Whether you use photography as a hobby or were once a professional photographer, you can use that love of images to your advantage. “One passive income option is to sell images to stock photography platforms,” Rebell reveals. “You can then license your photos to their clients for a fee. You get royalties when your images are purchased and downloaded—voila. By age 50 you no doubt have an endless stream of photos—maybe of trips you have taken and experiences you have had that can be uploaded and turned into an income stream.”Related: 10 Unexpected Benefits of Delaying Your Retirement, According to Financial Consultants
2. Consider a Bond Ladder
Feeling generous and want to make some passive income? This might be right for you, then.“Peer-to-peer lending is when people lend money directly to other individuals, usually using an online platform. The lender then earns interest on the money they lend,” Rebell tells Parade. “It can be a good passive income idea for busy women 50 and older because P2P lending can really upsize your returns because it pays more.”Related: 7 Signs You're Thriving in Your 50s—Even if It Doesn't Feel Like It
4. Invest in Dividend Stocks
Another way to earn some passive income is by having a high-yield savings account (HYSA). A lot of popular banks, credit unions and credit card companies have great options for HYSAs, including Barclays, SoFi, Capital One and American Express, per NerdWallet. It's basically just a savings account with a really high interest rate. “Put simply, HYSA's pay higher rates than traditional savings accounts, which many people are in just because they haven’t really thought about changing or moving their accounts," Rebell says. "They offer safety and security because they are still FDIC-insured, and offer more liquidity than investments that pay similar returns like CD’s. They also help preserve purchasing power, are simple and easy to keep track of and manage, have small or no fees, and will help get women over 50 to their retirement goals faster than a traditional savings account, while keeping risk to a minimum.”Related: This Is the Best 'Slow Living' Hobby for Women Over 50, Psychologists Say
6. License Music or Voice Overs
7. Reinvest Dividend Stocks
According to TD, dividend stocks are "shares of companies that pay shareholders a portion of their profits in the form of dividends."“Another passive income idea for women over 50 can also be to choose to reinvest dividend stocks if you don’t need the cash immediately,” Rebell explains. “That way, you can accumulate even more stock and in turn get paid even more dividends in the future as your portfolio grows.”Up Next:
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Source:
Bobbi Rebell, the founder and CEO of Financial Wellness Strategies and author of the Financial Grownup books. Read More Details
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