How to make some extra money without unretiring

Simple ways to earn passive income to stretch your retirement dollars.

How to make some extra money without unretiring

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.

Dog walking
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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    COMMENTS

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    older&wiser
    17th Oct 2019
    10:21am
    Dog minding - if you have a safe yard, is a great way to earn some extra dollars, especially as you're home any how. Over the busy periods - Xmas, Easter - I am fully booked out. I only mind one owner's dog at a time, and only small dogs, and word of mouth sees me have a good review. Sometimes work on a barter system... minded one small dog, and her husband gave me a huge reduction on installing a security system.
    KSS
    17th Oct 2019
    12:30pm
    Just make sure you declare the income to Centrelink and on a tax return to the ATO.

    The ATO have clearly said they are cracking down on the 'gig' economy this year and I am fully expecting people to be complaining as they get caught out not declaring income made from activities such as these.
    Rae
    17th Oct 2019
    4:35pm
    I'm sure there will be heaps of deductions for your business. Business get all sorts of benefits from fuel tax rebates for car use to pick up or drop off or purchase for. Bed linen, towels, laundry bills on and on.

    I doubt much tax will be paid. You could even borrow money for the enterprise and tax deduct the interest.
    KSS
    17th Oct 2019
    8:22pm
    The point is Rae you have to declare it. Failure to do so does have consequences.
    beyond caring
    17th Oct 2019
    1:44pm
    Guys, lets be real about this .. unless you have or do waste the $$$'s either in Super or just a income and the benefits available via the "great" Govt programs ( either side politics ) provided to us over 65's. And instead of worrying more about what we are leaving to the kids ( who have years ahead , to put together their own nest eggs. They already have things handed on a silver plate).
    We should be enjoying our last few years and stop hording the $$$ away for a raining day.
    Greg
    17th Oct 2019
    8:22pm
    Exactly
    sunnyOz
    17th Oct 2019
    9:27pm
    Agree with you about the comment about 'leaving to the kids'. Nothing galls me more than hearing seniors saying they need to put away something for the kids. Or worse, saying 'we can't afford to go on a holiday as we have to leave it to the kids'. Bugger the kids!
    I have a friend at the moment doing exactly this. Stashing away some money from his pension, not touching the small savings he has in the bank. Constantly talks about 'giving his bank money to his kids to help them pay for their houses'. I have tried to explain to him about how Centrelink will treat this 'gifted' money, and for him to use HIS money to enjoy his final days.
    I just wish I knew my last day, so that I could spend my last dollar that very day!


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