Baby boomers seeking to stabilize or supplement retirement funds often turn to passive income opportunities or a part-time business to achieve these goals. The idea of earning passive income is a popular one for retirees who aren’t typically interested in working long hours anymore.
Related: Passions That Pay: Turning Hobbies Into Money-Making Machines
Granted, even passive income opportunities cost something in terms of some time or capital invested upfront. A passive income opportunity is defined as an income source that does not require trading hours for dollars on a regular basis. Minimal daily effort is required for these types of ventures.
It is not unusual for boomers to establish multiple passive income sources as a way to spread risk and weather economic storms. Since it is impossible to foresee the future for decades to come, retirees understand the logic behind diversifying investments.
Below are some ideas for establishing passive income opportunities or part-time income streams for boomers.
1. Create and Sell Digital Products
It is no secret that selling digital products offers unique advantages over the risks and substantial outlay required to sell in a brick-and-mortar establishment. There are many products and platforms available for the digital marketplace to meet a variety of tastes and interests.
Print-on-demand platforms allow sellers to essentially design cups, t-shirts, caps, and a large variety of other items that can be printed and sold as ordered. This business model makes it extremely cheap to get started since there is no inventory required.
Other types of digital products that can be sold forever after an initial outlay of time for creation is a digital course or eBook. Online education is more popular than ever before as adults and children seek information online to learn everything from physics 101 to how to paint a landscape.
Top-selling items like adult coloring books and grocery lists with interesting designs open up this market to limitless ideas.
2. Offer Your Services as a Pet Sitter or House Sitter
Boomers that love animals and enjoy the idea of spending the night away from home on occasion can earn some easy money by simply checking in on neighbors’ animals when they are on vacation. House sitting and pet sitting go hand-in-hand and are often combined. If the idea of spending a few nights in a nice home and hanging out with their pets appeals to you, then this type of low-stress income source offers a steady and solid opportunity.
As a referral business, this type of enterprise can grow quickly. Chances are if you’re well-liked by your clients, you will be turning business away sooner rather than later.
3. Sell Photos
Smartphone technology has turned us all into photographers to one degree or another. Since we always have our smartphones on us, we take a lot of pictures that can be sold for commercial purposes. Armed with the excellent photography capabilities of most smartphones, average photographers now produce what were once images captured by only trained professionals.
You can sell your best work on apps like Foap. MoneyTalkNews reports that stock photo companies like iStockphoto and Shutterstock like high-quality images and can sell them on a variety of subjects.
4. Use Your Vehicle as an Advertising Billboard
Imagine earning $500 a month for driving around like you normally do with a slight car modification. Advertising on your car provides an excellent way to earn some passive income while simply doing what you normally do traveling about town in your car.
Granted, we’ve all heard about people using their cars to deliver food or chauffeur people around town. Due to the considerable effort and stress involved in driving, earning this type of income is difficult to view as passive. That’s why many seniors are opting instead for using their vehicle as an advertising asset.
5. Sell Products Via Vending Machines
Vending machines offer a lucrative opportunity to passively sell anything from food and drinks to t-shirts. While there is typically an upfront investment required, a good location will pay for the machine in a few short months. Refurbished machines can offer an even lower startup cost.
There are some vendors that will provide a free machine to you if you sell their products exclusively. Pepsi is one example of a company that will offer a free machine to vendors interested in this type of business arrangement.
6. Rent Out a Spare Room or Your Entire House
Boomers can earn hundreds or even thousands per month by renting out their home or a spare room on sites like Airbnb or VRBO. The income potential is significant for most retirees. Since many boomers want to travel during their golden years, this type of income source offers a perfect way to squeeze some money out of an asset that is simply sitting empty while the family is on the road.
7. Create an App
Bankrate recommends the creation of an app as a way to leverage an upfront investment into future income that will pay out consistently over the long haul. Chances are that you use many apps on a regular basis already. If you are capable of coming up with a new idea and then designing a workable app based on that idea, then you have the potential to create an asset that will pay you for life.
Whether you’re into games or a practical solution for a problem that has inspired you to act, this type of technological asset has paid off in a big way for many industrious inventors.
Sources:
https://www.bankrate.com/investing/passive-income-ideas/
https://www.retireguide.com/retirement-planning/investing/passive-income/
https://thesavvycouple.com/side-hustle-ideas/
https://www.moneytalksnews.com/ways-retirees-can-make-money-through-passive-income/