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Make money from your hobbies in retirement

Make money from your hobbies in retirement

You can use your retirement to make money from the things you are passionate about.

Retirement can bring the time and opportunity to indulge your passions, discover new interests and apply your skills to activities outside of work.

What’s more, there could be ways for you to capitalise on these hobbies and skills and make some extra cash. You could even turn your unwanted belongings into a bit of pocket money. Here are some ideas to get you inspired.

1. Turn your skills into cash

You could consider having a go at making money from your art and craft skills or the things you like to cook or bake.

Do some research on the internet and at your local markets to see whether what you love to create might find a buyer.

Then think about the best ways to find customers and make sales. You could look at selling your handicrafts at a market stall or go virtual using an online market place.

If you’ve got a green thumb, you could make some money at farmers’ markets by selling your own fruits, vegetables or even simple potted herbs. Start by finding out how much a stand at your local market would set you back and take it from there.

Keep in mind that there may be tax implications if you’re turning a hobby into a business, so you should seek tax advice.

2. Share your knowledge

You could put your specialised knowledge to good use and teach – for example, in a community hall or your own home. Not only could teaching earn you some extra cash, it could be a way for you to stay connected and involved with the community, which can sometimes be lost when you finish working.

There are plenty of skills that people want to learn, from music to art. If you speak a foreign language, conversation classes can be a great way for you to help those learning English as a second language. You could even brush up on the current English or maths curriculum and offer tutoring services.

There can be costs and expenses involved and if you are working with children you will need to apply for a registration number in the state where you live.

3. Offer your services

From the busy to the elderly, there are plenty of people in need of a helping hand. You could provide it by offering shopping, dog walking or around-the-home services. Be sure to get tax advice if you’re turning your services into a business.

Your passions or interests could also be turned into a service. Have you thought about working as a guide? It’s not just museums that might be on the lookout for guides. Art galleries, wineries, historical sites and popular landmarks may also offer tour guide positions.

4. Sell your unwanted things

There are many ways to sell your used and unwanted things – from a market stall or a garage sale to advertising online and using virtual market places. 

Something to consider

While a little extra cash is useful during retirement, too much may reduce the government benefits you can receive. It’s important to keep this in mind when you’re looking at innovative ways to maximise your retirement income.

This article contains general advice only. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial planner before making any financial decision based on this information. This document has been prepared by Commonwealth Financial Planning Limited ABN 65 003 900 169, AFSL 231139, (Commonwealth Financial Planning) a wholly-owned, but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. Commonwealth Financial Planners are representatives of Commonwealth Financial Planning. Information in this article is based on current regulatory requirements and laws. While care has been taken in the preparation of this document, no liability is accepted by Commonwealth Financial Planning, Commonwealth Financial Planning related entities, agents and employees for any loss arising from reliance on this document. Taxation considerations are general and based on present taxation laws. You should seek independent, professional tax advice before making any decision based on this information. Commonwealth Bank is not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law. Before you make a decision about your combining your super if you multiple accounts, you should compare the costs, fees, risks and benefits of each super fund. It makes sense to consider whether you can replace any insurance cover you may lose when you bring your accounts together, as well as any costs for withdrawing from other super funds and any investment or tax implications.