4 Side Gigs That Can Help You Build Generational Wealth

According to a MarketWatch survey , 54% of Americans stated that they took on at least one side gig in the last year. The survey also found that 66% of Americans admitted to living paycheck to paycheck, and 57% took on a side gig to supplement their primary income stream. While there are many side hustle options available, it’s worth looking into gigs that could help build real wealth.

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Certain side hustles can help you build generational wealth because they either earn you a lot of money, can open up other opportunities, or can improve your financial knowledge.

Also here are over 20 side gigs that can make you real money.

Earning passive income doesn't need to be difficult. You can start this week.

Investing In Rental Properties

Investing in rental properties and becoming a landlord as a side gig can be one of the best ways to build generational wealth due to the leverage and the future possibilities associated with owning property.

“Depending on the property, there’s the opportunity to earn a great deal of passive income that can be used to pay down mortgages and build equity faster or invest in additional properties to build a portfolio that generates even greater amounts of income and equity,” said Ryan Barone, co-founder and CEO of RentRedi .

Being a landlord/property investor is also a great way to improve your financial knowledge and expertise in other areas since you’ll be forced to learn about the real estate market, credit scores, and everything associated with finding tenants.

Barone added, “Landlords learn valuable lessons about cash flow, asset management, long-term investing strategies, and the importance of emergency funds because they must develop budgets that properly balance their rental income with the costs and risks of owning, maintaining, and managing their rental properties.”

In addition to dealing with the standard expenses associated with property ownership, like taxes and utilities, landlords also have to budget for unexpected costs and repairs caused by wear and tear. Ultimately, landlords learn a lot of valuable information about home ownership and maintaining properties.

Check Out: How To Earn $750 a Week in Passive Income

What Are the Average Estimated Earnings?

According to US Census data, landlords earn up to $97,000 annually. However, the real profits can come from housing appreciation. Per Washington Post data, housing prices shot up 54% from 2019 to 2024, which would mean significant profits and generational wealth building for those who own multiple properties. If you play your cards right and invest in multiple properties, you could see your net worth rise exponentially in a relatively quick period of time.

Coaching in a Field You’re Passionate About

“I’ve found that side gigs that you enjoy are more likely to stick and grow,” noted Echo Wang, CEO and co-founder at EpicBooks . “For instance, my day job is in bookkeeping, but my real passions are wellness and travel. So, I’ve turned yoga and travel into income sources by teaching yoga and running a travel blog.”

If you’re passionate or skilled in a particular niche, you can try to offer coaching services. The income possibilities can help create generational wealth because you can increase your prices and offerings depending on the type of service that you offer.

Wang elaborated, “It’s been a fun way to make more money while doing things I love. I also learned a lot about building a brand which is a valuable skill for long-term wealth building.”

What Are the Average Estimated Earnings?

The amount you earn will depend on the field in which you offer coaching and your expertise level. According to ZipRecruiter , a professional coach can earn around $20 per hour. However, a business coach has an average annual pay of over $80,000. You can also build generational wealth by taking your coaching services to the next level with public speaking, courses, and consulting services.

E-Commerce

There are different ways to make money in e-commerce, as this is a broad field that covers everything from flipping thrift shop items to reselling physical items. In a previous article, we spoke with the owner of a Poshmark closet who was earning over $4,000 monthly from thrift store flipping.

“You’ll have to learn how to set your prices so that you can move your inventory,” said Scott Lieberman, a financial expert and founder of Touchdown Money . “By learning this skill, you can figure out how to price future items to maximize profits.”

Starting a side hustle in an e-commerce business can have unlimited profit potential, depending on the niche you get involved in. Once you build one successful e-commerce business, you can also try to duplicate the results in another niche.

What Are the Average Estimated Earnings?

The amount that you can potentially earn from e-commerce will depend on the products that you get into. According to ZipRecruiter, the average annual pay for an e-commerce business owner was $111,230, and some salaries pushed $400,000.

Bookkeeping

“Knowing where the money is going makes it much easier to stay on top of all details of running a business,” noted Lieberman. “Tracking every asset and liability helps make it easier to do this long-term.”

Getting into bookkeeping is a side hustle that can indirectly help you build generational wealth as you’ll learn about the basics of personal finance and money management. While the field isn’t the most lucrative, everyone can benefit from getting a better hold of their finances.

What Are the Average Estimated Earnings?

According to the U.S. Bureau of Labor Statistics , the median annual salary is $47,440. While the earnings in this role may not be substantial, you can build generations’ wealth by learning to manage your finances better. Based on BLS data, there are about 183,900 openings projected annually in this field.

This article originally appeared on GOBankingRates.com : 4 Side Gigs That Can Help You Build Generational Wealth