4 High-Paying Side Hustles for Millennials Looking To Boost Their Retirement Savings
Written by
Nicholas Morine
Edited by
Rebekah Evans
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Millennials — commonly known as those born between 1981 and 1996 — are entering their prime earning years, with the eldest millennials pushing towards their mid-40s. Given the necessity of putting away a substantial retirement fund in advance of one’s senior years, a typical 40-hour work week may not be enough to cover all of the bills while still adequately funding a robust retirement plan.
With approximately half of millennials already engaging with a side hustle, as reported by Forbes, the question then becomes: What are some high-paying side gigs that members of this generation can take on in order to boost their retirement savings?
Sell Guides, eBooks and Other Digital Offerings
Forbes recently spoke to Lisa Ebsworth, 43, about her experiences working multiple lucrative side hustles. One of the more interesting options Ebsworth mentioned was the possibility of selling digital products online.
“It could be a wedding invitation design,” Ebsworth said. “It could be artwork for the wall that you sell and they print at home. It could be a meditation audio. It could be an ebook, a course, a membership. There’s so many different ways.”
Ebsworth said to research what your target audience may be interested in hearing about — and in particular, addressing the “pain points” of any target demographic. Platforms such as Amazon or Coursera are perfect for self-publishers or instructors looking to attract a paying audience.
Become an Influencer By Building Your Own Voice
When Jayde Powell, 31, first started working in the social media sector, she didn’t think she would eventually end up being a notable content creator and sponsored influencer, as CNBC Make It detailed.
As of Oct. 12, Powell had made $27,000 in 2024 by posting on LinkedIn alone. Her approach to building a large audience? Sharing insights into the corporate world while employing a conversational, approachable tone. From there, Powell was approached by various clients looking to have her promote their products and services to her followers.
“Consumers are more savvy than ever; they know when they’re being marketed to,” Powell said of her sponsored content. “It feels inauthentic when brands are like, ‘Buy this product,’ over and over again. The messaging becomes boring.”
With the meteoric rise of influencer marketing making this side hustle more attractive, millennials are uniquely poised to take advantage of this trend — should they decide to craft their own unique and authentic voice on social media.
“People trust people, not brands,” Powell added. “Creators provide a level of personality, comfort and familiarity that brands just cannot accomplish.”
Resell Open Box Furniture and Gym Equipment
As millennials are perhaps likelier than members of younger generations to own a house and vehicle, taking the route of reselling open box furniture and gym equipment could be a game changer.
Working with platforms such as Sharetown could be one avenue to earning a hefty payout over the course of a year, Millennial Money indicated. You’ll need a large vehicle (a truck, cargo van or SUV with a trailer being ideal) and a place to store items you pick up while you work on selling them.
The process is streamlined through the Sharetown platform and the site claims that active participants earn an average of $500 per week. The physical capability of lifting heavy objects for transport is also required.
Rent Out Your House, Apartment or Garage
Utilizing your existing assets in order to make a few extra dollars is tempting — which is why millennials may want to consider renting their house (or a portion thereof), either in the traditional manner or in the form of Airbnb rentals.
Per Millennial Money, you could earn up to $73,000 a year or more by doing so. If you own multiple properties, economies of scale could drive your profit margins even higher in a sort of snowball effect.
For those looking to rent out a garage or basement for storage purposes, GigsDoneRight claimed that those renting out a garage through the Neighbor platform could earn up to $600 monthly.
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