Five Ways You Can Monetize Your Assets In Retirement
You’ve worked hard, saved hard and in retirement you want to play hard. Visions of exotic destinations, endless golf games and spoiling your grandchildren are on your mind. But these pursuits, along with other retirement aspirations, can be costly.
Maybe between your nest egg and Social Security payments you have enough to live comfortably but not quite chase your dreams. Or perhaps your pension plan didn’t quite live up to expectations. Whatever the reason, retirees looking to earn some extra income should consider using an online marketplace to monetize their assets.
Here are a few of our favorite ways to make the most of what you’ve already got:
1. Rent Out Your Home
Travelers today, especially the younger generation, are far more likely to jump online to price out a vacation then call a travel agent. Home-sharing sites, like AirBnb and HomeAway have become an increasingly popular choice for those looking for a better value or a different experience than found at traditional hotels and are a great way to earn extra income.
So how does it work? Essentially the sites are online marketplaces, connecting wannabe renters with home owners. Whether you own a two-bedroom condo in an urban high-rise or a ranch-style home in the suburbs, chances are someone will want to rent it. Some savvy owners even plan their vacations around renting out their home, earning money while they are away or covering the cost of their trip with the earnings. Others who own income or other property find that flexibility of using home-sharing sites to rent out their place can be a better fit than traditional leasing arrangements.
One of the most popular sites used today is AirBnb. There’s a fairly stringent process to become registered as a landlord or a renter. All members have to upload their government ID and provide a photo and some other basic information about themselves. There’s even an option to link to your social media profiles so that the parties can get to know each other better and see if it’s a fit. For example, if your Facebook page is filled with photos of you and your shaggy dog, this can help those with allergies steer clear of your listing. Similarly, if you see on someone’s social media nothing but questionable activities, this may not be the person you want renting your place.
2. Put Your Car in Drive
Renting out your car to others can be a great way to turn a depreciating asset into a cash cow. If you plan on taking an extended vacation and don’t need your car, don’t drive every day or you and your spouse have a second car, you may want to consider signing up for a service like Turo or RelayRides. The services aim to jump over the hassle of renting a car from a bricks and mortar store by connecting travelers directly with car owners. The company performs background checks on renters and offers up to a million dollars in liability and theft insurance with out any fee to list your car. In return, they keep a percentage of the predetermined rental price and the rest gets deposited in your bank account.
3. Fill Your Empty Nest
Once the kids have grown up and moved out, many retirees find themselves with plenty of extra space-bedrooms, closets even garage space could all be turned into potential moneymakers. Companies like Roost have jumped on the space-sharing bandwagon, but instead of having strangers stay overnight in your home, you can earn money just by storing other people’s stuff. As with other peer to peer marketplaces, insurance and background checks are included to help ensure your safety.
4. Mr. Fix-It
Handy types can combine their tools and know-how into lucrative side gigs. Do-it-yourselfers can register on TaskRabbit to help those who might be all thumbs or just need a pair of extra hands. Projects range from furniture assembly to hanging shelves to moving furniture. Even those who don’t know a Phillips from a flat head can pad their pockets getting paid to go grocery shop, help pack for a move or do some housekeeping.
5. Home Court Advantage
Are you an expert on local history, the best spots to eat, or have a mental list of the most scenic spots around your town? Share what you love about where you live by giving a curated tour on Vayable. Depending on where you reside, you can offer everything from a tasting tour of the local cuisine to a photography excursion examining the regional flora and fauna. Although this may not be as steady as some of the other income opportunities, it’s a terrific way to turn your passion into profits.
You don’t need a lot of technical know-how to get started. Most of the established online marketplaces are extremely user-friendly with intuitive interfaces that you can even access from a smartphone. With just a few clicks you can start earning extra money in no time. All of the sites mentioned above have detailed help or frequently asked question sections to walk you through signing up and getting started. What are you waiting for?