Turn Experience Into Income: 4 Lucrative Side Gigs for the 40+ Crowd
If you say the words “side hustle” three times in the mirror, the image of a broke, yet resourceful college kid will appear with your DoorDash delivery. However, in an era of rising costs and dismal wages, side gigs have become the new normal for practically all age groups. Simply put, extra income is necessary for everyone in this economy.
Sure, 40 is the new 30, but special considerations may be present when scouring part-time positions that aren’t too physically taxing. When choosing the right side hustle, elder millennials and Gen X often have to consider options that can fit around full-time jobs, kids and energy levels that are not what they used to be.
Here are four of the most lucrative side hustles for people 40 and up.
Consulting
The best side hustles for the 40+ crowd often build on what they already know, and convert the currency of experience into consulting. Essentially, those who no longer want to do (full-time) can teach their skill set for a profit.
Trevor Houston, CEO at ClearPath Wealth Strategies, said, “One thing younger workers can't bring to the table is experience. The skills you've developed, the relationships you've built, the experience and judgment you've gained through years of hard work- none of these things can be immediately replicated by someone half your age.”
Using the experience you have spent years acquiring as an expert in your chosen field is the best way to pull in the most money. Per CEO and founder of The Ad Firm, Kevin Heimlich, consulting usually requires five to 10 hours per week and can pull in roughly $75 to $100 per hour.
"Share knowledge you currently possess [and] package it in a way that makes sense to companies" not wanting to hire full-time employees, Heimlich explained. Consultants particularly in demand include those working in management, IT, real estate, HR, accounting, AI and marketing.
Renting Unused Space
Jeff Hurst, CEO at Furnished Finder, said becoming a landlord typically requires one to four hours per week. Exact profits will depend on property type and location.
“Becoming a landlord can be a profitable and purposeful 'side gig' for homeowners. The market for monthly, furnished rentals is increasing rapidly as tenants seek flexible and affordable accommodations. For homeowners, this is an opportunity to make some extra income, while providing a safe place for traveling professionals and families who need it,” said Hurst.
For empty-nesters looking to earn thousands of extra dollars per month, consider converting an additional dwelling unit (ADU) or spare bedroom into a furnished rental. Individuals with additional properties may even choose to rent out an entire home to young professionals on an ongoing basis or to travelers for a more temporary arrangement.
Skilled Trades
Nothing is more in demand than a pro who can fix something in your house or that you use every day. Kur Win Lau, founder of My Reno Service, knows that you can monetize your skill set.
“At every age, trade and project management skills are more and more important. Someone who has spent more than 20 years in construction, real estate, and even the building of homes has an advantage in being a paid handyman or a small renovation consultant. They can also manage projects or create their own to oversee other people’s projects, as well as deal with investors and buyers to assess and select contractors. They are also more trustworthy in that role,” said Lau.
In fact, Joshua Haghani, founder of Lumion, stated many of the students currently at trade schools are over 40 and looking to turn one of their existing skills into an additional, money-making endeavor. Popular, specialized fields for those good with their hands include HVAC maintenance, welding and plumbing.
Per Haghani, HVAC maintenance (filter changes, thermostat installs and seasonal tune-ups) typically requires five to 10 hours of work per week for a total of $250 to $500 per week. Welding projects (like custom railings and gate repairs) typically require six to 10 hours of work per week, with individual projects earning anywhere from $500 to $1,500. Plumbing (drain cleaning, toilet repair, etc.) typically requires five to eight hours of work per week for a total of $300 to $800 per week.
Party Planning
If you're social and creative with great organizational skills, party planning could be a lucrative side hustle to fit around your existing obligations. The bulk of the work requires managing logistics and making phone calls.
Per Thumbtack, the national average cost to hire a party planner ranges from $871 to $1,947 per party --and you can choose to take on as few or as many parties as you want. Kinds of events range from bachelor parties, birthday parties, fundraisers, graduation parties, corporate events, and (if you're feeling ambitious) weddings. Networking with your inner circle or local vendors can be great ways to find clients.
Cara Danielle Brown contributed to the reporting for this article.
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