How to Earn Extra Money in Retirement

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It would be great if the cost of living stopped rising once you retire. You would know exactly how much money to save, and how much income will support your lifestyle. But the cost of living continues to rise even after retirement, which is why a lot of people look for ways to earn extra money, often just a couple of years after retiring.

Consulting

Many careers can be converted into part-time or seasonal consulting arrangements in retirement. For example, let's say that you worked in marketing and sales during your career. You may be able to work as a consultant for other businesses engaged in the same line. Or let's say that you managed a restaurant; you may be able to become a consultant for another restaurant or even a small restaurant chain.

The idea is to take the experience that you accumulated during your working years, and consolidate it into a program where you can sell your expertise for a fee. It could be a flat fee or an hourly compensation arrangement, that will be an excellent way to earn extra money in retirement.

Freelancing

Create a list of skills you have - they can be either those acquired through your career, or even one or more from a hobby or area of interest. Figure out how you can sell those skills to businesses or individuals, and you can make money freelancing. Let's say that you were a teacher during your working life; you may then be able to sell your services as a tutor. Or let's say that you are an avid golfer, and a pretty good one at that; you may be able to sell your services as a golf pro at a golf club, or even to offer instruction to other golfers. There's no more fun way than to make money from your hobbies!

Start a Part-time Business

This can involve providing a service or selling a product. Under ideal circumstances, it will be a business idea that you are enthusiastic about, kind of like a lifelong dream. If you can identi

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2016-01-16, 512👍, 0💬