How to Start a Side Hustle After Age 50 - AARP

"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.

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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.