Times are hard and when you’re a senior it can be even harder. When you’re younger you can always go out and get a job, or a second job, or even in the third one. When you’re a senior, this is not quite as easy. It may be for many reasons such as mobility, or responsibility, but you can still make active and passive income when you’re older. Passive income is a great thing as it’s something that once you set up, you don’t have to worry about too much and money keeps coming in. Even a few hundred dollars extra a month can add up and is quite a helpful bonus. So here are a few things that might help you get some passive income.
Look at your experience
If you a senior you probably have a world of experience behind you in various things. It might be something you did when you were younger, or might be what your career was your whole life. You might have been an accountant your whole life, or you’ve might be a woodworker, it really doesn’t matter. Look at what you did and what you can do. You can teach this to others either in a real-life class or online. There are many types of software that will help you make a course for whatever subject you wish. You can sell this course once it’s created and make passive income and just update and answer questions as you go. You can also post videos on YouTube and others will come to you and ask for more help. If they are great videos and you make enough of them, you can possibly make more on youtube than you did when you were working when you were younger. Don’t be intimidated by how to make and edit a video, there are so many tools out there that its very easy these days. There are also many videos on how to do it, and they are making their passive income with them, you get the point?
Rent things
Other ways of making passive income that is pretty old school is renting a room in your house, or a guest house that you may have. There are also companies online where you can rent your car to other people as an agency and make some passive income there if you don’t use your car very much. It may not be a lot but it still extra income that can come in.
Microloans
If you have a bit of confidence in people, you can also invest by making microloans to people. There are many sites online to do this, whether you invest in a product, or helped somebody across the world with their business, it’s a low amount with a high risk, but a decent return. You don’t have to spend thousands to do this, you can even do crowdfunding for $50 or $100.
Crowdfunding real estate
Something that’s reasonably new is crowdfunding real estate. Basically, this is getting a large group of people together to put in small amounts of money to buy a piece of real estate and get in on the real estate benefits. You are not going to make as much as if you bought the house and flipped it yourself, but you are spreading the risk down much further as you’re not spending anywhere near as much money to get involved. You could always take as much or as little of that crowdfunding as you wish.
Blogging
Yes, you heard the term before, and everyone says you can make tons of money blogging, but you have no idea what to do. Just write about your hobbies and what you like. If you have a hobby that you love, you can start writing articles or recording videos about it and putting it on a website and start promoting yourself. You actually don’t have to do much work in promoting this, as if you write good articles or have nice videos people will find them and it will start to grow anyway. Once they are up there, you can add advertising or other ways of making money from this and you really don’t have to do continuing work to keep it going. But as it’s a hobby or subject that you may love, you’ll find it that it’s easier to do than you expect. It’s like when you’re with your friends, that subject that you always bring up because you love it so much, just talk about it online. You’ll be surprised as others will start asking questions about it and you’ll enjoy talking about it even more.
There are so many different ways to make money when you’re a senior, it’s almost exactly the same as when you’re younger. It just means working from home and picking passive things that are not going to take your whole day and make you work too hard. You might have to put a little bit of effort in the front to get something started, but then you can keep it rolling and make money over time that you would not have made before. Our favorite is blogging, as is very easy to get into. But just find what you enjoy, and then try and find a way to make money from it.
