Retirements are always emotional. While a lot of your now-former colleagues will miss you and your impact, you will need to create a plan to accommodate your normal expenses knowing you won’t have the source of income your job gave you.
As much as you have a retirement plan, you don’t need to sit idly waiting for your returns each month. You can discover some cheap ways to make money in retirement and build another strong income stream. In the long run, you will enjoy the benefits.
Although this post focuses on the cheap ways to make money in retirement, it will briefly highlight some strategies you can use to make these incomes recurrent and steadily increasing.
Why You Need Extra Income in Retirement?
With the GDP of many nations falling and a lot of power moving to tech industries, there won’t be so much left again for insurance and investment companies. And I’m sure you hate litigation messes.
So, even if you have great investment plans with a huge return on investment, nothing stops you from monetizing your experience working in your industry.
In summary, some money to spend on birthdays and celebrations without touching your investment money is not a bad idea.
10 Cheap Ways To Make Money In Retirement
There’s huge money in consulting and you don’t need an office space or a group of workers to become a consultant. You can consult from anywhere in the world including your bedroom.
Certain aspects of consulting are not very demanding and monetization is easy and flexible. You make income from every consultancy session and you can schedule your sessions to fall into convenient times for you.
2. Start a Review Platform
Reviewing is an important aspect that helps customers make up their mind about a product. More so, it helps the product developers make important adjustments to the product’s functionality.
As a retired individual, you can review products around your area of expertise before multiple productions begin or after it has been produced. For every product you review, you get paid.
You can run these reviews using a video marketing platform like YouTube.
3. Self Publish a Book
A book is a true representation of your expertise on a field well expressed. Your book is a presentation of your voice reaching many people at different locations simultaneously.
You don’t need to become an author to publish a book, you can self-publish your own book. And in case you want to get discouraged about the writing, you can hire ghostwriters to help you craft the material together.
When you make a sale, you earn money and even publishers can pay you a huge sum to sell your book too.
4. Become a Life Coach
A lot of people fall prey to mistakes they could have easily avoided if they had the guidance of a qualified and reputable coach. I have fallen prey and it was a terrible experience for me at that time.
As a retired professional, you can coach young people at a professional level to help them navigate life’s challenges easily. You can coach on any field wherein you have good experience.
Starting your life coaching is really easy. You can easily open a social media account and start communicating your core offering or you start from people within your neighbourhood and community.
5. Start Mentorship Programs
Mentorship programs are great. A lot of leadership academies today started as mentorship programs, so scalability is available in this industry.
You can start with a few young people interested in your expertise. After training them, you certify them and leverage on their results to build your portfolio.
You can start with small fees but gradually increase them as you add new programs and phases.
6. Rental Services
Running rental services is one of the cheap ways to make money in retirement. It only demands that you take a vacation at times or give up useability.
You can rent your car, house or even furniture. And you’ll get a pretty nice fee from the transaction. Airbnb is a platform wherein you can rent your house to visitors and get paid.
7. Speaking Gigs
If you love talking like me, then you would surely want to accept as many speaking gigs as possible. It’s arguably the cheapest way to make money in retirement.
Speaking can be done digitally or locally. For every gig, you charge the organizers a fee depending on the time you have to speak and maybe the subject of interest.
You can choose your preference of speaking as it will in turn determine the type and quality of clients you will have.
Writing is interesting. Unlike speaking, you have twerk your communication in different ways to find the most suitable method. And even after writing, you can return and choose to make adjustments.
Writing for blogs, news agencies, and even for other clients is one of the cheap ways to make money in retirement. You can just turn up your device and write on the go.
9. Affiliate Marketing
Affiliate marketing is a great way for you to make money from your retirement. You can enlist under any of the affiliate marketing platforms and sell their products for a commission.
Registering under any of these platforms is affordable and you don’t need so much to set up the whole framework.
Social media has become one of the greatest tools for achieveing almost anything. As a retired worker, people can learn from your bank of experience using social media.
For example; You can decide to publish weekly nuggets on your social media accounts. As you make these publications, you gather interest from people which can grow your following massively.
After you have built your following, you can start advertising or selling products. Indeed, this is one of the cheap ways to make money in retirement.
Making money in your retirement is a necessity and you shouldn’t trivialize it in any way. Even if you don’t have any bills, you can go on trips with your family.
I’m sure you now have a couple of suggestions on cheap ways to make money in retirement.