Finding What Works for You

hands-1139098Have you found the right stream of income to supplement retirement income?

How is it working for you? Are you wanting to grow it or find an additional stream of income?

Your solution probably won’t look like mine.

Take a look at these ideas and let me know what you think.

Home Businesses

These are not technically passive income. But if you are still several years away from retirement you can save profits for retirement.

Your choice of a home business should be based upon what you like to do. You know the old saying. Do what you enjoy and you’ll never work. Of course, there will be work involved so doing what you enjoy will help.

As you grow your business look for ways to streamline the work. Think about ways that you can keep doing it in retirement as a source of income.

  1. Freelancing. What skills do you have that others would pay you for? The list is almost endless. Graphic design, website design, music lessons, bookkeeping, consulting, organizing others’ homes, personal shopping, pet grooming, pet training.
  2. Fine arts and crafts. It can be hard to make this profitable but if you find the right niche and become an expert in it, you can be competitive and do something you love at the same time.
  3. Investments. This takes time and expertise. But there are people who are doing it for a living from their homes.
  4. Real Estate. If you are feeling energetic, real estate is an option. Buy houses that need fixing up. Do the repairs yourself and then sell or rent them. Make sure you know the pit falls of renting though.
  5. Writing. If you are a writer you know that writing is work but it is also fulfilling. And you can make money from it. There are varied formats to use. Blogging, eBooks and physical books are just a few. There are plenty of sources of information to help you make it profitable. (I have a favorite I can recommend. Contact me here and I’ll get you the info.)
  6. eCommerce. You can use others’ products, warehouses and shipping. By using drop shipping and a website with shopping cart software. You can be part of the distribution chain and share in the profit.
  7. Affiliate marketing. This is a referral system that connects people with products. You get a percentage of every referral you direct to a seller. There are lots of affiliate programs out there. It is fairly easy but some are better than others. (I have found one that is awesome. Let me know if you want more info by clicking here.)
  8. eBay. This is not passive income. But if you like finding bargains. I know folks who shop yard sales and auctions looking for the right items. They then sell them on eBay. They enjoy it and are making extra money. It works for them.

This is not a complete list. I have seen lists that include taking surveys. I don’t see that as a way to provide much income. I am sure that you have heard of something I haven’t listed so let me know what I missed by clicking here.

 

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