For those who are approaching retirement or already well within their golden years, it may seem like it’s too late to boost your income, especially with so much financial advice out there touting the importance of starting as early as possible.
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Robert Kiyosaki, financial expert and famed author of “Rich Dad, Poor Dad,” doesn’t care how old you are. He suggests that everyone create multiple income streams, and he has plenty of advice for older professionals looking for a career change.
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 are retired. Here are four encore career options and inspirations seniors should consider for their retirement plan, according to Kiyosaki.
As kids, so many people find love and joy in hobbies, crafts and sports. But once you get older, it can be harder to justify continuing to explore and shape these activities because few, if any, generate any sustainable income. According to Kiyosaki, reaching the age of retirement, on the other hand, allows for a reset.
He urges retirees to follow their passion and turn it into a business that not only can bring in some money but some enjoyment, as well. It creates a work environment where you are your own boss, on your one timeline, with lots of flexibility and 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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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.
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 child care dilemmas?
