Life can be expensive for those who have retired. Your EPF or social security might not be enough, especially given the true rate of inflation.
The good news is, the digital age offers many opportunities to earn an income even after you stop working. Here are five recommendations.
1. Go part-time
A part-time job is an effective way to help your cash flow, even at near minimum wage. If you have specialised, in-demand skills, your income will be considerably higher. The only limit is how much you want to get out there and market yourself.
2. Start a business
You might want to consider starting your own business, drawing on your extended social network, maturity, and knowledge of a particular product or industry from a lifetime of work.
Just be careful not to invest in an untested venture, and keep in mind that running a business can be time-intensive and stressful.
3. Get a reverse mortgage
Reverse mortgages are a way to access the equity you have been paying on your mortgage over the decades.
In essence, a bank agrees to pay a regular monthly amount as long as you live, and when you pass away, it takes possession of your property.
This, however, might not be appealing to those who wish to bequeath their property to dependents. And given that reverse mortgages have not been implemented in Malaysia, this is – for now – only suited to those with properties overseas.
4. Rideshare
“Rideshare” broadly describes transactions where people pay to use something you own or a service you provide. Grab is a good example, as are AirBnB and Kaodim.
If you have a spare property, consider renting it out. Or if you have a good driving record, access to a vehicle, and spare time, get busy giving people rides or making deliveries. You can work as much or as little as you like.
5. Teach online
If you speak a language fluently, consider teaching a foreign student online through Skype or Zoom.
You will probably not get rich doing it, but you can earn some money simply by chatting with people overseas who want to engage in more conversation.
This article first appeared in MyPF. Follow MyPF to simplify and grow your personal finances on Facebook and Instagram.