For baby boomers who are approaching retirement age or already well within their golden years, it may seem like it’s too late to boost income, especially with so much financial advice out there touting the importance of starting as early as possible. Robert Kiyosaki, financial expert and famed author of “Rich Dad Poor Dad,” doesn’t see it that way.
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He suggests that everyone create multiple income streams, and he has plenty of advice for older professionals looking for a career change or different work arrangements to help make ends meet. No matter what you do or how you do it, it’s never too late to have another path to making money, even if you have already reached retirement.
Here are four encore career options and inspirations seniors should consider for their retirement plan, according to Kiyosaki.
Follow Your Passion — Then, Monetize It
As kids, so many people find love and joy in hobbies, crafts and sports. Once you get older, it can be harder to justify continuing to explore anything that doesn’t generate any sustainable income. Reaching the age of retirement, on the other hand, allows for a reset.
According to Kiyosaki, not only can you find more flexible work, but it can also help you stay active and engaged both physically and mentally. He urges retirees to follow their passion, harness their sense of purpose and turn it into a business that not only can bring in some money but also some part-time or full-time enjoyment, as well.
It creates a work culture environment where you are your own boss, on your one timeline, with relatively low start-up costs. This can range from selling homemade goods on Etsy to tutoring online in subjects you might be well-versed in, such as history, literature or math.
“Following your passion could be the perfect retirement plan,” Kiyosaki described.
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Sell Your Skill Set
Working at a job or in a field for many years, you probably have developed a set of skills or training that you might not realize could actually be utilized post-career. For Kiyosaki, this could be something as simple as realizing that you are great at math, and therefore, can help friends and family with taxes, accounting and bookkeeping.
Whatever your unique talents are, Kiyosaki recommends brushing up on these skill sets with a refresher study or some new training, then putting them to work for you in retirement. You could even work as a consultant in your chosen field for a nice bit of pay for a lot less time in the office.
Help Parents Solve Problems
So many retirees are parents, as well as grandparents. That means they have first-hand experience in raising kids and knowing the challenges that parents face. Why not utilize that wisdom and experience to aid parents in finding solutions to their most difficult childcare dilemmas?
You can come up with an original product or service to sell that will give parents the tools and resources they need in trying times. There are clever ways to market and develop a business that aims to solve problems for parents- you might need to think like a child, but act like the adult with sage experience that you are.
Become a Landlord
You can do this without buying additional properties or even leaving your home. There are lots of opportunities, in Kiyosaki’s opinion, to become a landlord by renting out a room in your house, an additional dwelling unit, or other parts of your home for long- or short-term leases.
Kiyosaki encourages retirees to think outside the box. Renting out space in your home does not necessarily mean that someone has to live with you. If you have a garage, you could rent it out to someone with a car who doesn’t have parking. If you have room in your basement or attic, consider offering to keep items safe in your care for those who do not have the extra storage room.
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Robert Kiyosaki’s 4 Favorite Encore Career Ideas for Your Retirement
