Post retirement home ran business

[kartvines]

Seriously now I have a question, I am nearing retirement, hope to be able to once I reach 67, so that gives me 7 years to come up with and follow through with something workable.

Lost much of my retirement funds in my 401K with the decline in the economy. So retirement with enough money to live conformable is now out of the question.

I have been in the Landscape Industry for the last 35 years, and know very little else, and I have no desire to continue this field after retirement.

I have ran a business so I do have basic business sense.

What home ran business have worked for you or your friends and relatives, that does not take a huge investment.

Would really welcome you feed back in this matter.

[dovaka]

unless you pulled the money out of your 401k it could very well come back by the time you retire and im sure it will at least be better then what it is now but theres all kinds of things you can do at home and make some extra money on your own time

[Oasis Maker]

Don't just throw away all of your experience and expertise. Morph it into the next level in an area without the hands on labor. Perhaps consulting or design, equipment sales etc. A really hot field in landscaping now is converting everything to xeriscape.

I would really explore ways to expand your passion of so many years before attempting something unrelated.

Scott G.

[kartvines]

That may well be, no I know better than to pull the money out, beside the tax rate, it is just plan stupid, and you may be correct, it could get back to were it was before the plunge, but not where I needed it too be, thus the post, I hear of things people have done but not enough to understand what it really was, I need details I can investigate and research to allow me to make an intelligent move, there are millions of get rich quick schemes online and I don't want to waste my time or limited resources in going that direction, I do not want anecdotal responses.

I know many of you are in the same or similar spot I am in , and had hope that you may be able to share your experiences with me.

[Micro469]

Flipping Houses?

[kartvines]

Again I am not a Real Estate Mogul, but I would imagine that would also take a great deal of resources.

[hugh]

Prob not your cup of tea but at age 55 I retired from a railway and got a part time job at a local Home Depot, It,s been 2 years and for now it,s 2 days a week, but it is kind of fun.

[len19070]

I'm in almost the same boat. I'm looking at a kind of "Underground economy" business.

I build little Crafty things. Bird houses, Christmas stuff, Yard Ornaments, signs etc.

The Product really doesn't matter, You can always find things to sell

My outlets for the stuff is Flea Markets, craft shows ebay, craigslist esty

I'm starting to look forward to the flea markets...once a month, no more than that and only on nice days , I sit in a booth, people watch, meet and talk to folks and make Money.

Its kind of a work hobby.

One of the first things you have to establish is, How much money do you "Need" to make out of this to supplement your income.

Once you know that you will know where your going. And once you cross that point that money is Extra.

And you can control the extra.

Good Luck

Happy Trails

Len

[Alfred]

I think I mentioned this in another post, but I had a friend back in Florida, he was kind of handy, and he would take other folks' unwanted and discarded lamps, furniture, other cool stuff, what have you, during the week. Haul it away free. Then he would take it home, clean it up, put on a new cord or socket or shade, spray paint it, whatever it needed, then he would have a table at the flea market on the weekends. He claimed he made enough at the flea market to make his house payment every month.

I had another friend who used to buy old vinyl record albums at garage sales for next to nothing, then sell them on Ebay for profit. One person's 75-cents album is someone else's $12 album.

Occasionally, either of them would "hit the jackpot" with something worth more, like an antique or particularly rare album.

AL in Asheville

[len19070]

I think I mentioned this in another post, but I had a friend back in Florida, he was kind of handy, and he would take other folks' unwanted and discarded lamps, furniture, other cool stuff, what have you, during the week. Haul it away free. Then he would take it home, clean it up, put on a new cord or socket or shade, spray paint it, whatever it needed, then he would have a table at the flea market on the weekends. He claimed he made enough at the flea market to make his house payment every month.

I had another friend who used to buy old vinyl record albums at garage sales for next to nothing, then sell them on Ebay for profit. One person's 75-cents album is someone else's $12 album.

Occasionally, either of them would "hit the jackpot" with something worth more, like an antique or particularly rare album.

AL in Asheville

The Product really doesn't matter, You can always find things to sell

[mary and bob]

Mike: I have been trying to figure out the answers to the same problem as yours. I just turned 63 and want to retire NOW!! First problem is I want to maintain the same lifestyle I have now, which is actually low key, but still not cheap due to all the stuff I have and want to restore in retirement. I want a steady income, but in a flexible work schedule. And like you, something different than what I do now. I thought I had the answer recently when a new Lowes opened near here, they offered me a job, not exactly what I wanted, but still an offer. Problem was my age and Social Security restriction on what I can make until I turn 66. So that kind of shot down that plan. You're probably like me in that you want something solid, not an online business or craft sales type of thing. So, I know what you mean, but unfortunately don't have an answer yet, but we need to keep looking. Good Luck Bob

[pauld3]

Speaking of e-bay...I have a friend who helps people list stuff on e-bay and gets a 30% cut on everything that sells. She makes good money for a side job. She organizes the stuff, takes pictures of it, posts it and collects the payments. Then she gives the money to the owner and keeps her 30%. Not a bad way to make money.

There are lots of opportunities ... just stay away from the "get rich quick" stuff. If it sounds too good to be true, IT IS!!!

Lynn

[Lawnjockey]

Looking at demographics, there are going to be a whole lot of old folks real soon. With people loosing so much of their wealth in housing and then the decline in the financial markets there are going to be a whole lot of people short of money. Furthermore with the current crowd running the show and the printing presses 24/7 what little savings people have is not going to buy as much. The above makes me think that more families are going to have to look for other options besides assisted living to care for their elderly parents or at least put off assisted living.

As Henery Kaiser said, "find a need and fill it". There will be a need to help people stay in their homes longer. This is an opportunity to have a very low overhead, low investment one man business running errands for those who can't and just checking in on loved ones for worried family.

Since you have 7 years you have plenty of time to develop a reputation in the community by providing such services part time in the evenings and on the week ends. Start with a small newspaper add in the services section of the classified section. Keep that add going so people get used to seeing it and know where to find you.

The main thing to remember in a service business is that bad news travels fast. Always treat your customers right even if they are wrong. You will get good refferals and soon you will be busy helping interesting people do all kinds of things.

Jocko

[Micro469]

Looking at demographics, there are going to be a whole lot of old folks real soon. With people loosing so much of their wealth in housing and then the decline in the financial markets there are going to be a whole lot of people short of money. Furthermore with the current crowd running the show and the printing presses 24/7 what little savings people have is not going to buy as much. The above makes me think that more families are going to have to look for other options besides assisted living to care for their elderly parents or at least put off assisted living.

As Henery Kaiser said, "find a need and fill it". There will be a need to help people stay in their homes longer. This is an opportunity to have a very low overhead, low investment one man business running errands for those who can't and just checking in on loved ones for worried family.

Since you have 7 years you have plenty of time to develop a reputation in the community by providing such services part time in the evenings and on the week ends. Start with a small newspaper add in the services section of the classified section. Keep that add going so people get used to seeing it and know where to find you.

The main thing to remember in a service business is that bad news travels fast. Always treat your customers right even if they are wrong. You will get good refferals and soon you will be busy helping interesting people do all kinds of things.

Jocko

Also look into a home handyman type of job. Nothing big.... just a service to fix that sticky door , leaky fawcett, paint a room, repair a drywall, replace doorknobs.... you know, the type of things most husbands can do but never get around to. Easily charge $25.00 an hour for work like this. Most contracters won't do this kind of piddly stuff, but if your retired, hey ...getting paid to do minor repairs is a bonus!!

[kartvines]

Thanks for the feed back, you have given me some things to ponder, keep the ideas coming