For those who are about to retire or are already well in their prime, it seems too late to raise their income, especially with so much financial advice to tout the importance of starting early.
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Robert Kiyosaki is a financial expert for "rich dad, poor dad" and a famous author who doesn't care how old you are. He advises everyone to create multiple sources of income, and he offers a lot of advice for older professionals who want to change their careers.
No matter what you do or how you do it, even if you retire, it’s never too late to have another way to make money. According to Kiyosaki, these are four reenactment career options, and seniors should consider retirement plans.
As a kid, many people found love and joy in hobbies, crafts and sports. However, once you grow up, it’s hard to justify continuing to explore and shape these activities, as few (if any) generate any sustainable income. According to Kiyosaki, reaching the retirement era can be reset on the other hand.
He urged retirees to follow their passion and turn it into a business that can bring not only some money, but some fun. It creates a work environment where you are your own boss, with great flexibility and relatively low startup costs on one of your timelines. This can range from selling homemade merchandising on Etsy to tutoring online that you may be proficient in topics such as history, literature or mathematics.
“Following your passion can be the perfect retirement plan,” Kiyosaki said.
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After working in a job or field for many years, you may have developed a set of skills or training that you may not realize you can actually use post-career. For Kiyosaki, this can be simple, like realizing that you are good at math, so it can help friends and family get taxes, accounting, and bookkeeping.
Regardless of your unique talent, Kiyosaki recommends mastering these skills through reviewing learning or some new training and then having them work for you in retirement. You can even work as a consultant in your chosen field and get a good salary in less time in the office.
Many retirees are parents and grandparents. This means they have first-hand experience in raising children and understanding the challenges their parents face. Why not use this wisdom and experience to help parents find solutions to their most difficult parenting dilemma?
You can come up with an original product or service for sale, which will provide the tools and resources parents need during the trial period. There are some clever ways to market and develop a business designed to solve parental problems - you may need to think like a child, but like an adult with sage experience.
You can do this without buying other properties or even leaving your home. Kiyosaki believes there are many opportunities to become a landlord by renting a room in the house, an additional residential unit or other parts of the house for long-term or short-term rentals.
Kiyosaki encourages retirees to use it out of the box. Renting space in your home does not necessarily mean someone has to live with you. If you have a garage, you can rent it to someone with a car without a parking lot. If there is space in your basement or attic, consider providing security for those who don’t have extra storage.
Caitlyn Moorhead contributed to the report in this article.
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This article originally appeared on gobankingrates.com: According to Robert Kiyosaki