4 Side Hustles Earning Millennials $1,000+/Month Toward Retirement
Millennials, who are now between the ages of 30 and 45 and have lived through several “unprecedented” financial disasters, have unsurprisingly not been able to stow away a ton of savings. In fact, Fidelity reported that the average millennial’s 401(k) balance ranges from just $67,300 to $83,700.
That’s bad, right? Well, retirement experts break down these benchmarks differently depending on where an individual falls within that age range. However, most agree that these numbers do not look good for producing a comfortable retirement.
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On the bright side, there are ways to boost your net worth with a bit of side hustle. A well-chosen side gig can seriously close the gap between just making ends meet and actually reaching financial goals. Here are four high-paying options worth considering.
Freelance Consulting
If you've built up real expertise at your day job, businesses will pay well to use it. That means you can get paid around $48 an hour to share your know-how, because if you’re good at something, never do it for free. According to ZipRecruiter, the average freelance consultant can bring in over $8,000 a month.
That's more than enough to max out an IRA (which has a $7,000 limit in 2026) with room to spare. Finance, marketing, HR, operations and more are all areas where, if you've got industry knowledge, someone out there needs it.
Selling Digital Products
Sound the passive income stream alarm, as this one takes some upfront effort but pays off long-term. For example, financial counselor Lisa Ebsworth earns consistently by selling digital products online such as templates, e-books, courses and printables on platforms like Etsy, Gumroad or Teachable.
"It could be a wedding invitation design," Ebsworth said. "It could be artwork for the wall that you sell and they print at home. It could be a meditation audio. It could be an e-book, a course or a membership. There are so many different ways."
Once created, digital products can generate income around the clock with minimal ongoing effort. For millennials looking to build passive income streams that keep funding retirement accounts long-term, this is one of the smartest plays, where you can make anywhere from an extra $100 to $10,000 a month.
Freelance Writing or Content Creation
AI or not, companies are always hungry for quality content such as blog posts, newsletters, white papers, social copy or SEO articles to help boost traffic to their website. The good news is that skilled writers can charge serious rates. However, even if you’re just starting, ZipRecruiter says you can make around $23 an hour on average.
Platforms like Upwork and Contently connect writers with clients immediately. For millennials who already communicate professionally, this is one of the lowest-barrier, highest-return side gigs available.
Virtual Assistant
Even though it’s an assistant position, the VA world is way more lucrative (and flexible) than you may think. On average you can make around $23 an hour, but with some project management, tech, or financial skills, many earn upwards of $100 hourly.
The variety of work (scheduling, research, social media, bookkeeping) means nearly anyone can find a niche. Plus, it’s worth repeating that you can max out a Roth IRA with less than $140 per week in extra income, which you can easily score with this side gig.
Nicholas Morine contributed to the reporting for this article.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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