Freedom Friday: How to Turn Your Passions Into Retirement Income

Piggy Bank Sitting on Stack of Money

In her Next Avenue article How to Turn Your Passions Into Retirement Income, author Nancy Collamer suggests ways you can generate income from your passions and hobbies you love:

“Become a gigster. Eager to strike out on your own, but don’t want the headaches of starting and marketing a business? Consider applying for short-term gigs that play into your passions by using gig technology platforms and mobile apps.

For example, if you love pets and would enjoy working as a pet sitter or dog walker, you could sign up on Rover.com. You set your own schedule and rates; Rover.com handles the payments and insurance for dogs in your care. In exchange, the company takes 20 percent of your earnings to cover administrative costs and overhead and to make a profit, of course.

It’s proven a lucrative option for Walt Galvin, 66, a recently-retired defense contractor and dog lover based in Woodbridge, Va. ‘As a retiree, Rover provides me with a great monthly supplemental income. And it’s great exercise, too!’ he says. Galvin averages $1,500 a month from Rover, he told me.

On his Rover.com page, Galvin says: ‘I love dogs! Over the years I’ve fostered over 150 dogs as a volunteer/board member of a local lab rescue group. I don’t foster anymore, but as a new retiree with time on my hands I’m looking to continue to interact with dogs and their families.’

If you Google ‘gig platforms’ you’ll find that there are many other possibilities. For instance:

  • Coachup.com: Sign up to offer coaching services to local clients.
  • Gigmasters.com: It matches people who provide event services (like music entertainment, wedding photographers, magicians and officiants) with prospective customers.
  • EatWith.com: Apply to be a dinner party chef, working out of your own home.”

Read more ideas of How to Turn Your Passions Into Retirement Income

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