While the concept of retirement means you get to quit your job and do what you love all day, many retirees would love to earn a little income to ease their cash flow. One of the best ways to both feel retired and bring in some money is to find a way to generate cash from your hobbies. It may take a little extra effort to move something from a hobby to a small business, but with a measure of entrepreneurial spirit you can turn fun into profit. How much you can make depends a lot on the level of time you are willing to put into participating in your hobby and marketing your services or products. Here are some examples of potentially profitable hobbies.
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Selling Items on eBay
If you have a vast collection of antique toys, record albums or clothing that you no longer want, you can sell them on eBay to the highest bidder to turn a profit. Some entrepreneurial typesturn eBay skills into a businessby buying low and selling high. If you have special expertise in a particular area or simply want to gamble a bit on something like sports tickets, you can spend hours making bids and then reselling items on other websites.
Selling Books and CDs on Amazon
Another option for people with the storage space for books and CDs is to sell your own collection through Amazon.com. You can haunt flea markets and thrift stores for bargain priced books and CDs and then resell them, but you’ll have to take into accountshippingcostsand the hassle factor of storing and sending the items.
Selling Handmade Items on Etsy
If you love to quilt, sew or make jewelry, Etsy.com can be your marketplace. The website makes it simple to market your crafts. You can even sell vintage clothing. So, if you have a trunk full of clothes in the attic this could be a goldmine and help you clean out your closet.
Sell at Flea Markets and Yard Sales
Plenty of people love to spend their time looking for treasures and unique items at flea markets and yard sales. If this is your hobby, you can turn it into a business by snapping up bargain items and reselling them. You can also sell your handmade items, including jewelry, quilts and clothes at flea markets. (For more money-making tips, check out5 Ways To Fund Your Retirement.)
Teach or Tutor
One of the fastest ways to earn money on your own schedule is to become a tutor or a teacher. Whether you excel at math or English, you can offer tutoring services through your ownwebsiteor with advertising at local schools. If you speak a foreign language or want to help others learn English, you can also earn money by tutoring. Other skills that can bring in plenty of students include teaching voice lessons, art or a musical instrument. Be sure to think about whether you want students to come to you or if you want to meet at a library or in their homes.
An unusual option for tutoring is eduFire.com, a website that puts students and tutors together for one-on-one sessions or group classes via computer. You’ll need basic computer skills and some credentials for marketing yourself to teach any subject you want.