Can you turn what you own into semi-retirement income? Whether it’s a treasured collection of antique postcards that you sell on eBay—or a room that you rent out to vacationers, there might be a way to monetize your belongings.
I got to thinking about this possibility during a recent visit to the Florence Griswold Museum in Old Lyme, CT. More than just a museum, this stunning property has served as the home of the Lyme Art Colony, America’s center of Impressionism, for over a century.
While touring the museum, I learned about the second-act story of Florence Griswold. Miss Florence, as she was affectionately called, was born in 1850 to a wealthy family and raised with the privileges of wealth. But during the Civil War, the Griswolds suffered a reversal of fortune. In order to survive, Florence’s family turned their home into a school and a boardinghouse, charging boarders rent to help pay their bills. It wasn’t how she expected her life to unfold, but over time, Miss Florence transformed her boarding house into a summer retreat for artists. And eventually, the property became America’s best-known Impressionist art colony, serving as a launching ground for some of this nation’s best artists.
Granted, this is a pretty impressive example (most of us don’t have such a beautiful property at our disposal). Nonetheless, lots of people over 50 are finding creative ways to transform what they own into what they do. Here are some examples of how you might do the same:
Share your housing: As this AARP post highlights, female boomers and older women are increasingly moving in together as a way to save money and form community.
Turn your home into a profit center: A few enterprising folks from across the pond have become homeowners turned innkeepers. And here’s a story about an empty-nester couple that turned their farm into a wedding venue.
Sell your “stuff”: Whether you’re ready to downsize or want to sell on a more regular basis, there might be a way to “turn your trash into cash,” as this PennyHoarder.com post suggests.
Turn natures gifts into crafts or jewelry: Ever find beautiful shells along a beach or admire the natural beauty of the leaves in your local forest? As these posts demonstrate, there might be a way to transform those items into jewelry or crafts:
- How Beachcombing Helped One Woman Make More Than $1,000 in 5 Months
- Leaf Motif: a business that crafts a range of home decor products featuring leaves.
As you can see, there are many possibilities for monetizing your home, collections or property are limitless. So next time you’re mulling over your second-act options, don’t forget to take time to inventory your physical assets and surrounding. You might be surprised by the possibilities hiding in plain sight.