Taking up or continuing a hobby is a common way retirees spend their free time. These pursuits can be rewarding on their own, but did you know that some can even bring in extra income? Earning money for activities you already enjoy can be a fun way to supplement your retirement savings.
- Writing – Retirement may be the perfect time to start (or finish) that novel you’ve always dreamed of writing. Self-publishing has become easier and less expensive thanks to the popularity of e-books, making this dream more accessible. The internet is full of sites offering advice and help on the topic. If writing a book isn’t your speed, freelancing for your local newspaper or a website specialising in a topic that interests you are other great options.
- Arts & Crafts – For those with creative talents, tapping into the homemade gift market could prove lucrative. Thousands of independent sellers use the website Etsy to help their products reach a worldwide audience, but many artists start selling on a smaller scale first. Local markets and craft fairs allow you to establish a more personal connection with customers and your community. If sales isn’t for you, approach local businesses about selling your artwork for you. Salons often stock jewelry, and cafes may be keen to hang your photographs on the wall.
- Cooking – Does everyone rave about your cookies and cakes? Are you skilled at making pasta or chutneys? Sharing your culinary talents with others can be rewarding and a way to earn a bit of extra dough. Try teaching classes, selling at a local farmers’ market, or catering for small parties. Remember to research any food regulations in your area to insure you’re meeting hygiene and safety standards. Sick customers are not good for business!
- Antiques & collectibles – Many retirees downsize their homes, leaving less space for a lifetime of accumulated stuff. Selling collectibles or antiques is one way to monetise a lifelong hobby that may no longer fit into your lifestyle. Of course, you may not be willing to part with your treasured items—you fell in love with them for a reason! Instead, offer your expertise to others. Find a local antiques or collectibles shop and freelance for them, visiting flea markets or estate sales to fill their inventory.
- Handyman or Mechanic – If you love working around the house or garage, try offering these skills to others. Busy families may need someone to complete small fixes around the house. Neighbours with limited car knowledge may prefer to have someone they can trust perform minor maintenance. You may also enjoy teaching others these skills. Organising small, informal classes on basic plumbing or car repair can empower people to take on these tasks themselves.
Before you try making money off your interests, ask yourself if doing so will make these activities less fun. The last thing you want to do is spoil your leisure time! However, if you do decide to give it a go, remember that stopping is always an option.
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About Author: Momentum Life is a leading provider of Life insurance and Funeral insurance in New Zealand.
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