Hobbies that make money are everywhere - it only needs one light-bulb moment for you to realise that you could readily be generating extra income.
Various research studies - on what it take to be happy in retirement - have found that happy retirees enter retirement with an average of 3.6 core pursuits, while unhappy ones have fewer than two.
What is a core pursuit? It can be any activity that gives you purpose and meaning; needlework, gardening, being with grand children, active participation in a community group, quilting, coaching, sailing, volunteering, painting, and travelling would all qualify as core pursuits.
Now every retiree needs additional income, so here are a list of some hobbies that make money - and any one of them could be one of your 3.6 core pursuits.
Here are some that you may not have thought of:
Part-time business consultant - of all the hobbies that make money this is perhaps the easiest retirement startup. Whatever career you have been in, you know the issues, the language, the solutions, and,importantly, those firms that will pay for your expertise
Renovating houses - you buy an older style house, and sticking to a limited budget, you engage a team to make it very presentable. Then you sell it for a profit. To minimise your outlay, the paperwork must allow you an extended settlement date, and permission to do the reno work in advance of settlement. This one of those hobbies that make money - in fact, loads of it.
an online business - for success, you'll need to have a constant stream of visitors to your site every day. Solo Build It www.sitesell.com is a highly regarded platform as it has the tools to help you attract customers. Once you decide on a niche that you're passionate about, they help you find popular keyword searches associated with that niche. They you write articles for that keyword, which attracts visitors, and then you sell them product or services.
playing poker online - A young associate of mine went to South America for two years, funding the trip along the way by playing poker online. He was good enough to play at the $100 table, but by playing at the $20 table he was regularly able to scoop the pool. To protect his winning, every day he would transfer his cash from his player's account and transfer it to a regular bank.
woodworking - there's probably nowhere in your neighbourhood who will do repairs on wooden furniture. If you already have the interest and tools, advertise in your local free press. Just remember to charge a solid price for your time and expertise because hobbies that make money are actually micro for-profit businesses.
fitness trainer - if you are into the likes of Pilates, weights, yoga, boxing etc. with the rapid turnover of experienced staff in those gyms now open 7 days a week, 24 hours a day, you will always be able to get a part-time gig doing a shift that is convenient - in a field that you like. And with that experience, you can then launch your own part-time business.
photography - using your mobile phone, just get out and photo what we all see everyday e.g. road signs, letterboxes, light poles, fences, vegetables, animals etc. Then load them up to depositories on the cloud, and when someone buys your image and download it, you'll earn a few cents. So if this is going to be one of those hobbies that make money successfully, you'll need a weekly routine - say three days in the field, and uploading to at least five depositories for two days. This is all cumulative, and after say six months you'll be starting to realise that your cash flow will continue to increase, day by day, into the far future. If you love photography, this would be one of the better hobbies that make money.
Remember, there is an additional element in all of this: hobbies for seniors also provide mental stimulation, and keeps boredom at bay.
sports referee - if you have ever played sport at a senior level, then you should be able to earn handsomely being a referee in junior sport in that code. This may not slot easily into the category - hobbies that make money - but then again, maybe it does.
blogging - you hear from time to time that a particular blogger is making a heap of money, but as usual, they are the exceptions. However if you are passionate about a particular topic, especially one where there is a huge audience and lots of money - for example F1 motor racing - you may be able to succeed. The business case is again the same - once you have been able to attract a substantial number of visitors, then you sell product back to them.
music tutor - you don't really need to know all that much about music to be a tutor, but obviously more than the student. The ideal scenario is to live in an affluent location where school students play in the school orchestra. Then you can market your services into that group, as perhaps having some form of part-time employment at the school.
crafts - once the principal outlet was a local craft market, but now there is www.etsy.com and similar on-line platforms. Remember - hobbies that make money normally have multiple income streams, so make an effort to maximise your distribution outlets.
buying & selling - we've all heard of ebay, so go there and look around. To achieve outstanding success (as a buyer) you hold your final bid until the final 60 seconds of the auction. Then when you're selling, don't be too greedy, and eventually you'll get your price.
A word about Taxation - all hobbies that make money are liable to pay income tax on their profits, however, in the early years, there are many more expenses than sales, so tax is rarely an issue.
For information on the Mastermind Group for Retirement Startups - a community of baby boomers "too young to retire" - email email@example.com
sourdough bread - this is one of those hobbies that make money which can turn into a serious full-time business. However if you just want a small, stress-free profitable hobby without too much effort, just sell to a limited number of outlets one or two days a week, or perhaps only during your local tourist season. However you will need to bake before sunrise, so this is one of those hobbies that make money which can have an adverse impact on your lifestyle.
event organiser - it's easy to arrange a local annual bridal or tourist expo in a local motel. Don't expect huge profits initially, however once you have found your feet, you'll then be able to organise trade shows for a commerce and industry.
real estate sales - as a hobby, you can spend weekends showing prospects through display houses in a local development. This form of real estate selling is totally different, and while you will need an associate's licence (easy), your clients are already pre-sold when they arrive, and basically they will buy from you if they like you.
research assistant - many small professional firms outsource their research, so if you have any knowledge in a particular field - and know the language of the industry - this can be another of those hobbies that make money.
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