In this final part of this 3-part article series, Marc Linsky, CFP at Estreet Financial, explores ways to create extra income during your retirement years.
As most retirees are on a fixed income, continuing from part 2, Marc Linsky discusses home-based businesses for extra income during your retirement years.
Affiliate Marketing: Affiliate marketing is a method of promoting someone else’s business for a share of the proceeds. “You’d need your own website and a great company or product to promote,” Marc Linsky says, “but some companies will provide this for you.” Some sites to look for products to sell are Clickbank, JVZoo, Warrior +Plus. You can make up to 40% or 50% commissions depending on the products, Marc adds. Just watch out for scams and junk products and stay with the reputable ones for best results, he adds.
Craft Business: Many retirees have a hobby they love doing and they’re good at, Marc Linksy says. Sometimes you can make extra money by selling your crafts online. “I’ve seen people who make jewelry, painting, woodworking, and so much more, he says. A good place to start, Marc says, is a site like Etsy where you can join thousands of other crafters who are doing the same thing.
Transcription: Many companies need their audio files transcribed, Marc Linsky explains. This includes businesses of all types, like marketing companies, as well as academic transcription for professors and students. Other uses for transcriptionists are churches for sermons, radio stations. There are a number of general transcription companies online like Rev that hire large numbers of transcribers to work from home transcribing audio for their clients. For more specialized transcription, you might consider getting additional training so you can do legal transcription or medical transcription, but general transcription is easy to get started without any extra training.
Photography Studio: If you don’t want to simply sell your stock photos you have photography skills, you might consider setting up space in your home for a studio. With some additional training, you could become a wedding photographer or do senior portraits, Marc Linsky adds.
Side Ventures That May Require Extra Training
Blogging: This is a great hobby that can help you earn extra income, especially if you include Google AdSense ads, Marc Linsky says. AdSense ads are ads that are sprinkled throughout an article by Google. When someone clicks on an ad, the ad income is split between you and Google. The extra training comes in since you’d need to learn how to create a website for your blog, although you can always hire that out, he adds.
Fiverr: Fiverr is a great site where people all around the world advertise their creative abilities, Marc says. Here, you’ll find everything from graphic design to article writing or programming. If you have any special skills that can be done online, he adds, Fiverr is a great way to get some extra income. Another site similar to Fiverr is Upwork, he says, although Upwork seems to be more for professional talent.
Online Course Creation: If you have a special skill or creative ability that someone would be interested in learning, you might consider creating an online course for it. Some places that can help you create an online course and host your files online are sites like Teachable, Kajabi, and Thinkific. Online courses have the ability to create a lot of income over a long period of time, Marc Linsky says. “I like it because it’s something that you create just once,” he says, yet you can make money on it for years.”
Consulting/Coaching: Another method of making money online is consulting and coaching, Marc Linsky says, although you’d need a skill somebody would want to pay for. An alternative to this is Life Coaching, Marc adds, where you help people with their personal, career, or organizational goals. You need certification, he says, at one of the accredited organizations online. Many of these places also provide help with setting up your coaching or consulting business, he adds.
Virtual Assisting: If you know skills that might be needed by other online companies, you might consider becoming a virtual assistant. Virtual assistants work from home and do a wide variety of projects for companies, like data entry, website creation, email management, appointment setting, and more.
Ecommerce: With more people than ever online and more sales being made online every year, an ecommerce business through Shopify can make good money if you know what you’re doing. With drop shipping you don’t have to buy the products ahead of time, Marc Linsky says. Because the competition is fierce, Marc Linsky recommends some training before you choose this route. A good ecommerce training program will help you get set up with products and a website. Some will even provide a marketplace for you to advertise from.
“This list is just a starting point,” Marc Linsky says. “Hopefully it will give you some ideas that will work for you and your family.”
Marc Linsky CFP is a certified financial planner and the President of Estreet Financial, a financial investment firm specializing in retirement and financial planning with particular focus on those in the medical professions. He holds the CFP certification, which is recognized as the standard of excellence for the financial planning profession and has been helping people with their financial, retirement, and estate planning since 1986. Marc Linsky holds a bachelor’s degree in Marketing and Economics from Penn State University. He has been married 33 years to his wife, Molly, and has 3 grown children and 2 grandchildren. Estreet Financial has offices in New Jersey, Florida, and New York.