5 Side Hustles That Could Fund Your Early Retirement Dreams
If your goal is to retire early, it’s unlikely your day job alone is going to help you build the nest egg you need.
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According to a recent GOBankingRates study, you’ll need anywhere from $678,000 to $2 million to retire depending on where you live. However, those figures apply if you retire in your 60s when you are eligible to draw Social Security.
Retiring decades earlier means you’ll need a lot more money saved. To help, here are some side hustle ideas to fund your early retirement dreams.
Rent Out Your Property
Potential earnings: $900+ daily
While being an Airbnb host can be lucrative, this is different. Kathy Kristof, founder and CEO of SideHusl.com suggests renting out your house for events and movies.
“There are multiple platforms that can help you do this, including Giggster, Peerspace and Avvay,” Kristof said. “These sites rent your home by the hour. You decide the rates and rules, including whether there are rooms that are off-limits. I’ve done this myself and can tell you that it’s as easy as creating a listing with lots of photos.”
Kristof said that if you want to rent your home often, you should make your pricing competitive. She said to look at what other homes in your area are listed for and price your listing a little lower.
“You’ll still make a small fortune,” Kristof said. “When I did it, single day/afternoon rentals paid between $1,400 and $900.”
Here are some other ideas Kristof had for renting out your property:
Sniffspot: Rent out your yard as a private dog park.
Swimply: Rent out your swimming pool.
Curbflip: Rent out your parking space.
Turo: Rent out your spare car.
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Participate in Clinical Trials
Potential earnings: $1,000 monthly
Kristof said you can make a significant amount of money volunteering for clinical trials.
“Let’s say that you were able to earn $1,000 a month through one or more of all of these various activities (which is very doable, even with another full time job),” Kristof said. “You set that aside in, say, the Vanguard Total Market Index Fund, which has earned (about) 8.6% on average since its inception. Within 10 years, you have $188K set aside; in 20 years, you have $615,000; within 25 years, you have over $1 million — this is in EXTRA savings. Separate [it] from your 401(k) or emergency fund.
“Assuming you started this when you were 30, you’ve got this spare million at age 55. Not ready to retire? Keep it up for another five years to age 60 and you’ve got $1.6 million.”
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Freelancing
Potential earnings: $9,600-$100,000+ annually
Kraig Kleeman, the founder and CEO of Z-Branding, recommended freelancing as a way to fund your early retirement dreams.
“Whether you’re into graphic design, writing, coding or social media, there’s a demand for your talents in the freelance world,” said Kleeman. “The earning potential? Huge. Some freelancers rake in six figures a year.”
Kleeman said that anyone with marketable skills who is looking for flexibility can freelance. “Whether you’re an experienced pro or new to the game, freelancing has opportunities for everyone,” he said.
The first step, according to Kleeman, is to build a “killer portfolio” that showcases your work. “Sign up on platforms like Upwork, Fiverr, or Freelancer to start snagging gigs,” he said. “Network like crazy and deliver top-notch work to keep those clients coming back for more.”
E-Commerce
Potential earnings: $4,800-$500,000+ annually
Kleeman said if you have an eye for trends or a passion for something specific, you can set up an e-commerce site to make money.
“Whether it’s dropshipping, print-on-demand or making your products, the earning potential is sky-high,” Kleeman explained.
Kleeman said this side hustle is best for entrepreneurs who are hungry for opportunities and ready to hustle.
“Pick your niche and dive deep into market research,” said Kleeman. “Set up a shop using platforms like Shopify, Etsy or Amazon. Invest in marketing to drive traffic and start ringing up those sales.”
Online Courses
Potential earnings: $4,800-$240,000+ annually
Kleeman said if you’re an expert in a particular subject, you can turn your expertise into cash by creating online courses.
“Whether you’re a whiz in the kitchen, a coding guru or a photography pro, there’s a crowd eager to learn from you,’ said Kleeman. “With the correct marketing plan, online courses can provide long-term passive income.”
To get started, Kleeman said, “Choose your course topic and map out your content. Invest in decent video gear and production tools. Get your course up on platforms like Udemy, Teachable or Skillshare, and start spreading the word to your target audience.”
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This article originally appeared on GOBankingRates.com: 5 Side Hustles That Could Fund Your Early Retirement Dreams
