We are not forever young. The time will come when we will age and we won’t have the strength to work due to health reasons. In this stage of life, you might already own at least one real estate property in the Philippines or in the country where you decide to grow old. It could be a bungalow or a villa perhaps. You have saved enough money as well to pay for your expenses until your body will not able to hold up. If this goal is easy to achieve, many of us will enjoy worry-free retirement years but in reality, let’s face it, this is not always the case. With the current economic situation and the unexpected financial obligations as we grow older, it is a miracle if we could keep the 10 percent of our monthly salary.
Squeeze your creative juices in order to survive this grueling world. Formulize a feasible financial strategy and have tons of undaunted will. Maybe the income generating tips below will perk up the ingenuity in you:
- Try tapping into Real Estate Investment Trusts (REITs). You don’t need to be the landlord yourself but just a stockholder of a money-earning real estate company.
- Acquire equity incomes. Invest only in well-known companies and those who were on the business for about 50 years or so.
- Turn your collectibles into cash. Yes, when the going gets tough, you have no choice but to sell your stuff, its sentimental value set aside. Organize a garage sale.
- Earn while shopping using your credit card that features one. This tip may be risky because as we all know a credit card is synonymous to “debt”, so better proceed with caution.
- Make a living out of your hobby. You’re not only having fun by doing what you love but you earn extra as well. You will not also be bored once you retire because this will keep you busy and productive.
- Be a mystery shopper. A company will hire individuals that will act as an “undercover customer.” The said individual will evaluate the customer-relation performance of the employees; the physical appearance of the store/shop; and the condition of the employees.
- Rent out the free space in your house. This could be an extra bedroom, or unused garage or parking lot. Make sure the renter is trustworthy and strictly known by your family.
- Purchase a real estate property and rent it out. Lease it for residential or business use. As the proprietor, expect maintenance and other legal costs.
- Venture into house flipping. Take note that this is a risky investment and you must possess business shrewdness to the core. The “basic’ formula is to buy a cheap old-looking house, renovate it, and sell it higher than the original price.