8 Side Hustles That Can Set Gen Z Up for a Comfortable Retirement
Written by
Jordan Rosenfeld
Edited by
Rebekah Evans
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While Gen Z may not have retirement anywhere in their sites, due to their young age, they have the benefit of the longest horizon of any generation currently working to get ahead of saving for their golden years. Considering the rising costs of living and the wide array of side hustles available today, Gen Z can take advantage of the gig economy to give their retirement savings an early boost.
If you’re a Gen Zer already planning ahead for your golden years, here are eight side gigs that can help set you up in the long-term for a truly comfortable retirement.
Blockchain Opportunities
Gen Zers who are savvy at tech that revolves around blockchain should be able to find success in recent and emerging side hustles, according to Josh Jones, the chief revenue officer at Kapitus.
“Blockchain gigs, such as smart contract development, NFT creation and cryptocurrency trading offer high earning potential, with some developers earning six-figure incomes annually,” explained Jones.
These roles require specialized skills and knowledge of the decentralized market. However, if you possess this know-how, you can create a source of income now that will help subsidize your questionable Social Security benefits later.
AI Opportunities
Similarly, Jones said AI-based tasks like training machine learning models or developing AI-generated content can be great ways to break into high-paying side hustles.
Members of Gen Z with a technical background can yield lucrative returns as demand in this field continues to grow. With side gigs like this, your retirement income could be well padded by the time you reach age 65.
Influencing
Another area that Gen Z is already good at is content creation on platforms like YouTube, TikTok and Instagram. Lucky for them, this content has the potential to be very lucrative, according to Jones.
“Micro-influencers who consistently engage their audience can earn substantial income through brand partnerships and affiliate marketing,” he said. “For example, influencers with a well-established audience can earn anywhere from $500 to $10,000 per post, depending on their reach and engagement.”
If you can grow your audience and find clients outside of your friends and family, there really is no end to your earning potential. This side hustle is well suited for tech-savvy high school graduates as you don’t need an advanced degree.
Amazon Influencer Program
If you can make it in influencing on your own, you might be able to level up and get the support of Amazon’s influencer program, suggested Nick Loper, the founder of Side Hustle Nation and author of six books dedicated to improving people’s finances.
“You do need some level of social following to be accepted here, but you don’t have to be super famous,” Loper continued. “Then, you create simple product review videos and earn commissions from Amazon every time someone buys the product after watching your video.”
He said that it’s easy to get started. “Once you upload, it’s ‘set it and forget it.’ For example, I’ve uploaded zero videos so far this year and still earned $400 in commissions.”
Content Creation Services
Additionally, content creation services such as scripting, video editing or managing social media accounts for others can be profitable, with freelance video editors earning $25 to $75 per hour, Jones explained.
“As personal branding becomes increasingly important, leveraging your audience through affiliate marketing can further enhance your earnings, turning your content into a significant revenue stream,” he said.
Equipment Rental Business
If you have the capital to invest in material things like equipment, Loper has seen savvy side hustlers earn money by renting things out. He shared that a man he knows who runs LAMobilityScooterRentals.com reported earning $3,000 a month from his part-time scooter rental business.
Niche Web Design Service
Another side hustler, Ryan Golgosky from 180sites.com shared with Loper how he built his unique recurring revenue web design business to $100,000 a month, focusing mainly on power washing businesses as his customers.
Main Hustle to Side Hustle
Lastly, you don’t always have to add in a new side hustle, according to Erika Kullberg, attorney, personal finance expert and founder of Erika.com.
“Instead of trying to master a new skill, see if you can turn your main hustle into a side hustle. If you are good at your job, you can offer your professional services to clients on the side,” she said.
There are so many fantastic side hustles that people don’t realize are right under their noses, she explained.
“Graphic designers, bookkeepers, writers, project managers and all kinds of professionals can take on side projects as freelancers. The best part is, you can set your own rates based on what you think your time is worth,” she said.
Additionally, you will continue to strengthen the professional skills that help you in your career every day, expand your professional network and improve your portfolio.
Final Take To GO
Most of these side hustles just require a little creativity with an existing skill set. As a final note, Jones said that all of these side hustle opportunities can be rewarding, but they also can come with challenge. These issues include things like time management, financial risks, legal and regulatory issues and burnout.
Remember, discipline, research and prioritizing your well-being are important, according to Jones.
Caitlyn Moorhead contributed to the reporting for this article.
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