Show Me the Money! Ideas to Increase Personal Income for the 50+ Generation

In these economic times, we're all concerned about our jobs, our paychecks, and our purchasing power. As layoffs increase and the stimulus packages implemented by the government start paying out, inflation will inevitably follow, reducing our buying power. This is a problem particularly for those of us in the work force who have been around the block a few times. Firmly entrenched in our job skills and closing in on retirement, those who are 50-plus are usually not at a point in their lives to consider retraining for a new career and starting over. For those who are, as one out-of-work baby boomer said, "too old to live and too young to die," the question is how to increase income without taking on multiple menial full-time jobs and wearing one's self out. Here are some ideas to get you started thinking about an easier way to bring home more take-home (pay, that is).

Do what earns the most money. This sounds like a no-brainer, but it's amazing how many people will take that minimum wage job for 20 hours a week and end up with only a few extra dollars to add to the budget. If this meets your needs, that's fine, but why not maximize your effectiveness in the work force by bringing in the most money for the least amount of time. Those minimum-wage jobs should be considered only as a last alternative, or if you really like the work...and there's a great segue to the next point...

Do what you love. If you have to work an additional job, don't resign yourself to doing something you hate. Now is the time to look at your hobbies, your entertainment, your social life, and come up with creative ideas that utilize the things that make your life meaningful. Do you enjoy shopping? Hit flea markets, garage sales, and clearance sales, finding quality items for next to nothing that you can resell online for a profit via like eBay or craigslist, or simply have your own garage sale. Into art? Check into being a tour guide at a local art museum. Get your kicks out of gardening? Check into part-time offerings at landscaping companies and nurseries. If you're going to have to spend more time in the work force, make it enjoyable!

Do what you're good at. Your neighbor may rant and rave about how much money he's making by selling stuff on eBay. But if you're not a computer person and don't want to take the time to learn how the system works, that may not be the most effective way to utilize your time. Similarly, an introvert taking on a sales position probably isn't the greatest match in the working world. However, someone who's experienced at conducting training sessions might consider teaching evening or weekend classes at the local community college, or offering tutoring services. If you're a math wiz, offer your services doing the books for small mom-and-pop businesses or startups. Computer geeks can do the same thing with computer and network support for these small companies. And in a slow housing market, do-it-yourselfers can bring in quick income by offering homeowners their services on home repairs and renovations. Why waste a skill set when it can bring in extra cash?

Do what fits your schedule. You like sleeping in until 10 am and staying up until after midnight? Consider working for an entertainment company, like a movie theater or local improv company, doing things like ticket sales and taking tickets (and getting to see free shows in the bargain). Free on weekends? Maybe you could offer house-sitting services for people who take weekend getaways. Don't kill yourself trying to rearrange your schedule for a part-time job when you can find something that'll fit into your already busy lifestyle.

Do what nobody else does. You'd be surprised at what people are willing to pay to have others do for them what they don't have the time or desire to do for themselves. Love animals? Consider starting your own dog-walking, overnight boarding, or "poop-scooper" service. Enjoy organizing things? Think about marketing your skills to help harried working parents organize their homes, their kids, and their lives. Like getting dirty in the yard? Promote lawn services in your vicinity, including mowing lawns, fertilizing, and minor landscaping. One man's passion is another man's pain--so turn his pain into your financial gain.

Do what the younger generation won't. Younger employees are more interested in settling into careers than simply bringing home a paycheck. They're looking for long-term positions. As an older worker looking to supplement your income, consider those short-term opportunities that career-minded individuals shy away from. Check with your local placement agencies to see if they have temporary positions that would fit your skill set. (Make sure those agencies are reputable, of course.) And who knows? More than one person started doing something on a temporary or short-term basis that turned into a satisfying (and better-paying) full time position!

Ideally we'd all like to work as little as possible and get as much as possible in return. Unfortunately, that doesn't always pan out. We all have times in our lives when we have to bite the bullet and work a little harder to bring in some more money. Baby Boomers have the knowledge, the experience, and the skills to take working a second job to the next level. It means thinking outside the box, but a little extra effort on your part can mean a larger paycheck in the end. And isn't that why you're taking on a second job in the first place? Doing a little homework and expanding your horizons can mean fewer hours worked, more income in your pocket, and maybe even a new career in the process.