Courtesy of Lizzie Weakley
If you are now retired and no longer get your income from working a full-time job, there are several clever ways to make some extra cash when money is tight. Many of the best ways to earn a passive income don’t require a lot of strenuous mental or physical labor. Here are a few ideas for making some extra money as a retiree.
Attend Focus Groups
Taking part in focus groups merely involves giving your opinions on certain products, services or social issues. You might get the chance to try a new food product, give your opinions on the latest electronics, or even take part in a mock jury for an upcoming trial. Many of these focus groups will pay handsomely for just a small amount of your time (possibly as little as one hour). Payment often comes in the form of cash, a check or a gift card.
Work as a Sitter
Whether you want to babysit, housesit or pet sit, you can make money by acting as someone’s eyes and ears when they’re away to ensure that nothing bad happens. You’ll want to have references so that people who want to hire you can verify them to guarantee that you’re trustworthy. You can be a sitter as part of a one-time gig or sit more regularly on your own schedule. To find sitter jobs, there are websites for specific types of sitters that you can browse and join.
Sell Your Life Insurance Policy
You might be asking yourself, “Can I really sell my life insurance policy for cash?” the answer is yes if you meet certain eligibility criteria. Through a process known as life settlement, you can usually sell your policy if you are 70 years of age or older and your policy totals $100,000 or greater. A person who is under the age of 70 might be able to sell their policy if they’ve been diagnosed with a terminal illness. The policy types that can be sold include term life, whole life and universal life.
Sell Arts and Crafts Online
If you have a knack for creativity, you may be able to turn your skill into a money-making opportunity. You can sell any unique pieces of artwork or crafts that you make to customers online and watch the money come into your bank account. Selling items with holiday themes can be especially lucrative around holidays. There are several arts and crafts websites that you can join to start selling your goods.
Supplementing your income as a senior doesn’t have to involve a lot of backbreaking labor. By tapping into the right resources and putting your already-existing skills to work, you can make the money that you need in almost no time.