“There's lots of opportunity in an empty nest.”

By the time the kids are grown and gone, many homeowners have built up considerable equity in their homes--they may even own them outright. Often, too, they find their homes too large for just two people to live in and maintain. It's a perfect time to liquidate the home investment and look for a better, more cost-effective alternative.

If you are approaching retirement, think about selling your home and purchasing a smaller, less expensive place to live. Chances are you'll have money left over for investments that could generate additional income.