Whether your life insurance policy has matured, your savings have been released or you are on a pension, there is nothing wrong with earning a little bit extra whilst you still have the will and energy to do it.
A little bit of creativity, patience and time is all you need, and hopefully as a retired person you will have an abundance of all three.
Here are five ways that you can make a little bit of extra money without having to go back into full time employment.
1 – Become a consultant in your field
Being a consultant means nothing more than giving your advice and expertise. You can choose your own hours and rid yourself of any manual labor involved.
There are a lot of retired people who have years upon years of experience in a certain field.
And yet their knowledge lies firmly in their minds, whilst new companies scratch around making the mistakes that retired people learned to avoid thirty years ago.
Being a consultant does not mean that you have to work for a big company for $400 per hour. Anybody with sufficient experience may become a freelance consultant, and retired people are crammed full of experience.
Try advertising yourself online or in places that people in your ex industry will congregate, read or watch. As a veteran yourself, you should know what sorts of things that new companies are going to read, watch or listen to.
You should aim for new businesses because they are the ones that cannot afford to pay the bigger firms.
Try giving them a sample of your knowledge. Speak to them personally and drop a few tidbits of information to prove your worth, such as a supplier, a cheap advertising medium or a new process that they may install within the company.
2 – Invest in stocks and shares
It does not take a lot of money for you to start investing. You can do it with as little as one hundred dollars. There are now banks that have online functions that allow you to invest in shares.
All you need to do is pick penny shares. These are the ones that will cost you just a penny or two in order to buy a share. You can buy thousands of shares for very little.
You then wait for them to go up in value and sell them when they do.
A sharp rise in value from just 1c per share to 6c per share can make you a lot of money, especially if you have invested quite a bit.
Watch a few of the penny shares and try to buy them when they hit a sudden dip. As they recover you will notice their worth go up, and then all you need to do is sell before the price dips again (if it does).
A lot of it is luck, but it is better than gambling because it is harder to lose everything and easy to make at least a little bit of money (if you know what you are doing).
3 – Grow plants and flowers and sell them
Do not sell the fully grown flowers or plants. All you need to do is germinate the plants and then sell the sprouts a few weeks before they need to be re-potted. With just a small sunlit area (such as in a shed) you can germinate hundreds of seeds and sell the plants in trays. The packets of seeds cost you just a few cents, but the trays sell for dollars.
If you are a bit of a risk taker then you can allow some of the plants to grow a little bigger. They will sell for more money but you will find fewer buyers because there is a lot of competition. You do not even need to attend fairs to sell them.
You can take out local newspaper ads, you can advertise online, and you can even sell them at car boot sales. The fact that they are small and easy to transport makes them the perfect little product to sell.
The trays are not even heavy so you do not have to worry about straining yourself to lift them.
4 – Take up painting, drawing, photography or sculpting
Any sort of hobby can be turned into a profitable endeavor. Most people cannot take up such hobbies on a full time basis because they have to worry about their bills.
But, most retired persons do not need to concentrate on full time work or childcare. This means that you have more free time to take up these hobbies and sell the results of your work.
Selling your works can be done at craft fairs, or via more professional routes (galleries, etc) if you are any good. A good idea is to also try selling them online.
Selling them on eBay is a good place to start. Some people will pay hundreds of dollars for something such as an original sculpture because they want to make a mold of it so that they may sell the copies.
5 – Take up garden maintenance
Men and women alike will often take up garden maintenance at their retirement age. You may not be physically fit enough to shift several tons of soil, but there is plenty that you can do around the garden of your clients in order to ensure that the garden stays the way it is supposed to.
There are even preparation jobs that you can do during the winter to ensure that things do not overgrow when springtime arrives.
People are often happy to employ retired persons to work on their garden as they are out at work, and it is a nice little earner for you during your autumn years.
Image courtesy of bplanet at FreeDigitalPhotos.net