Just because you happen to have retired, that doesn’t mean you have to stop working. In fact, many people choose to start up new businesses or try something entirely different when it comes to making some extra retirement cash. You may not need to work if your investments are paying dividends, but it could be that you want to. A relaxing, quiet retirement isn’t for everyone. If that’s the case, then making some money while you keep busy is a definite bonus. Here are some ideas about making money and keeping active during your retirement years.
Become A Property Developer
Not sure what to do with your retirement funds? You could invest it in a property. Buy something that needs some work, do it up, and sell it for a profit. If you need help getting the down payment, you could sell annuity for cash and ensure that you invest it wisely to give you a passive income.
Depending on the current real estate market where you live, you can really make a good profit on developing run-down properties. Alternatively, you can buy cheap, add some value, and then rent them out for an ongoing income. When you want a cash injection, you can sell the houses or apartments and enjoy the profits.
Photography is the perfect example of a hobby that can turn into a neat little business (or a big business if you choose to scale it up). Photography gets you out of the house, keeps you active, and, if you join a local photography group, you can even make new friends.
There are ample opportunities to sell your photos online, or why not get together with like-minded artists and hold an exhibition? If you are a painter, sculptor, or you make any other kind of art, you could do the same thing. Market it with local press and online, and with any luck, you’ll sell out. Even if you don’t, it will have been a lot of fun to arrange.
Become A Tutor
By the time you reach retirement age, you will have accumulated a vast range of knowledge. Why not use that knowledge and help other people out, making money at the same time? You could become a freelance tutor. Advertise your services (you can specialize in a certain subject or be a general all-rounder) and find your first clients. Creating lesson plans should be done in advance so that you start completely prepared. Set homework as well, and your clients will feel as though they are really getting their money’s worth.
Remember that it’s easier to become a tutor for adults, as there are more regulations needed for teaching children – if that is something you want to do, check with your local area representative about what you need to do.
If you are an animal lover and you have a nice amount of space and are active, you might want to consider dog boarding in your home. Some people don’t like the idea of leaving their dogs in kennels when they go away, but they don’t have any friends or family who could take them in either. If you offer a service that means those dogs can stay in your home with you, you could be filling a gap in the market (always a great way to make money!).
You will need to walk the dogs daily, and they will need space to move about in. You will also need to limit the number of dogs you can take in, so there is a lot of planning that needs to be done first. When it is ready, though, this can be the perfect business.