Here are several excerpts from an interesting article by Nancy Collamer that appeared recently in MarketWatch, Enjoy your hobby in retirement—and make money at it, too.
If you have a hobby, you might be able to generate cash from it in retirement. That way, you could enjoy part-time work and leisure activities simultaneously. Below are three stories of people doing just that, plus advice on how you might be able to make money from a hobby in retirement.
3 tips to make money from your hobby
So how can you turn your hobby into retirement income? Here are three tips to get started:
1. Invest in training. Look into certifications that might help you profit from your passion and explore courses offered by community colleges, adult education programs, industry associations and online programs. You might also find courses through places like cooking schools and museums.
2. Check out industry association conferences. They can be tremendously helpful to help you learn how to convert a hobby into a part-time business. As an example, if you’re a coin enthusiast thinking about a gig as a coin dealer, you might want to attend the World’s Fair of Money, a four-day educational coin show hosted by the American Numismatic Association. Or, if you hope to earn cash from your love of dogs or cats, you might enjoy the Pet Sitter World educational conference and expo.
3. Volunteer or freelance. As much as you love your hobby, the realities of making it lucrative might not live up to your expectations. So test the waters slowly by taking on a project or a volunteer opportunity with your hobby. It’s a great way to sharpen your skills, expand your network and learn the day-to-day demands of the marketplace before you go full-steam ahead creating your business.
For much more on all of this, plus many examples, check out the complete source article.