In the 80s, my wife and I invested in the stock market and in real estate preparing for our retirement years. We were able to retire completely in 2006.
Our current plan is to increase our cash flow and calculating ways to facilitate it. Retirement years are ever changing we wanted to have enough money to match our adventurous lifestyle. How do we free up cash without going into debt or selling off a major asset?
Increase Dividends from Stock
We refocused some our investment capital into dividend stocks like Chevron (NYSE: CVX), Verizon (NYSE: VZ) and Altria (NYSE: MO). Dividend stocks we have invested in have increased in value but also have provided a steady cash flow. Chevron has increase 100% since we purchased it. Verizon improved its position approximately 20% above market in the last five year investment period for us and in the same time frame Altria (the parent company of Phillip Morris USA) 40% over the market.
Renters Sharing Responsibilities
In lieu of increasing our tenants’ rent we have delegated some responsibilities to them: maintaining the lawn, contributing to water and sewage bills and doing small repairs to their units. By not increasing their rent, our tenants stay longer, decreasing lost revenue on vacancies but also contribute to our cash flow by taking care of some expenditures that would be passed on to us.
Bargain Shopping
We bargain shop at Goodwill for clothing and household goods. We find coupons for restaurants, gift shops and entertainment while using the Internet to find discounted airfares. We have saved thousands of dollars on vacations by hopping on off season deals. We maximum gas perks from Giant Eagle Grocery Stores. We borrow books from the local libraries rather than buy. Bargain shopping can be fun and increase your cash flow through savings.
Bartering
My wife is the “Queen of Negotiating and Bartering”. My wife loves to barter. She negotiates everything from contractor’s fees to trash bills. We wanted a stone patio and French drain dug for our backyard. My wife bartered with a friend who owns a landscaping business to swap payment for our patio and drain job for my wife working for her until the job was paid off.
If you don’t know my wife, you might think this is an unreasonable bargain but my wife enjoys working outside and this was heaven for her.
Bartering has to be mutually beneficial for both parties or it doesn’t work.
Making Cash from your Hobby
Writing is my hobby. I always found time to write. After retiring, I embraced my hobby. I took classes to perfect my skill and developed contacts. My writing assignments led to enough money to pay off some bills, have an occasional night of dinning out and purchased a new Kindle.
Cashing in on your hobby during your retirement years can lead to years of endless joy.
