How to Start a Side Hustle After Age 50

“Every week, we are just researching more side hustles. It’s such a vibrant market,” says Kathy Kristof, founder of Sidehusl, a website that reviews such moneymaking opportunities. The site has reviewed more than 450 opportunities.

Some people gravitate toward doing what they already know how to do to earn extra money, Kristof says. For example, if you’re an accountant or graphic designer, you might want to freelance on the side. But others want to spend their free time doing something other than what they do in their day job. Kristof created a quiz to help site users narrow down options that are right for them, whether it’s walking dogs or selling items at flea markets or festivals.

Are side hustles risky?

Loper advises would-be side-hustlers to take a few steps to protect themselves as they get started. “You want to minimize the downside risk,” he says. First, determine whether people actually want what you wish to sell, rent or otherwise monetize before you start. “Take a realistic approach and minimize the up-front investment,” he says. That may leave out many multilevel marketing (MLM) opportunities, which often require salespeople to purchase items up front. AARP Foundation has published research about the realities of MLMs to help people be informed about them.

While some part-time gigs can turn into viable businesses, Loper also advises avoiding debt to finance your side hustle. “The sad truth is that the failure rate is still pretty high,” he says. Instead, test your idea and, if it doesn’t work out, move on to something else. “It may take a few different attempts to find something that works,” he says. After all, the goal is usually not to build a big business. It’s to bring in some cash for expenses or discretionary spending.

How much money can I make with a side hustle?

The Bankrate survey found that people who work side gigs earn $810 per month, on average, with 27 percent earning more than $500 per month and 15 percent earning more than $1,000.

It’s a good idea to speak with your accountant or tax adviser to determine the impact additional income will have on your tax situation, as well as plan for estimated quarterly tax payments and any other tax obligations you may have with the side hustle, such as sales tax.

Resources such as your area’s Small Business Development Center or AARP’s Small Business Resource Center can help you determine whether you need to file business paperwork, obtain permits or licenses, or meet other compliance requirements before you try earning money from your idea.  

One of the great things about side hustles is that you can be creative and have fun, Kristof says. Her site categorizes opportunities into work, rent or sell. Let’s say you want to explore renting what you have. Kristof did just that: She loves entertaining, and her home is suitable for it. She has earned as much as $1,455 by renting out her home for a one-day film shoot. Fees to use it for shorter events like birthday parties and baby showers bring in about $900 to $1,000 for the day. In addition to well-known home rental sites like Airbnb and VRBO, platforms like Swimply let you rent out your swimming pool, while Neighbor.com and Vanly let you rent out your driveway.

Think about your experience, possessions and talents, Kristof says. And read about what other people have done as side hustles to see what interests you.

Loper says balance is important, too. Though you can spend your time off earning more money, keep the goal in focus. “It’s hard to dedicate your precious resource — time — to building something if you don’t have a really driving ‘why’ behind it,” he says.

It’s easy to get caught up in trying to earn more and more money. But you also need time to recharge, strengthen relationships with loved ones and fulfill other dreams. Once you have fulfilled your “why,” then be sure to leave time for the things that matter most, too.