You probably already know that moving abroad is a smart move if you want to stretch your retirement dollars further. It’s a smart idea and you should do it. But if your finances are already tight, that leaves a big question:
Where will I get the money to finance moving abroad for retirement?
Don’t get a night job, beg your boss for a raise, or touch your 401(k). There are some smarter solutions that will help you boost your savings for the big move, and keep your income flowing into retirement as well.
Become a Consultant or Freelancer
If you’re a late-career worker, chances are high you have a valuable skill (or several) that others will pay money for. You’d be surprised — there are many skills you take for granted that younger generations lack and need, like help with their resumes and other soft skills like leadership and communication. Consultants make money from this online.
The money you earn at your day job is fixed, but if you dive into the realm of freelancing, your income can grow beyond. People flip their day job into a freelance moonlighting gig all the time — offering real estate advice, IT help, financial advice, etc. You could even turn your hobbies into a money maker this way, as long as you have expert knowledge and experience.
Sell Your Knowledge
One problem with the consultant or freelancer business model is that your income is limited by your time. Maybe you’re still holding down your day job as well, which keeps you from scaling.
But if you turn to selling your knowledge, time’s not a restriction anymore. Do this by writing an ebook, creating an online course or a webinar. Make sure it includes comprehensive information on a valuable skill that people will pay money to learn about.
Then, the only thing limiting your income is marketing reach. And the great news is that online marketing strategies (Facebook or Google ads, social media marketing, etc.) can be mostly automated. So you really can market your product and earn money in your sleep.
Join the E-commerce Boom
Contrary to popular belief, you don’t need to manufacture products to make money from them. There are a lot of different ways to get your share of the ecommerce pie:
- Affiliate marketing – You create a niche blog where you offer valuable, helpful content to an audience of engaged visitors. On your blog, you recommend related products and link back to an affiliate’s ecommerce site. When people click these links and make a purchase, you get a cut of the profits.
- Drop Shipping – You choose products from a manufacturer and store them in a remote place. Sell them on your website then ship the orders remotely. You have no warehouse, just handle the website and customer service inquiries.
- Fulfilled by Amazon (FBA) – You send products to Amazon’s warehouses and post them on Amazon’s platform to sell. Amazon will ship your products for you (Seriously, they do almost all the work!).
E-commerce takes on a lot of different forms, and a lot of people make money from this sales process online. It really is possible to run a million dollar e-commerce business on nights and weekends from home, or from your beach retirement home in Malta.
Do a Little of Each
Most people who’ve succeeded in building a strong online business don’t focus on just one channel to earn money. You can use a combination to build multiple streams of online income that finance your retirement.
Let’s look at an example: Chris and Susan Beesley, management consultants and life partners who started their online business in their 50’s.
Back in 2009, ChrisandSusanBeesley.com started out as a blog about business education and entrepreneurship.
Now they are paid consultants and speakers. They attract leads with free ebooks and sell premium courses. They also dabble in a little affiliate marketing on their blog.
The internet is a fast-evolving environment. Investing in several different forms of online income is a smart idea to fund your retirement abroad.
Buy an Existing Online Business
I already know there are a number of you (possibly a large number) who cringe at the idea of building an online business from scratch. If you have the financial resources and dedication to dive headfirst into an existing, successful business, then buying an online business is probably the best option for you.
I’ve purchased several established e-commerce businesses myself and found success after learning the ropes. If you’d like to learn more about buying established websites to accelerate your profits check out my other site dedicated to coaching people through this process. Professional Website Investors
The challenge for you will be to making sure you have the skills and motivation in place to take on the project and grow your retirement income.
If you want to learn more about retiring abroad and the steps you need to succeed check out my latest book.