Those who have earned their stripes and have entered their fifties are often eyeing their golden years with both anticipation and anxiety, particularly given the current set of macroeconomic headwinds threatening their nest egg and eventual retirement.
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Working a traditional nine-to-five may not cover all of the financial bases when it comes to laying down the groundwork for a comfortable and enjoyable retirement, but fifty-somethings still have some time to boost their income — even while sleeping, in some cases — to ensure they can have fun when the time comes to exit the job market.
And while the tried-and-true methods for earning passive income for retirement have been tabled time and time again (dividend stocks, real estate investments, etc.), here are six less conventional ways to build a portfolio of passive income gains for middle-aged Americans.
Shutterbugs Should Consider Producing Stock Photography
Stock photography can be a viable freelance career with a significant passive income upside, according to Canva.
“Diana Mironenko, who contributes travel and fashion photos to Canva and other websites, earns about $20 to $700 per photo. The sales vary depending on different website rates, number of downloads and a host of other factors,” the Canva team wrote.
However, as the authors indicated, some initial outlay of capital may be necessary — whether that includes rental of props or property for travel photos, models and rented garments or accessories for fashion models, and so on.
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A Vending Machine Business: Lower Overhead, Significant Rewards
Vending machines, unlike payphones or phone booths, remain a fixture of urban, suburban and rural life in the United States. From gyms to arcades, from c-stores to government offices, the vending machine is a near-constant fixture.
Essentially acting as a silent salesman, a vending machine can act as a (mostly) passive income stream, provided you start small and consider scaling up as you make local connections.
“The real upside? Low maintenance and flexibility. Check on them weekly, refill as needed and collect your earnings. You can start with one machine, then expand as you go,” Side Hustle Nation stated.
It’s not all sunshine and rainbows, however. You’ll still need to service and stock the machine(s), the latter which you might be able to handle yourself. Permits may be required from local municipalities or city hall in order to comply with regulatory bodies, so do your research!
Turn Your Commute Into a Passive Income Moneymaker
It couldn’t get any easier than this: Turn to Wrapify or a similar service in order to turn your daily commute (or grocery expedition) into a passive income stream.
According to Ramsey Solutions, the average person who elects to go full-bore with Wrapify and allow for a full-body wrap on their vehicle will earn between $260 and $450 monthly in exchange for using their car as a driving billboard.
As the Ramsey team cautioned, however, there is one caveat: If you live in an area with an HOA agreement in place, you might have to check in with that organization before setting pen to paper and agreeing to this exchange.
Other off-the-beaten-path ideas to boost your wealth while in your fifties include:
- Peer-to-peer lending: A growing highlight of the overall investing community, peer-to-peer lending allows you a chance to derive greater returns than traditional lending — albeit at a slightly greater risk profile. Kiva and Prosper are just two names in the business, but other notables exist. Due diligence, as always, is required, as U.S. News indicated.
- Get into the EV charging game: With EV infrastructure still in its nascency, there may be a closing window of opportunity for those with the financial means to get into the game before major players close the loophole. Bonus: In some U.S. jurisdictions, according to EV Charging Summit, states offering carbon offsets can further bolster your bottom line, simply by reducing overall pollution associated with transit.
- Mobile billboard, aka ads to go: Have a vehicle with a trailer hitch, a reliable trailer and a small billboard? Well, even if you’re lacking the latter, you could find yourself with the opportunity to provide mobile billboard services. Local concerts, rib or BBQ fests, carnivals, and members of the business community at large are your target demographic — and with your installation being highly transportable and customizable, the initial outlay will be the biggest cost. Drop off your signage and sleep comfortably, knowing you’re earning until pickup!
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This article originally appeared on GOBankingRates.com: 6 Unconventional Ways 50-Somethings Can Boost Their Income While Sleeping
