Whether you’re starting to see the finish line of your career or already past the retirement milestone, it’s never too late to think about smart strategies for generating extra income. Chances are you embarked on a traditional career post-college, or you followed a path similar to your parents to support your lifestyle and family. Now is the time to let your inner compass guide you with passion and purpose. It’s time to monetize your assets, life experiences, education, and talents.
First, you must get out of your own way by normalizing that it’s ok to change. That might mean you spent years as an accountant, but now you’re ready to dive into photography – or maybe you were an art teacher who wants to teach fishing lessons. Your career experience does not define you or limit your ability to monetize your passions. Celebrate the opportunity to reinvent yourself with confidence.
Here are a few simple exercises to help you get clear on what it is you WANT to do. The challenge here is to quiet the voice that tells you what you “should” do (the obvious path) – now is the time for the “shoulds” to take a backseat to joy and intuition.
- Daydream: indulge in some daydreaming and notice where it takes you. What memories or ideas pop up? Sometimes it helps to do a little gentle movement prior – walk to the beach and sit in a quiet corner for a while or do some gentle stretches at home before curling up in your favorite chair. Listening to binaural beats can help shift your mindset into relaxation and positivity. Search “binaural beats” on YouTube or Spotify for great mixes.
- Journal: set the goal of spending 10 mins a day journaling – you might just be surprised by what you see on the page when you’re done. Don’t think about spelling, grammar, or fluency – just dump the words onto the page. After doing this daily for a while, look back, and you might find some breadcrumbs to follow.
- Audit the Archives: blow the dust off those bins in the attic…look through old photos and be reminded of what lit you up before life got in the way. Pay attention to how these archived items make you feel – does a smile creep across your face when you find that old swim team trophy?
- Asset Review: take a minute to think about your assets – make a list of them, and then start to think about how to use them. Can you rent out your boat for the season? Put your home on Airbnb for a few months while you travel? Rent your backyard to a yoga teacher so she can host classes there?
Passion & Purpose
Turn your passions into purpose! Some of the most popular ways to make some money in the retirement years are:
- Pets: If you’re active, consider a dog-walking business or marketing yourself locally to pet sit.
- Teaching: share your passions and hobbies by teaching – sailing, fishing, sewing, piano, baking, languages?
- Etsy: thanks to Etsy, you can craft, build, and create for a global audience with your own Etsy shop.
- Real Estate: if you’ve lived in your local area, you can bring personal knowledge and expertise to potential buyers. Consider investing in real estate licensing, a career with a relatively flexible schedule and lots of upsides.
- Driving: beyond Uber and Lyft, young families need help shuttling kids to and from activities or to and from the airport. Hang up flyers around town or post in the local Facebook group – chances are your phone will be ringing soon!
These are just some exercises and ideas intended to give inspiration for your next chapter of income generation. You have all the answers inside – they are at the unique intersection of your talents, passions, and experiences that only you can bring to them!