Interested In Some Passive Income?
Did you know that one-third of baby boomers in America have no money set aside for retirement? Well, there’s good news! “Passive income” has become quite the trend.
With the rise of the internet’s popularity and the sharing economy, the ways to earn income in your sleep, or lounging on the beach, appear to be multiplying every day.
This is great considering that saving for retirement is increasingly challenging. And nowadays, retirement doesn’t mean “not working.”
With the average retiree’s monthly social security check being just around $1,429, many retirees are looking for ways to earn some extra income. You get to learn new skills, spend more time with family, and boost your income in the process.
So how can you earn passive income after retirement? There are many ways! Some of them include online ideas like blogging, selling eBooks, creating niche sites, selling courses, and renting your things.
It all depends on what you can do and are passionate about. Here’s a look at some of the many ways you might be able to stash some cash for your retirement!
Continue reading to see 10 straightforward tips!
Investing in some real estate is one of the most favored ways financial advisers suggest generating passive income. This might mean buying a property that you rent out, or it can even mean house flipping. Want to make this kind of income even more lucrative?
You can use a property management company to handle the day-to-day problems you might have with renters and maintenance, says Deacon Hayes, founder of Well Kept Wallet.
Or you can merely invest in properties that are being flipped instead of doing the flipping yourself. “You can save the money you’ve generated by doing this or invest it for even more extra income for your retirement savings,” he says.
Are you passionate about reading? If so, chances are that you have already read an eBook. You can actually make one yourself, sell it, and earn some passive income! eBook popularity is growing worldwide, making it an investment worth considering during retirement.
Creating them is more accessible than most people think. And selling them has earned people hundreds of dollars each month.
By taking up just a few hours of your retirement time, you can write ebooks on topics you love, sell them online, and turn them into a passive source of income.
For example, Amazon’s Kindle Direct Publishing is a platform that allows you to write, upload, and sell your content quickly. Getting your book written, edited, and promoted may require time and money.
But once it’s finished and uploaded, your work is done, and your income is passive. As long as you have enough sales, you can supplement your earnings.
Also known as Sharing Economy, this is one of the most effortless passive income streams out there. It’s a way to rent out the things you own. It can be anything from an extra dining table, car, boat, or even the vacant car parking space in front of your home.
The possibilities are endless! You might be concerned about your belongings while they’re in the hands of a stranger. We have a solution for that! The best way to rent out your belongings is by registering on a website.
They usually come with insurance that covers your stuff while with that person. There are specific websites to rent out your parking spaces and cars, and ones specifically for renting out items like a surfboard or even professional cameras.
Downsizing and Renting Out Your Home
As you enter retirement, your current home may start to feel too big and expensive. Instead of considering this as a liability, turn it into an opportunity! If you bought a house at a young age, it would likely have been paid off by the time you are retired.
You can reuse some of the equity you saved on your home to put down a deposit for buying another property. Homeowners can either relocate to the smaller of the two and rent out their current home to generate some passive income.
Or they can rent out the smaller house and charge about 25 percent more than their mortgage payment, allowing the rent to generate passive income while simultaneously having someone else pay off the mortgage on the investment property.
Extra Savings Tip: When moving, instead of just kicking your unwanted items to the curb, try reselling them to make extra cash!
If you have helpful information, you can create courses from it, sell it online, and earn some high passive income. Classes can be composed of information and knowledge gained during your employment years or a skill you have acquired.
It can even be something you love doing that will change someone else’s life. For example, let’s say you have been a vet or are passionate about pets. You can create a course on how to care for German shepherds or build a pet care business.
You can also sell courses on things you are good at. Like cake making, yoga, dieting, and many other topics. So long as your information is helpful, you can monetize it and start earning your passive income.
Sites like Thinkific and Teachable can be a big help in building your course. The only downside is that, like writing an eBook, creating and selling a class requires some work initially, but the income can be very passive once you do it.
Photography And Videography
Have you always been creative and excelled in the field of photography or videography? If you have, there’s a great way to make money out of this hobby!
You can upload and ultimately sell your photos or videos through online image and video websites such as Shutterstock and iStock. The higher the quality and uniqueness of the content, the more likely it is that people will buy it.
You may want to invest in a quality camera for this one!
Once you’ve uploaded your digital assets to those platforms, you won’t need to do anything further. You’ll just keep getting paid when people all over the world buy your photos and videos. Easy passive income!
Renting Your Property As Event Space
Are you interested in renting, but you’re not ready to rent out your place on Airbnb just yet? If you’re not keen on having overnight guests, you have the option of listing your house, office, or yard as an event space, says Kathy Kristof, editor of SideHusl.
YOU might not think your backyard is grand enough. Still, others may find it the perfect place to host birthday parties, baby showers, corporate team-building exercises, anniversary dinners, photoshoots, and whatever other event people need it for!
Your space practically lends itself! This type of rental is typically booked by the hour or in four- to 12-hour blocks. Sites that facilitate event rentals include PeerSpace, Splacer, and Thisopenspace. What do you think of this effortless way of generating passive income?
Have you been a loyal customer of a particular business? If that business offers reward programs, you can earn passive income by cashing in on the rewards and discounts they have.
A considerable number of people have managed to turn customer reward and discount programs into a way of saving and even making some extra cash. Most of these programs work the same way.
How much you earn is based on the amount of money you spend, usually after spending a minimum amount during purchases. You acquire rewards depending on the number of visits you make to a given business or the type of products you usually buy.
These reward programs can be a massive help in earning you passive income if you sign up for the programs you use.
Starbucks, Amazon, Target, Bed Bath & Beyond, Barnes & Noble, Toms, The North Face, Virgin Atlantic, and Uber have some of the best customer loyalty and rewards programs out there.
This is one of those passive income options that might sound random, but it’s actually a great idea! The only “real work” is during the beginning and setting it up.
Then, you only have to collect the money, pay the electricity, water, and cleaning bills, and perhaps deal with any technical problems that come up. Of course, the cost to set it all up is something to consider, but it’s not as much as you would think.
We dug up some research into this and came across several articles that estimated the start-up costs to be about $22,000 for a 40-machine service. A business this large is also expected to have a revenue of roughly $46,000 per year. Who knew, right?
Vending machines can include a range of different items, not just food or drinks. But the ones with snacks are about $3,000, depending on the number of name brands you include in them. You’ll have to keep them fully stocked and collect the money.
How much success you have with this passive income idea highly depends on the location you choose to set it up in and also what type of deal you make with the owner of the area.
It’s usually common to give 10 percent of the earnings to whoever owns the location you are using. But keep in mind, you can also use their electricity connections to power your vending machine, which is a huge help!
We hope we’ve given you some food for thought in regards to generating some effortless passive income for your retirement.
And for some more great tips on how to live out your golden years the carefree way, check out: Are Your Retirement Savings On Track? Here Are 8 Tips