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If you’re anything like the average person, you’ll spend the majority of your career wishing you could earn more money. Once the work dries up, though, the realisation that your finances are about to get even tighter will hit you hard. Sadly, even your pension is unlikely to salvage the situation. As such, finding alternative ways to put extra money in the bank should be high on the agenda.
Making Money After You’ve Stopped Working
There’s no magic spell to suddenly make you rich during your retirement or enforced absence from work. Nevertheless, these four tips are sure to provide some financial assistance. Let’s get started.
Sell products online
One of the easiest ways to enhance your financial health at this time is to start selling products online. Selling your clutter on eBay is the perfect way to generate an immediate influx of extra cash. And it could be an ideal way to pay off debts or pay for the dream vacation. It has to be a better solution than letting the unneeded items collect dust.
The initial financial boost is a great starting point, but you may want to create an ongoing stream of revenue too. If you write or knit for a hobby, why not monetise those skills instead?
Release some equity
Most homeowners fall into the trap of believing that they have to hold onto the full value of their asset before leaving it to loved ones in their will. While that’s a nice sentiment, you should not allow yourself to suffer as a result. Releasing a little tax-free cash by remortgaging or using an equity release company can help you overcome a range of issues. It could be the key to a brighter future.
Besides, your loved ones would be more than happy to sacrifice their inheritance if it means that you can have a comfortable lifestyle.
Rent out your home
In addition to releasing equity from your property, you can rent out your home for further income. This is particularly useful if the kids have flown the nest. Airbnb is the perfect way to rent out a part of your home or the entire property for short-term stay. Alternatively, you could take on a long-term lodger. Aside from generating an extra source of revenue, it may help you make a friendship.
It’s important to do your research over the legalities and the finances, especially with regards to the tax-free thresholds. Still, when done right, this can make a world of difference to your future.
If you are looking to rent out your home, you can opt to manage the property yourself or get a property manager.
Managing the property yourself will involve a lot more work. This would include collecting rent, finding tenants, running inspections etc.
Alternatively, getting a property manager will take over a lot of the duties when it comes to managing the property.
Getting a property manager will help you reduce your workload and elements of stress that come with being a landlord.
However if you opt to get assistance, you will incur property manager fees. This adds an additional expense for your rental property and will reduce your overall income
It’s important to pick your property manager carefully. Landlords can compare property manager fees, services & ratings on Rent Round.
Become a social media personality
As you already know from your working days, your personality is your biggest USP. So, why not make money from it even during retirement? Some of the biggest social media celebrities are earning thousands of dollars every single day. Even if your content only generates a few dollars per post, it can be a great way to earn some extra bucks. Best of all, you’ll be having fun in the process.
Whether you love Facebook, Instagram, or YouTube doesn’t matter. Turning your social media platforms into a side income can only bring a positive outcome.
What do you think? Why not let me know in the comments below?