Passive Income, Money, Retirement, Rent, Stocks

How to Get Free Money During Retirement

29 August 2020

Free money during retirement

 

Having passive income means getting money for doing a minimal amount of work (or, in some cases, no work at all). The smarter you invest your money during your youth, the more passive income you will have during your retirement years. Who doesn’t like the idea of free money? This article will tell you about some of the most popular investments that can support your lifestyle later on. 

 

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Rent out a room in your house

Many couples buy a bigger house when they decide to settle down and start a family but as the years pass and the offspring leave the nest, you may think about renting out the spare bedrooms. There are several ways to do this, either you rent it out short-term to various guests, or to a long-term tenant. The former requires a bit more work (keeping the room clean and so on), whereas the latter provides you with a truly passive  income. 

 

Having a rental property (like many others) has its downsides as well. Some tenants may default on their payments, be unsafe to share your house with or damage your property. So, make sure to choose the people you let into your house very carefully. Click here to learn more about Real Estate Investment

 

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Sell your knowledge

If you have a certain skill and years of experience in a particular field, there may be thousands of people out there who would be willing to pay for your expert insight.

 

You could create audio, start a blog, make a video course or write an e-book and sell it on the internet. Of course, it will take some time to create an information product, but once you finish creating your information product and launch it on a reputable website (such as Udemy, Coursera, or SkillShare) you can just sit back and watch your bank balance grow. 

 

If you are a renowned specialist in your field you will instantly attract a crowd and make money from just one product. Otherwise, you may need to invest an amount of money into marketing, online ads, and release several products to earn a decent return. 

 

 

Buy dividend-yielding stocks

If you invest smartly into dividend-yielding stocks, they will generate passive income. Companies that issue such stocks pay cash dividends every quarter to the shareholders. The more shares you own, the higher are the dividends. And all you need to do is to make an initial investment into the company, nothing else is required of you after that.

 

There is risk to consider. Firstly, you need to choose the right stocks and the company that has the real potential to turn a profit. Research the company you are planning to invest in, look at their website, and go through their financial statements with a fine-toothed comb it may take you two or three weeks to do this, but better safe than sorry. 

 

Alternatively, you may invest part of your money in a bond ladder, which means a series of bonds that mature at different times. This is a passive income investment of the classic type that has been popular with retirees for decades. But, as with most investments, bonds carry a certain risk too, so you’d better get the advice of a financial expert beforehand. Click here to learn more about stock investment

 

 

Invest in ETFs

A real estate investment trust (REITs) is a company that owns and manages real estate and passes on most of its profit to the shareholders. You can buy the shares on the stock market just like any other dividend stock, and you will receive the dividend predetermined by the REIT you choose.

 

REIT dividend tends to increase annually so if you invest smartly you may have a growing stream of passive income in your retirement. They are riskier than the ETFs, however, so you need to research the REIT you are planning to invest in thoroughly. Ask your financial planner if this is the right type of investment for you. 

 

 

Turn your car into a moving billboard

Imagine earning money simply by going about your day and driving around that is exactly what you can do by collaborating with some advertisement companies (Carvertise, for example). These agencies evaluate your driving habits (e.g., how many miles you drive a day and where) and match you with an appropriate advertiser. Your car will be wrapped in a removable film that displays an advert (at no extra cost to you), and that’s it.

 

Although there are some preconditions, the advertisers tend to favor newer cars, and it is important to have a clean driving record. In addition, some companies pay the drivers by the mile, so you do actually need to drive the car; you can’t just hide it away in the garage and hope to pocket hundreds of dollars a month for nothing. Also, if you do decide to enhance your passive income that way, be on the lookout for fraud. Make sure that the company you are partnering with is legitimate. 

 

There are other ways you can generate passive income in your retirement years. In general, there is no one size fits all approach. You and your financial planner should work together and figure out which method is the most suitable for your financial situation, but in general, if you have been smart with your money, you can afford to invest in at least one avenue. For more ideas on how to increase your wealth check 10 Most best ways to make money online

 

 

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Lea Wiviott Boracchia, Co-Founder, FinancialPlans.Info and InvestingProfits.Pro, both apart of the renowned Boracchia Wiviott Wealth Partners

We are a registered investment advisory focused on accessible wealth planning for everyone. Our mission is to help women, men and people of all ages, races, locations, and anyone plan and secure their most successful future. We were originally established in 2005 by way of 3 firms before my husband Marc and I registered our independent advisory in California.

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