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How to Earn Extra Money in Retirement
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How to Earn Extra Money in Retirement

It would be great if the cost of living stopped rising once you retire. You would know exactly how much money to save, and how much income will support your lifestyle. But the cost of living continues to rise even after retirement, which is why a lot of people look for ways to earn extra money, often just a couple of years after retiring.

Consulting

Many careers can be converted into part-time or seasonal consulting arrangements in retirement. For example, let's say that you worked in marketing and sales during your career. You may be able to work as a consultant for other businesses engaged in the same line. Or let's say that you managed a restaurant; you may be able to become a consultant for another restaurant or even a small restaurant chain.

The idea is to take the experience that you accumulated during your working years, and consolidate it into a program where you can sell your expertise for a fee. It could be a flat fee or an hourly compensation arrangement, that will be an excellent way to earn extra money in retirement.

Freelancing

Create a list of skills you have - they can be either those acquired through your career, or even one or more from a hobby or area of interest. Figure out how you can sell those skills to businesses or individuals, and you can make money freelancing.

Let's say that you were a teacher during your working life; you may then be able to sell your services as a tutor. Or let's say that you are an avid golfer, and a pretty good one at that; you may be able to sell your services as a golf pro at a golf club, or even to offer instruction to other golfers. There's no more fun way than to make money from your hobbies!

Start a Part-time Business

This can involve providing a service or selling a product. Under ideal circumstances, it will be a business idea that you are enthusiastic about, kind of like a lifelong dream. If you can identify that kind of business idea, you may be able to combine passion and a need to to earn extra money - and that's a powerful combination.

Identify what kind of business you would like to go into, then do some research into the industry, including investigating some local businesses in the same field. Figure out what you can offer - either a better product or service, a more efficient delivery, or a lower price - then start to build your business around it.

An even faster way to do this, if you have the money, will be to buy out an existing business. This is generally less risky than starting a business from the ground up, since the business will already be running and have a cash flow.

Many business ideas can blend neatly into retirement, in a way that a full-time job can't.

Create Passive Income Sources

These are the types of income sources that generate revenue with minimal effort from you. That doesn't mean that they require no effort all. Typically, you'll invest a considerable amount of time, effort, and often money in getting a passive income stream started. But once it's up and running, it's one of the best income sources you can have.

Posted on: 2016/3/7 17:11
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