The opportunities to make money today are greater than ever before, so you’re actually in a very fortunate position.
Still, if you’re at a loss for what you can do, here are three simple ideas to make more money if you’re over 50 in Chicago:
Strategy #1 - Get Into Real Estate
It’s almost a cliche to say, at this point, that you should just ‘invest in real estate’ to make money. But the truth is that numerous real estate markets across the country have been bouncing back, and it really can be a good opportunity to consider buying an investment property to make money.
The most lucrative opportunities for getting into real estate are likely going to be places with a low unemployment rate and consistently strong population growth. You’ll have to put down a solid initial investment, which will be offset and pay off from the consistent stream of passive income coming in from renters.
Strategy #2 - Rent Out Your RV
Do you have a motorhome or travel trailer? If so, then as an alternative to essentially being a landlord and renting out a property, you can rent out your RV instead.
You don’t have to be a dealer or big rental company to be successful at renting out RVs. In fact, all you need to get started is just one RV that’s in good condition and well maintained, and then you’ll need to successfully advertise that RV on rental sites with high quality pictures.
To get started, you’ll also need to price competitively. According to Outdoorsy, “the average RV rental price in Chicago, IL is $173.12/night.”, so price your RV below that to get started.
Strategy #3 - Write A Book and Self-Publish
It’s much easier to publish a book today than ever before, because the days of where you would have to go around pitching your book to a publishing company are long gone. Today, it’s very easy to create an account on services such as Amazon Direct Kindle Publishing.
Write a book, convert it to PDF, have a cover created, write a description, set your price, and then publish. It really is that simple. If you really want to grow this into a business, you’ll need to publish more books in the same basic niche under the same author name to really establish yourself as an authority figure.
Self-published authors make anywhere from a few hundred to several thousand dollars a month on average, so the possibilities really are endless.
Making Money Over 50
There are many more financial steps that you can take as well to help grow your wealth. But getting into real estate and becoming a landlord, renting out an RV, and self-publishing books represent three of the most lucrative opportunities for earning passive income today in 2018.
