Retirement has the potential to be an exciting time that is full of opportunity. With some passive income coming your way, it will be much easier to make sure that you can make the most of your retirement. Finding ways to earn passive income isn’t as hard as it seems, and there are plenty of opportunities that might surprise you.
Look to Dividend Paying Stocks
One way to start generating passive income is through dividend paying stocks like blue-chip stocks or index funds. Blue-chip stocks tend to be pretty reliable investments because you are investing in established companies with a solid history on the stock market. This allows you to make money off of your investment without taking as much risk as some other investments can take. Index funds are another low-risk option because you group with other investors to purchase stocks across an index, so you have a better chance of gaining funds over time.
Source: https://grow.acorns.com/why-to-invest-in-blue-chip-stocks/
Invest in Real Estate
Real estate investing is another great way to keep income coming in throughout your retirement. Investing in commercial real estate can allow you to have continual funding while you live your life in retirement. This can be a lot of work if you try to handle it all yourself, but you can make sure to find ways to make it easier on yourself. For example, hiring a property manager helps you relax and enjoy the passive income stream. That way you can enjoy your retirement even more.
Source: https://www.podium.com/article/commercial-property-management/
Rent Out Extra Space
If you are an empty nester in your retirement, you likely have some space that you aren’t using. Renting out that space, whether it is a basement, a spare room, or a vacation home can be a great way to bring in some extra cash without expending too much time or energy. Think about the logistics before you get started and look for help if you think you will need it (whether that means hiring someone or going through an agency). With the right planning, renting out your extra space can be very profitable.
Source: https://www.wisebread.com/the-11-best-websites-for-renting-your-extra-space
Your retirement is a time to be enjoyed and having extra money will help you to make that happen. Take time to think about the money, space, and assets you already have so you can make the best choice for your retirement. You can always try something new once you have gotten your current project down so you can continue learning and earning throughout your retirement.
Read this next: How to Prepare Your Finances for Your Passing
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