8 Side Hustles That Can Set Gen Z Up for a Comfortable Retirement

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.

Though costs of living are higher, there are more side hustles available than ever thanks to emerging technologies such as AI and remote work, allowing Gen Z to harness some of the skills unique to being digital natives.

Here are eight side hustles that can help set Gen Z up for a truly comfortable retirement .

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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, 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,” he explained.

However, these roles require specialized skills and knowledge of the decentralized market.

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AI Opportunities

Similarly, AI-based tasks like training machine learning models or developing AI-generated content, can be great ways to break into high paying side hustles, Jones said. Gen Zers with a technical background can yield lucrative returns as demand in this field continues to grow.

Influencing

Another area that Gen Z is already good at is content creation on platforms like YouTube, TikTok and Instagram and it has the potential to be lucrative, Jones said.

“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.”

Amazon Influencer Program

And if you are able to make it in influencing on your own, you might be able to level up and get the support of Amazon’s influencer program, according to Nick Loper, 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. Then, you create simple product review videos and earn commissions from Amazon every time someone buys the product after watching your video,” Loper said.

He suggested 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.

All of these side hustle opportunities can be rewarding, but they also can come with challenges, Jones added. These issues include things like time management, financial risks, legal and regulatory issues and burnout.

Discipline, research and prioritizing your well-being are important, 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.

Most of these side hustles just require a little creativity with an existing skill set.

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.

This article originally appeared on GOBankingRates.com : 8 Side Hustles That Can Set Gen Z Up for a Comfortable Retirement