By:| The Good Men Project
Have you made up your mind you want to retire abroad, but are not sure if your pension will be enough to fund your new lifestyle? If so you are not alone – while there are many countries in the world that offer an excellent standard of living for low costs such as Costa Rica, Mexico, and Ecuador, there is the all-important consideration of health care that needs to be factored in, especially if you move to a country where you will have to pay or partially pay for private care.
Then there is the question of finding housing abroad – will you buy or rent? While there are many countries in the world where accommodation is far cheaper than the US or UK, you will inevitably have less monthly income once you retire compared to when you were working.
But don’t let financial doubts prevent you from following your dreams, as there are simple ways to earn extra money when you retire overseas. In this post, we’ll take a look at some low-cost retirement startups that will allow you to enjoy life in the sun as an ex-pat without struggling financially.
With the low cost of excellent digital cameras, selling photographs online has become a realistic way to earn extra income in an enjoyable way without a large financial investment. There are plenty of affordable photography courses on online learning platforms such as Udemy to help get you started if you are a beginner.
You can sell your work on stock photography websites which have a huge catalog of photographs, featuring just about any subject you can imagine. As a seller, you simply upload your work to stock sites who then sell the rights of usage to webmasters, magazines, designers, etc.
This is an enjoyable way to make passive income, as once a picture has been uploaded it can be sold many times over, continuing to make you money for years to come without requiring any extra work from you.
Become a Travel Writer
To earn a good income as a travel writer you will need some writing skills. But if writing is a strong point for you, there are numerous magazines worldwide looking for travel pieces, both online and offline.
It’s important to research each publication to become acquainted with the type of content they publish, and also to read the writer’s guidelines, you’ll find just about all publications provide these on their websites.
Become a Tour Guide
If you move to an area popular with tourists, you have a potential money-making opportunity that is low cost to start and entertaining, showing tourists the local attractions they would probably struggle to find on their own. Tour guiding can be in the form of walking tours, or you could hire a minibus and driver to take your clients further afield.
Websites like Freetour which covers destinations worldwide are a great way to connect with potential clients.
Become a Copywriter
To become a copywriter, you will probably need to take a course or several courses, to learn the tricks of the trade, but don’t let this put you off.
Copywriting is a skill that is in huge demand, overflowing with opportunity, as all businesses need good sales copy. Once your copywriting skills reach a certain level, you can practically write your own paycheck, which will usually be paid in U.S. dollars, regardless of where you have chosen to live in the world.
Become an English Teacher
If English is your first language you have a qualification that can earn you regular money from just about any country worldwide.
While in some cities like Madrid and Paris the competition to earn money teaching English is fierce, this is not the case everywhere, and in many countries, English teachers are in huge demand.
No prior teaching experience is required to set yourself up as an English teacher, but taking an accredited TEFL (Teaching English as a Foreign Language) certification course will teach you the skills and you’ll have a recognized qualification to help you get work and educate your students professionally.
Make Money with Instructional Videos
As a retiree, you will probably have worked at least one career for many decades and have a skill set that others could learn from. YouTube has become the primary source to learn a copious number of skills as diverse as how to apply makeup, how to hang a door, how to use every app under the sun, and even how to perform an exorcism.
Creators can monetize their videos from ad revenue, or by protecting content with a password until a customer pays to view the video. Vimeo is a video platform that makes providing paid content to customers very straight forward.
YouTubers with a loyal and connected earn further income by partnering with brands that will pay very well to have their products reviewed.
If you’re moving abroad and you have skills such as hairdressing, as a makeup artist or in nail art, you might be quite surprised at the high demand for your services especially among the ex-pat community and seniors.
Start a Rental Business
If you move to an area visited by many tourists, a rental business could be a lucrative option. People try to travel with as little as possible, and prefer to rent larger items like bicycles, surfboards, baby strollers, wheelchairs, etc. You can even go one step farther and provide tools or items that are seldom used such as certain tools or lawnmowers to locals. Business premises are not vital for this model, as items can be stored in a home garage or spare room and advertised in local hotels via posters and flyers.
Rent Your Space
There are several much-used websites like Airbnb and VRBO that facilitate earning money by renting out accommodation, be it a spare room, apartment, or even your couch. Renting out living space can be quite lucrative depending on what you can offer, and it’s also a way to meet travelers from around the globe.
While many of these business ideas would not earn you a full-time income from the first week you start, just about all of them are potential money earners to augment a pension while also offering the opportunity to meet new people or learn marketable skills without too much effort.
Remember before starting any type of business be sure to do your research to determine if there is likely to be a demand for it in your desired retirement location.