I’m fascinated by the idea that many millions of people are retiring soon, leaving a huge gap in the work force. According to the Australian Bureau of Statistics, almost 28% of working Australians are older than 50. I wonder what’s going to happen to labour once all these workers start retiring? When employers are desperate for workers and will hire basically anybody, services usually get pretty flaky, as employees don’t feel hard pressed to keep their jobs.
But even more fascinating than that is the question of how people will pay for their retirement. It’s a pretty widely-known fact that the Baby Boomers were working long before Superannuation kicked in, and aren’t prepared to retire. That’s probably why so many are looking for ways to make money from home during retirement.
So I thought of a few things you can try if you’re in that position.
- Host your own online TV show. It’s quite easy to do these days. Get a good tripod, microphone, and camera. Start interviewing people on a regular basis, tape the interviews, and post them to your YouTube channel. Let people know what you’re doing and agree to let YouTube monetise your channel. Eventually, when you build up a following, you’ll make money allowing people to advertise on your channel.
- Find a product you love and sell it online. I heard of a guy who sold these big red balls online. There wasn’t anything special about them, but people bought them online and he’d stick postage stamps on them and mail them to people all over the world. So “Joe Blow” would buy a ball to mail to his buddy, and the seller would get the money and mail the red ball to the buddy. It was kind of like selling pet rocks, because the balls didn’t do anything special. It just struck people as weird to get one in the mail. The guy made a fortune apparently.
- Write a bestselling book that’s so good they’ll want to make it into a movie and do merchandising. This is a complete long shot, but if you’re one of those gifted people who gets to cash in on the one-in-a-million shot, then you have nothing to worry about and will, in fact, become a celebrity.
As I said in a previous post, it would take an income of $20,000 if you want a “modest” retirement. All you need is a nest egg of $500,000 and a guaranteed interest rate of 7%. If you don’t have that now, or you don’t have a big enough pension to get you through, you might consider a second income that’s more lucrative than any of these other ideas.
If you’re not sure you have that next million-dollar idea, try affiliate marketing. This is a process where you choose a really solid, stable company, enter into a contract to sell its products for a commission, and start promoting online. The obvious advantages are that you don’t have to take years to create and patent or Trademark a product; you don’t have to manufacture them and store them in your garage; you don’t have to deal with customer complaints (as the company does it for you); and you don’t have to hit up your friends and family to purchase your products. In fact, if you know how, you can do the whole thing online, quite professionally, and start earning commissions almost immediately.
Unfortunately, some people believe that working online amounts to a get-rich-quick scheme. In fact, the opposite is true. It takes real skill (yes, there is a learning curve) and hard work (yes, it requires effort). And it’s too bad that many people feel that way, because they’re buying products online and they don’t see that as a scheme. Who do they think is building the website and placing the ad that got them to buy something online? Believe it or not, there is a demand for good, responsible people to do the marketing that drives those sales.
There are many ways to make money from home during retirement, but pick something that has the potential to earn pretty solid commissions, or you’ll exhaust yourself for very little remuneration.
As always, please leave your comments or questions below. I’m here to help in any way that I can.