10 Ways Boomers Can Make an Extra $500 a Month
Written by
Katie Wudel
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In a world where the cost of living continues to rise, finding ways to supplement income is important, especially for baby boomers navigating the landscape of retirement or semi-retirement. Here are 10 ways for boomers to earn an additional $500 a month.
1. Leverage Your Experience: Consulting or Freelancing
Baby boomers possess a wealth of experience and knowledge in various fields. Utilizing these skills through consulting or freelancing can be a lucrative way to earn extra income. Websites like Upwork or Freelancer allow retirees to connect with companies seeking temporary or part-time expertise.
2. Share Your Home: Rent Out a Room or Space
If you have extra space in your home, consider renting out a room or converting a section into a rental unit. Platforms like Airbnb provide an excellent opportunity to earn money from unused space, especially if you live in a high-demand area.
3. Get Crafty: Sell Handmade Goods
Turn your hobbies into profit. Whether it’s knitting, woodworking, or pottery, platforms like Etsy allow boomers to sell their handmade crafts to a global market. This can be particularly rewarding as it also offers a chance to engage in enjoyable and creative activities.
4. Teach or Tutor
Use your expertise to teach others. This could be through online platforms that connect tutors to students globally, or by offering local classes or workshops. Subjects can range from academic tutoring to teaching a musical instrument or a foreign language.
5. Part-Time Work in Retail or Hospitality
Many retail and hospitality businesses appreciate the reliability and experience that older workers bring. Part-time positions in these sectors can be a good way to stay active and engaged while earning extra money.
6. Pet Sitting or Dog Walking
For animal lovers, pet sitting or dog walking can be an enjoyable way to earn additional income. Websites and apps like Rover and Wag connect pet owners with trustworthy pet sitters and walkers.
7. Virtual Assistance
As a virtual assistant, you can offer administrative services to businesses from the comfort of your home. This can include managing emails, scheduling appointments, or handling customer inquiries.
8. Gardening and Landscaping Services
If you have a green thumb, offering gardening or landscaping services in your community can be both profitable and physically rewarding. This can range from simple lawn care to more elaborate garden design and maintenance.
9. Sell Products on eBay or Amazon
If you have a knack for finding bargains or own items you no longer need, selling items on eBay or Amazon can be an effective way to make money. This can be a particularly good option for those who enjoy the hunt for valuable items at garage sales or thrift stores.
10. Write and Publish
If you have a talent for writing, consider self-publishing books or articles on platforms like Amazon Kindle or Medium. Whether it’s fiction, non-fiction, or sharing your life experiences, writing can be a fulfilling source of income.
The Takeaway
There are many ways for baby boomers to earn an extra $500 a month. The key is to leverage your existing skills, embrace new technologies, and be open to exploring diverse opportunities. Whether it’s through part-time work, online ventures, or turning hobbies into income, these ideas offer a starting point for those seeking to boost monthly earnings.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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