Supplementing Your Fixed Income: Three Simple Ways To Remain Financially Stable

If you've retired from your workplace, you may now be living on a fixed income. Although your fixed income may be enough for you to cover daily living expenses, there is a chance you'd like to have a bit more spending cash. Many retired people like traveling and going on vacations because they've spent so many years working hard. If you'd like to have more cash available to you so that you don't have to worry about your finances and can enjoy life, there are several ways to supplement your income.

Write Your Own Books

Thanks to technology, it's easier than ever before to publish your own books online. You don't even need to have help from a publisher. If you enjoy writing about anything, whether it's non-fiction or fiction, you could potentially earn a decent amount of passive income by writing books in your spare time, uploading them to the internet using a free self-publishing network, and then setting a specific price for them.

While you may need to do a bit of advertising for the books, you could start making plenty of sales. If your content is good enough, you may even end up making thousands of dollars each month from book sales, which is a great way to supplement your fixed income.

Consider a Reverse Mortgage

If you've over 62 years of age and you're the owner of your home, you may want to consider applying for a reverse mortgage. When you obtain a reverse mortgage, you're receiving the amount of money you've paid into your mortgage company for the home, which may be hundreds of thousands of dollars. In exchange for the cash, you'd agree to allow the bank to have your home when you pass away. It's a major decision to make, but it's something you could do to ensure you have the extra cash to keep your finances in order.

Drive For a Ride-Sharing Company

If you're feeling a bit bored now that you're retired and you have your license as well as a working vehicle, you might want to become a driver for one of the different ride-sharing companies, such as Uber or Lyft. While it's still work, you could earn a decent income driving people to and from different destinations. Most importantly, you'd be able to work on your own time. You get to set your own hours and work as much or as little as you want to earn some extra income.

Now that you're retired, you may want to supplement your fixed income so that you can live comfortably and enjoy life even more. There are several ways to earn extra cash, such as writing and publishing eBooks, applying for a reverse mortgage, and even driving for one of the ride-sharing companies. These are just a few ideas to consider.