of income may be better.
Rent Out Your House Or Apartment On Airbnb
If youre retired and looking for something to fill your time with, Airbnb might be the perfect way to do so. You can enjoy your home while making money at the same time! Its a win-win situation.
Airbnb is one of the best ways to earn extra income in retirement because it only takes a few minutes to create an account and start renting out your property. You get to choose who visits your home and get paid straight away. And if you dont want to stay at home while guests come and go, there are plenty of other things for you to do like going on holiday or traveling around the world.
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Get Help Setting Up Your Business
However, if you are completely new to running a business, get as much help with your start-up as possible so that you give yourself the greatest chance to succeed. You could start with the following websites:
- Gov.uk there is a lot of information for small businesses here including access to funding and basic information on how to run a business.
- HMRC.gov.uk if you havent worked for yourself before or run a business there are quite a few tax elements you will need to know about, particularly if you end up employing other people. Find out from the HMRC website what paperwork you need to keep and what rules you will need to follow.
- Enterprisenation.co.uk this website is dedicated to helping small businesses around the UK and runs training sessions for entrepreneurs.
- Startups.co.uk does what it says on the tin: its a website that helps start-ups get going, find financial support and become successful.
Whatever field of labour you choose to make money in your retirement, make sure its one you enjoy. Life is for living and money-earners are part of that life. Make them work for you!
Jasmine Birtles is a TV financial expert and the founder of MoneyMagpie.com. Follow her on Twitter at @Jasmine and on Instagram at @Jasminebirtles.