10 Ways To Make Money In Retirement — Online Updated
As I’ve mentioned before I make a lot of use of Google Alerts (you should set some for yourself and see how valuable this service is) to find information on things I want to learn about as well as subjects for the blogs I operate. This article is from a UK magazine last summer. St much up to date … seems a big Internet wary. Read 10 ways to make money in retirement and then come back here and I’ll give you what I feel is the “rest of the story”.
1. Bed & Breakfast
Can’t say I agree with the author much at all on this one. Although a couple in retirement could turn their home into a B&B this is not what all would call either “empowered retirement” nor would I think this suitable for the long term. A bed and breakfast is hard work, very expensive in terms of licensing, insurance and operating expenses and you become the slave of your business rather than the more ideal opposite. But I will say that capitalizing on the B&B popularity would be very easy with a blog about the B&B experience … you could consider slanting it toward a “how to” dialogue with your readers, or an idea which appeas to me … travel often, visit many B&B’s a write reviews. Talk to your tax advisor, but I can assure you there are leagl ways to make virtually all your travel, research and lodging tax deductible and I see very good advertising and affilate programs in the travel business niche. And think of all the days you wouldn’t have to wash dishes or vacuum the house!
2. Home Handyman
Again, an excellent idea but I feel the recommend way to capitalize on the subject is horrible. The last thing you want to do in retuement is be running out at 2 AM to unclog a toilet. But this niche is very popular … in fact there are several retired handymen I’ve found who make a nice blogging income writing about their past expereinces and helping readers who want to learn more. Also an excellent opportunity for a forum-based web site … people love the idea of having a place to go to to discuss problemsand find recimmendations. Decen ad potential here too and affiliate income potential from services that list local tradesmen for a fee.
3. Tuition Service
Retired teachers, lecturers, and business training professionals are much in demand nowadays for the provision of part time coaching services. With the right skills there are opportunities with both the general public and business.
Absolutely. This is a key point I try to make often. Chances are you trained people in your work, even if you weren’t a teaching professional. In addition you have likely raised and helped educate your children. Just one area here is see as hot. Living overseas I know of thousands of other expats, many with school-age children who need advice, encouragement or even “for pay” turotial srvices. “Canvassing” for business is what you are doing when you blog and build your audience. And you do this sort of work up to any age you wish … suitable for shutins … and working with young people helps keep you toung!
4. Floristry
Can’t agree with the idea of operating a florist business as suggested here. Too much like work, and a busine4ss that requires substantial investment. But … I you know flowers, either professionally or as a lifetime avocation, blog about it. Good advertising and affiliate dollars in this niche too.
5. Retirement Coaching
This seems a very broad area. The very first of the “offical” baby boomers just applied for her Social security retirement benefits a month or so back. talk about a growth potential! essentially, this is one of the businesses I am in. All you need here is to stay one step ahead of your audience. You cna focus your coahing on almostany aspect of retrirement. Did you ever look at the US Social security website, as just one example? Loaded with information yet confusing as all get out upon first glance. I could blog for a year just taking page after page of that site apart, explaining things, answering questions and making the links for SSA-supplied manuals and guides available to m readers. (Remeber, publications of the US government are not copyrighted, they belong to you and I as tax payers.) And veterans Administration Benefits? A huge market and, sadly, a huge growth potential, since the Iraq War casualties just keep rolling home. You can write into a very profitable niche market here, and go to bed each night knowing you have helped people as well.
6. Garden Maintenance
Once again, in retirement I am not taking on anyone’s garden except my own, and actually (one of the reasons I live in the Philippines) i hire that out too. But the author is right that there is a huge interest in this area and if you have a green thumb, or are learning to attain one, you could blog about many aspects of plants and gardens. I’ll give you a free tip that i have no time to deal with. I’m interested in a method called “square foot gardening.” I see a website on the subject which sells a book and some ancillary items. I’ve yet to see anyone independent of the book site who blogs about this with authority. think advertising potential in this niche is only moderate, but there should be lots of suppliers with affiliate deals … Amazon for sure, they will even provide a free on-line store to attach to your blog.
7. Desktop Publishing
According to research findings, this market had expanded globally from £1.8 million in annual sales in 1985 to almost £5.1 billion in 2005 - and there would appear to no end in sight to this growth. Home based desktop publishers are engaged in producing a welter of graphic materials; brochures, flyers, advertisements, newsletters, books, business proposals and forms.
I think this might have changed slightly since 2007, but there is still a great upside here. I would focus again more on teaching, reviewing and helping others rather than trying to set up a desktop pubishing service for myself. You know I’ve advised you in the past to learn by reading blogs? How many blogs (including this one which badly needs a make-over) could use assutance in their layout, typography and even editing. You could approach other blog owners directly or sell your services on one of the many on-line job marketplaces. I consistently hear complaints from other bkloggers htta wheh they take the step tp seek profesisonal design/pulishing help, they can’t find folks who are any good.
8. Start Your Own Online Business
If you choose it to be a blog itself can be a viable online business. Or you cna looking into various direct product sales opportunities or (usually the fastest route), set up an affilate site. this basically means you find products you feel are worth their cost, ones htat you know are good value for your readers and write about them, recommendingpeople buy. When they do, you get paid (all on-line and tidy) a normally quite decent commisison … often 58%, occassionally more.
Or. you cna do product reviews and steer people to affilaite offers there. You will recall i often write about Darren Rowse. Three years ago he was an assistant minister in a church with a passion for cameras. Darren is known for his www.problogger.net “how to” blog, but he makes a six-figure income from seevral camera blogs, where he writes about, test, comments and crituques on aspects of his hobby. Not a bad way to make a buck.
Downside
- Steep learning curve
I saw this alleged “downside” a number oof times in the article. I would submit thta the author does not understand the menaing of the term “learning curve”. A “learning curve” is knwoledge gained on the veticle axis grapohed over time spent learning on the horizontal axis. You want a retirment opportunity with a steep learning curve. You want to be able to learn quickly and get up to speed in minimal time … after all, we’re none of us getting any younger. becoming a concert pianist, as an example, has a very shallow learning curve. It takes years and years to master the instrument. Myself? I’ll take the steep curve anyday. learning, like working with children, keeps you young.
9. Make Money on eBay
Again I notice the author is afraid of the “steep learning curve”. I consider eBay to be a very seriously overlooked area for senior income potential. You literally can make money from the git-go (as we say in Colorado). It’s easy, it’s fu8n and the risk is indeed very small. I haven’t yet had time to start writing on eBay but that is not becuase I don’t beleive in it … opportunities there are large. My freind Bob Martin has some excellent eBay knowledge on his Virtual Earner blog. eBay’s own site has a mni-encyclopedia of “how to” articles as well … they will make that “learning curve” short and sweet.
10. Write a Book on Your Know-How
As you know this is one I’d agree with, whole heartedly. You can write an eBook and market it yourself or via several commisision selling services, or you can write a traditional paper book. here’s a fellow I’ve mentioned before, John T. reed. he’s well into retirement age, he went to West Point the year I first went to SEA. Among a number of other profit-m,aking endeavors, he publishes his own “how to” books .. real, traditional paper books, sells them himself and pays income on the profits, rather than moaning about how small the SS COLA is going to be next year. You could do a lot worse than read a lot at John’s site.
What will you do next year? Consider your tax strateghies to keep all that’s legal of the profits you are making? or whine about whichever political party is responsible for your paltry retirement handout? Myslef. I’m paying taxes and grateful for the opportunity/necessity.
Related posts:
- Why You Don’t Make Money Online — Part 2
- Make Money Online Without a Website — Part 3
- The Number One Thing To Know About Making Money Online In Retirement
- RP vs Stan — Who’s Retirement Income Advice Should You Listen To?
- What Can We Learn About Making Money Online From John T. Reed?
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Keep the ideas coming. I’m just a little bit away from retirement so I’m looking hard!