During retirement, people often say that they live on a “fixed income.” That does not mean there are not opportunities to make extra income when you are retired, however. You just need to get creative. Below, we offer a few ideas that may help you to increase your financial wellbeing.
- Freelance. Even if you are no longer working a full-time or part-time job for an employer, you may be able to bring in some extra money by freelancing. There are a lot of gig workers these days. Figure out what you are good at, and see if you can sell it.
- Take on tenants. If you have an extra room in your house, you could rent it out to a tenant. That person will pay you extra revenue every month for as long as they stay.
- Buy a second home and rent it out. Of course, living with a tenant is a big lifestyle change. If you are not up for that, you might want to think about buying a second home or vacation home. When you are not using it, you could rent it out. That way, you get the benefit of the extra income, but can still enjoy your full privacy in your home.
- Keep investing. Speaking of a second, home, if that property increases in value after you bought it, that will also increase your overall wealth. You can also make other investments as well. Being in your retirement years does not have to hold you back from profiting off of stocks or other assets.
- Look for ways to cut back your current expenses. Another idea is to look for ways you can reduce what you are spending now. For example, maybe mortgage rates have gone down since you bought your home, but your rate is still high. You could try refinancing to a lower rate. A penny saved is a penny earned, and over the lifetime of your home loan, refinancing could save you thousands of dollars.
Buy a Home or Refinance in Seattle or Beyond
If you want to buy a second home or refinance, Blue Square Mortgage makes it easy with a flexible mortgage. We can also help you buy a primary residence. To get started, please call (206) 352-6453 to schedule your consult. We work with homebuyers and homeowners in Washington State and Colorado.
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