Are you retired and looking for ways to bring in some extra income? Or maybe you’re just getting close to retirement and want to start planning ahead. Either way, generating passive income after retirement is a great way to secure your financial future. There are a number of different methods you can use, and William Schantz lists a few here. So read on to find out more!
Tips For Generating Passive Income After Retirement
If you’re like most people, you probably think that once you retire, your income will take a hit. But what if there was a way to generate passive income even after you stop working?
1. Invest in real estate. One of the best ways to generate passive income is through investment in real estate. You can purchase properties and then rent them out or sell them later on for a profit.
2. Start a business. Another great way to generate passive income is by starting your own business. This can be something as simple as an online store or blog. As long as you have customers or readers, you’ll be able to make money without having to do much work.
3. Invest in stocks or mutual funds. Another way to generate passive income is by investing in stocks or mutual funds. This can be a more hands-off approach, but it still requires some research on your part.
4. Write an eBook. Another way to generate passive income is to write an eBook. Once you’ve written it, you can sell it on Amazon or other online platforms.
5. Invest in a franchise. Franchises are another great way to generate passive income. With a franchise, you’re essentially buying into an already established business model. This can be a great way to get started in business without having to start from scratch.
6. Create a blog. Creating a blog is another fantastic way to generate passive income. You can monetize your blog through ads, affiliate marketing, or even selling products and services.
7. Invest in crowdfunded real estate. Crowdfunded real estate is another great option for generating passive income, says William Schantz. With this type of investment, you’re pooling your money with other investors to buy property.
8. Start a drop-shipping business. Drop-shipping is a type of business where you sell products without actually stocking them. When someone orders from your store, you simply order the product from the supplier and have it shipped directly to the customer.
9. Invest in a business. If you have the money, you can always invest in a business. This can be a great way to generate passive income and build wealth over time.
The Concluding Thoughts
There are endless possibilities when it comes to generating passive income. The investment options that William Schantz has mentioned above are just a few of the most popular options. Do some research and figure out which passive income stream is right for you. Then, start working on building it up so you can enjoy the benefits after you retire.