Simple ways to earn passive income to stretch your retirement dollars.
Earlier this year, we reported on the growing trend of unretirement. It dealt with the increasing number of Australians changing their mind about leaving the workforce and returning to work.
Around 42 per cent of those people returning to work cited financial reasons for their decisions. Before you give up on the goal of retirement, here are some ideas for making some extra money without returning to the daily grind.
Rent out a room in your home
There may be options to generate some extra income by renting out a room in your home or making your home available on a temporary basis via such platforms as Airbnb. How about renting out your driveway or garage if it’s not fully utilised and you live near a busy station or sporting ground? Websites such as spacer.com and parkhound.com will advertise your site and you could make $100–$150 extra per month depending on supply and demand.
Rent out other items
Your home is just one of the things you can rent out to make extra money. If you have a caravan or mobile home you can rent that out on sites such as Camplify, while ToolMates offers a platform for tool and equipment sharing. Rest assured, if you have something lying idle in your home, there will be someone, somewhere who will be keen to rent it.
Sell your photos
You can make your photos work for you and earn you some extra dollars. You may have heard of sites such as iStock and Shutterstock. Known as microstock photo libraries, they are often used by websites and publishing companies to acquire photos they can legally use for their content. With clients paying for the privilege of using the photos, microsites offer an opportunity for you to upload your pictures for free and then make a cut on the profits each time they are downloaded.
Walking is a great way to stay fit and active, and walking with a dog or dogs can be fun. Start with just one dog and progress to more if you feel comfortable. If you’re asked to walk big dogs, ensure the owners provide you with a leash system that lets you stay in control.
Have you used any of these (or any other) passive income strategies?
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