Utter the words, “side hustle,” and people often envision scrappy college kids trying to earn extra money for groceries. But, in an era of rising costs and dismal wages, side hustles have become the new normal for practically all age groups.
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For those over 40, however, special considerations may be present. When choosing the right side hustle, elder millennials and Gen X often have to consider gigs that can fit around full-time jobs, kids and energy levels that are not what they used to be. And “passion” will no longer justify low earnings.
Here are five of the most lucrative side hustles for people over 40.
Consulting
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 at The Ad Firm, Kevin Heimlich, consulting usually requires five to 10 hours per week and can pull in roughly $75 to over $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.
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Renting Unused Space
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.
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.
Skilled Trades
Joshua Haghani, founder and CEO at 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.
Donating Plasma
Have a couple hours free to sit in a chair? Donating plasma is an easy way to make money that requires zero skills or effort — and who, over 40, doesn’t love that prospect? An added incentive is knowing your donation provides life-saving treatments for people with rare diseases and chronic illnesses, and those who have been in life-threatening accidents.
According to CSL Plasma, individuals receive $50 to $100 for their first few donations and $30 to $70 for each donation thereafter; regulations state individuals can donate once in a two-day period and no more than twice in a seven-day period. You must be at least 18 years old, weigh 110 pounds and not have received any new tattoos or piercings in the last four months.
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This article originally appeared on GOBankingRates.com: 5 Most Lucrative Side Hustles for People Over 40
